A partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates. That income is paid to partners, who then claim it on their personal tax returns – the business is not taxed separately, as corporations are, on its profits or losses. Register a partnership firm through Tax Consultants and get Chartered Accountant support for partnership deed drafting. Partnership firms can be registered by two persons in any State across India. The partnership could be registered or unregistered. Partnerships are ideal for small businesses in the unorganized sector having multiple promoters.
The application for registration of Partnership Firm must contain the identity proof/address proof of Partners, certified a true copy of the Partnership deed entered into and proof of the principal place of business.
Following Additional Documents Required
At Tax Consultants, we can help you register a partnership firm anywhere in India in less than seven working days. At the beginning of the engagement, an Advisor from Tax consultants will brief you about the process and provide you with a list of documents required for registration of a partnership firm. You can submit the information and documents required through mail or what's an app as suitable to clients. Once, the documents and information are verified, a partnership deed will be drafted and sent to the Partners. All the Partners must sign the document on stamp paper and upload a copy on the platform. Once, the signed partnership deed is available; it is registered with the concerned Registrar of Firms, and a Certificate of Registration of Partnership Firm is provided. In addition to delivering the Certificate of Registration of Partnership Firm, we can also help you open a Bank Current Account in the name of the partnership firm through any bank. We make a partnership deed for you by taking mind of all the tax regulations of the Income Tax Act.
A. General Details:
1. Name and address of the firm and all the partners
2. Nature of business
3. Date of starting of business Capital to be contributed by each partner
4. Capital to be contributed by each partner
5. Profit/loss sharing ratio among the partners
B. Specific Details:
Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:
1. Interest on capital invested, drawings by partners or any loans provided by partners to the firm
2. Salaries, commissions or any other amount to be payable to partners
3. Rights of each partner, including additional rights to be enjoyed by the active partners
4. Duties and obligations of all partners
5. Adjustments or processes to be followed on account of retirement.