Here are the easy steps to get our quality services on time.
FILL YOUR ENQUIRY FORM
Fill your enquiry form for the details required.
Complete Your Payment process for your services
SEND YOUR DOCUMENTS
Share documents with our team for the completion of process.
Your service is complete for any other service contact us.
Partnership Firm Registration is the most popular structure of business. A partnership firm is an association of two or more persons coming together to form a business and share the profits in an agreed ratio.
The business includes trading, occupation and profession. There are very few compliances as compared to other forms of business.
The Indian Partnership Act, 1932 is a governing act for regulating partnership firms in India. The person who works together to form the partnership firm is known as a partner. The partnership firm is formed with a written contract between two or more partners.
The registration of a Partnership Firm is fully optional under the Indian Partnership Act, 1932. It is the voluntary decision of the partners. The following are the steps given for registering a Firm:
An application form must be filled out to the Registrar of firms (ROF) of the particular state where the firm is situated with prescribed fees. The application form for registration shall be signed and verified by all the partners.
The registration application step of the process must include the below-mentioned details:
Any name can be chosen for a Partnership firm as decided by the partners. However, there are certain conditions that need to be followed in the process of selecting the name are:
A Partnership Deed is the most important document for registration. It is made with the consent of all the partners on the stamp paper. The following are the necessary contents of the Partnership deed:
The current bank account should be opened in the name of the partnership firm registration.
A firm has to apply for Permanent Account Number to the Income tax department. The time taken for receiving the PAN is 3-7 working days approx. for registration under the department of Income tax.
The current bank account should be opened in the name of the partnership firm registration.
The application requires a firm to provide information relating to the name, nature, and address of the business, the names and addresses of all the partners, and the date of commencement of business. An application form with prescribed fees is to be paid with the necessary documents submitted are:
A registration fee and a stamp duty are to be paid at the time of the submission of the documents with the registrar of the firm (ROF). The fees of registration vary from state to state. The registration is not completed until the payment of all dues.
For legal recognition, the deed should be in written form on stamp paper. It must be duly signed by all the partners in presence of the notary. The stamp duty varies from state to state The signed copy is submitted to the registrar during the process.
When the registrar is satisfied with the registration application and the documents, he will register the firm in the Registrar of firms and issue the Partnership Registration Certificate. The registrar of firms contains up-to-date information on all firms, and anybody can view it after making the payment of given fees.
An application shall be filed with the department of GST registration depending on the requirement of the business under the Goods and Services Tax Act.
The Partnership registration process is completed in 10 days approximately which is subject to departmental approval and replies from the respective department.
The documents which are required to be submitted to the Registrar at the time of the firm registration process are given below:
You can also check the Partnership Firm registration status by going to the office of the Registrar of the particular state and making an inquiry regarding the status of registration at the Registrar's office. When the Partnership registration process is completed and the registrar is satisfied with the provided documents, he will register the firm in the Registrar of firms and issue a Certificate of Registration to the firm.
The registration of a partnership firm is optional and voluntary under the Indian Partnership Act, 1932. It is based on the choice of the partners. The firm registration is done on the Partnership Firm registration govt website at the time of its incorporation or during the continuance of the business. It is advisable to register the firm as the registration gives special rights and benefits as compared to the unregistered firms. The partnership firm benefits are:
The following points given are the basic steps for the Registration of a Firm:
A firm has elements that make it suitable for small and medium-scale businesses. The following are the key features of the Partnership Firm Registration are:
The following advantages of firm registration are given below:
Registering a partnership firm is important for several reasons:
Registering your partnership firm provides legal recognition to your business. It means your firm is recognized by the government as a legitimate business entity
A partnership firm registration is considered a separate legal entity from its partners. This means the business can enter into contracts, sue or be sued in its name, and own assets.
In a registered partnership firm, the partners' assets are protected from being used to pay off the business's debts or obligations.
Registering your partnership firm increases its credibility and legitimacy in the eyes of customers, suppliers, banks, and other stakeholders.
