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.

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.

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.

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)

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.

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

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.

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.