Partnership Firm Registration

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Find information about Partnership Firm Registration Process, Partnership Firm Registrationn Plans, Registration Procedure, Documents Required,

Partnership Firm Registration Process Fees

Everything you shall know about Partnership Firm Registration

If you and a known person of yours are having similar ideas and would like to endeavour by implementing those ideas on small scale into a business, a partnership firm is the exact type of structure that may help you. Partnership Firm is that sort of a business type where more than a single person come together to set up a business. It also means to ensure that every task and job in the firm complies with the rules and objectives present in the Deed.

Fact About Partnership Firm

Partnership Firm is easy to set up as there is no need for registration. Signing on the partnership agreement alone is more than enough. All kinds of debts and legal issues are required to be resolved by the partners of the firm. It is very easy to add or remove partners from the firm. After the emergence of the Limited Liability Partnership (LLP), the partnership firm has lost its hold for businesses operating on a large scale. There is a reason for this. In a partnership firm, there is an unlimited liability while in an LLP, partners are relieved from becoming personally liable for the business debts. A partnership firm is of two types: Registered and Unregistered. In the partnership firm, apart from the partnership firm deed, other Registration such as Gst, TDS registration and likewise similar other services will have to get registered. However, there are downsides too for this type of business structure. One of the most important drawbacks is that raising funds from investors is not an easy job here. Only a maximum of 20 members is allowed to be partners. Most of the time, there can always be a major disagreement between the partners that could lead to an easy collapse of the firm.

Why go for a Partnership Firm?

As minimum as two members are sufficient to put up the firm.
Low cost of setting up.
Lesser compliance requirements when compared with other types.
Registration for general partnership firm is completely optional.
Shared responsibilities and duties.

Documents required for Partnership Firm Registration

Name & Nature of Firm
Pan Card, Adhar Card & Photo of Partners
Minimum 2 partners Required
Electricity Bill & Rent agreement of Firm

If you would like to get the Partnership Firm Registration job completed all by yourself, it would be time-consuming and confusing. There isn't one single source of information that can clear your doubts as policies and procedures change over time. We at Luxe, are specialized in this field and have a good experience and expert knowledge on getting things done smoothly and hassle-freely.

You could plan your business by sipping a cup of coffee peacefully while we take care of the registration process for your ambitious and successful Partnership.

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Frequently Asked Questions

Finding a right procedure to get Partnership Firm registration

Finding a right procedure to get Partnership Firm registration done is quite confusing and not an easy task. At the end of the day, you would be exhausted as through the day you would have tirelessly mulling about to set up the business quickly and smartly. Allow us to on-board your ship and we, at Luxe, would work to keep things for you as much simple as possible. You can happily think about your business logic while we complete the norms and procedures that make your dream come true.

What is a sole proprietorship?

A sole proprietorship is a company with only one owner and is not registered with the state, unlike a limited liability company (LLC) or corporation. Starting a sole proprietorship requires no paperwork — all you do to create a sole proprietorship is simply go into business. Although you do not have to file paperwork to set up a sole proprietorship, you do still have to acquire business licenses and permits, just like with any other form of business. Most people use the term “DBA” which stands for “doing business as” to indicate a sole proprietorship.

What are Disadvantages in the Sole Proprietor Firm ?

In the Sole Proprietorship Firm have following disadvantages :-

a) Unlimited Liability: –
In the firm you have unlimited business liability. For ex if you take the loan from bank on firm name or if you liable to pay any liability to creditors then bank or creditor can claim your personal assets also legally to repay the debt. In simple words your personal and firm liability and assets are same.

Hint :- Vijay Malaya and KingFisher (Limited Liability because it’s a Company).

b) Can’t include the partners:-
Sole Proprietorship firm can’t include the partners in future. That time you have to convert the firm into partnership or company or llp and bear the costing from scratch.

c) Can’t raise the funds :-
It’s a Simple firm so you can’t raise the funds from Angel Investor or VC Firms like selling your equity or share to another person and raise the money from that person.

d) Not a Legal Existence:-
Firm have no proper legal existence because its register on tax registration. There is no proper registration with the government so you can’t deal with the big companies or approach to big Customer. Outside India there is no existence of the Sole Proprietorship Firm.