Registered partnership firms are eligible for various tax benefits and can claim deductions for expenses related to the business.
A registered partnership firm can raise funds from investors, banks, and other financial institutions, which is essential for the growth and expansion of the business.
In summary, registering your partnership firm provides legal recognition, protects personal assets, increases credibility, provides tax benefits, and enables the ability to raise funds
|Basis||LLP||Proprietorship||Private Limited Company||Partnership|
|Meaning||It is a form of partnership that has limited liability for each partner.||It is a business owned by a single person who is responsible for the management and personally liable for debts.||It is a privately held business by two or more individuals having limited liability.||A business held by two or more partners who share the profits and losses.|
|Registration Process||It is registered under the Limited Liability Partnership Act, 2008||There is no compulsory registration required for Proprietorship||The Pvt Ltd company is registered under the Companies Act, 2013.||Registration is voluntary and not compulsory and optional for partnership firms.|
|Name of the Entity||The name must be as per the naming guidelines by the MCA and end with the LLP words.||A sole proprietor can choose any name for the business.||The name should be as per the guidelines and end with the Private Limited Company.||Any name can be chosen by the partners for the partnership.|
|Legal Status of Entity||An LLP has a distinct identity from its partners.||A proprietor and a business are the same.||A Pvt Ltd company is a separate entity from its members.||A partnership does not have a separate status from its partners.|
|Minimum Number of Members||The minimum number of members is two for an LLP.||The sole owner is the only member in this business.||The Pvt Ltd company has minimum two members.||There must be at least partners coming together for partnership.|
|Maximum Number of Members||An LLP has a maximum of unlimited partners.||A proprietorship has a single person who is the owner.||A Pvt Ltd Company has a maximum of 200 members.||A partnership can have unlimited members.|
|Member(s) Liability||An LLP has limited liability for its partners.||A proprietorship has an unlimited liability of the sole owner.||A Pvt Ltd company has limited liability of its members.||A partnership has unlimited liability on their partners.|
|Existence or Survivability||The life of business for an LLP does not depend on its partners||A proprietorship depends on the sole proprietor.||A Pvt Ltd company has perpetual succession.||A partnership business is dependent on its partners.|
|Documents Needed for Registration||An identity and address proof of partners and registered office proof is required.||An Aadhar card is required for MSME registration.||An Identity proof with address proof and photos, DSC of directors and members are required.||An identity proof with PAN card copy is required in case of registration.|
|Annual Filings||An LLP has minimal compliances.||A proprietorship does not have compulsory registration and thus, no compliance.||A Pvt Ltd company has to submit the annual filing for every year with the Registrar.||A partnership is not required to file annual accounts.|
|Registration Cost||The cost of registration is government fees and professional charges.||There is no compulsory cost of registration as it is voluntary.||The cost are the incorporation cost and professional fees.||The cost of registration is voluntary.|
|Statutory Meetings||There is no requirement for annual general meetings.||There are no provisions for meetings.||A Pvt Ltd company must conduct an annual general meeting.||There are no provisions for conducting meetings.|
|Taxation||The tax rate of 30% is applicable.||The tax is levied on the total income of sole proprietor.||The tax rate of 30% is applicable.||The tax rate of 30% is applicable on partnership.|
|Transferability||The ownership is transferrable.||There is no transferability.||The articles restrict the transferability of shares.||There is no provision for transferability.|
|Foreign Ownership||The foreigners can invest in LLP with RBI approval.||The foreigners cannot start a proprietorship firm.||The foreigners can invest in Pvt Ltd company.||The foreigners are unable to start a partnership.|
In addition to registration or incorporation, a business may require other registrations depending on the business activity undertaken. Talk to an Advisor to find out registrations your business may require post registration.
More than 50,000 people use Onlinexbrl every month, and our platform has enabled the completion of thousands of services. We at Onlinexbrl are confident in the excellence of our services and prioritize our customers’ satisfaction with our dedicated services. Our team upgrades their knowledge to ensure the top-notch quality of the services related to registrations, compliance & legal.
Your Expert Assistant Is Here