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Partnership Firm Registration

Original price was: ₹7,500.00.Current price is: ₹5,029.00.

🌟 Start Your Partnership Firm with AutoBizNow!

💡 What is a Partnership Firm? A Partnership Firm is a popular business structure where two or more individuals collaborate to run a business and share profits. Governed by the Indian Partnership Act, 1932, this setup offers simplicity, flexibility, and shared decision-making, making it ideal for small and medium enterprises.

At AutoBizNow, powered by Professional Consultant Solution Planet Private Limited, we make the process of starting your partnership firm easy and hassle-free.

🔑 Essential Features of a Partnership Firm

✅ Mutual Agreement: Partnerships are formed through written or verbal agreements between partners. ✅ Profit Sharing: Partners agree to share profits (and sometimes losses) based on predefined terms. ✅ Mutual Agency: Each partner acts as both an agent and principal, representing the firm in business dealings. ✅ Unincorporated Entity: A partnership firm does not have a separate legal identity from its partners.

🤝 Types of Partnerships

1️⃣ Partnership at Will

No fixed duration or specific terms.
Can be dissolved at any time by mutual consent.

2️⃣ Particular Partnership

Formed for a specific project or venture.
Dissolves once the objective is achieved.

👨‍💼 Types of Partners in a Partnership Firm

✅ Active Partner: Actively participates in the day-to-day operations. ✅ Sleeping Partner: Invests capital but does not engage in daily operations. ✅ Nominal Partner: Lends their name to the firm without investment or active participation. ✅ Partner in Profits Only: Shares profits without being liable for losses. ✅ Sub-Partner: Shares their profits with an outsider but has no claim over the firm. ✅ Incoming Partner: Joins an existing firm with the consent of all partners. ✅ Outgoing Partner: Leaves the firm but remains liable for prior obligations unless a public notice is issued.

🌟 Advantages of a Partnership Firm

✅ Ease of Formation: Minimal legal formalities and quick registration process. ✅ Shared Responsibility: Partners share workload, risks, and decision-making. ✅ Flexibility: Agreements can be modified based on mutual consent. ✅ Direct Taxation: Profits are taxed as personal income, avoiding corporate taxes.

⚠️ Challenges of a Partnership Firm

❌ Unlimited Liability: Partners’ personal assets can be used to settle firm liabilities. ❌ Limited Capital: Funds are restricted to partners’ contributions. ❌ No Perpetual Succession: The firm dissolves upon the death or withdrawal of a partner unless otherwise stated. ❌ Potential Disputes: Disagreements among partners can impact operations.

📝 Documents Required for Partnership Registration

📄 Partnership Deed: Details terms and conditions of the partnership. 📋 PAN Card: For the firm and all partners. 🏠 Address Proof: Utility bill, rent agreement, or sale deed of the business premises. 📜 Aadhar Card: For all partners. 🏦 Bank Account Proof: Cancelled cheque or bank statement.

🚀 Steps to Register a Partnership Firm with AutoBizNow

1️⃣ Consultation: Get personalized advice from our experts. 2️⃣ Document Submission: Submit required documents for seamless registration. 3️⃣ Draft Partnership Deed: We help you create a legally sound partnership deed. 4️⃣ GST Registration: Obtain GST registration for tax compliance. 5️⃣ Bank Account Setup: Open a current account in the firm’s name for financial transactions.

📚 FAQs About Partnership Firms

💬 1. Is registration mandatory for a partnership firm? No, but registering your firm provides legal benefits, such as the ability to sue third parties.

💬 2. How many partners can a partnership firm have? Up to 20 partners for general businesses and 10 for banking firms.

💬 3. Can a minor become a partner? A minor cannot be a partner but can be admitted to share profits with the consent of all partners.

💬 4. What happens if a partner leaves the firm? The firm can continue if the agreement permits, but a public notice is required to absolve the outgoing partner of liabilities.

💬 5. Is a partnership firm taxed separately? No, profits are taxed as personal income for each partner.

🌟 Why Choose AutoBizNow?

🌟 Expert Guidance: End-to-end assistance for registration and compliance. 🌟 Quick Turnaround: Get your firm registered in less than 15 days. 🌟 Comprehensive Support: From partnership deeds to GST filings, we handle it all. 🌟 Trusted Partner: Backed by Professional Consultant Solution Planet Private Limited, ensuring professionalism and accuracy.