How to Register a Sole Proprietorship Firm ?

Sole Proprietorship have no any legal registration so ultimate objective is opening a current bank account but banks need always a legal proof to open a current bank account on your business name instead of your personal name, so you have to apply for minimum One Tax Registration Certificate and Open a current bank account :-

a) if you are dealing with the Service Based Business :- Apply for the Service tax registration Certificate.

b) if you are dealing with the Product based Business :- Apply for the VAT/CST Registration certificate or Shop Act License Certificate.

c) if you dealing with the service or Product both :- Apply for anyone tax registration as Service tax or VAT/CST or Shop Act.

Do sole proprietorships need to be registered like LLCs or corporations?

If you own a sole proprietorship, generally you shouldn’t have to go through the same registration hoops as an LLC, limited partnership or corporation. Instead, you can usually just declare your intention to operate as a sole proprietorship. Usually, you will need to register your sole proprietorship locally and pay a minimal tax. In return for this registration, you will get a tax registration certificate and a business license. Get an EIN or employee identification number and if you intend to do business under a name different from your legal name, you may have to register this name with your local government. Before you jump right in, make sure you’ve taken all the steps for legal and smooth operations.

How is a sole proprietorship different from other company structures?

You’ve probably heard of limited liability corporations (LLCs), limited liability partnerships (LLPs) and corporations. Sole proprietorships are business just like these companies, but they vary in a few key ways:

Sole proprietors are the cheapest business type when it comes to operational and other costs.
Sole proprietorships are the least complex of the legally recognized business structures.
vSole proprietorships are exempt from mandatory state registration laws.
Sole proprietorships don’t require formal paperwork.
Sole proprietorships don’t shield individuals from business related debts or liability.
Sole proprietorships don’t require a tax filing separate from personal income. Naturally, there are many differences between sole proprietorships and corporations, but these are some of the most noticeable hallmarks of them.

How does a sole proprietorship differ from other company forms?

A sole proprietorship differs from other forms of business in several ways. The chief ways a sole proprietorship is different include: Sole proprietorships are the least complex and cheapest form of doing business Sole proprietorships require no formal paperwork to set up and don’t need to be registered with the state Sole proprietorships do not shield individuals from liability for their business debts (see below)

How are sole proprietorships treated for tax purposes?

Unlike corporations, sole proprietorships are not treated separately by the IRS. This means that any profit derived from your sole proprietorship is treated as your personal income and is accounted for on your individual tax return. Any such income is taxed to you in the year it was received.

What documents are required for registration?

a) Pan Card Scanned Copy or images with Self Attested.
b) Adhar Card or Voter ID or Driving License or Passport anyone Scanned copies or images.
c) Business Place Address Proof :-
if your own property :- Need Just Electricity bills or Mobile Bills.
if it’s on rent :- Need Rent Agreement Copy and No Objection Certificate from Landlord.
Hint :- Business Place and Residential Address can be same. There is no issue as Serviced Based Business Registration.
d) Cancelled Cheque Copy or Bank Statement copy

Are you personally liable for your sole proprietorship?

Yes, you are personally liable for your sole proprietorship. While corporations, LLCs and limited liability partnerships gain the benefit of limited liability, sole proprietors generally do not qualify for such protections. Instead, you will be held personally accountable for your businesses debts and legal judgments. If you cannot pay your debts, your personal assets like automobiles, properties, etc. can come into play. For this reason, you should be careful in how you set up your proprietorship. Additionally, consider securing adequate insurance coverage for your risks and liabilities.

How does tax law treat sole proprietorships?

In the eyes of the Internal Revenue Services and related legal regulations, you and your proprietorship are the same entity. This means that any profit you gain through your sole proprietorship is also counted as personal income. Your individual tax return and business tax return will be one in the same. However, you should also note that sole proprietors may be eligible for certain tax credits and taxation rules. For example, self-employed individuals enjoy a standard tax deduction and a modified tax rate to account for their lack of employer subsidized benefits.

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