A partnership is governed by Indian Partnership Act 1932. A partnership is formed by executing a partnership agreement between two or more persons joined together to commence business with the objectives specifically mentioned in the agreement. It is a contract between the partners with rights and liabilities specified in the agreement subject to the provision of the Indian Partnership Act who share the profit or loss among themselves as per the profit sharing ratio as per the deed.
A partnership is not a body corporate and it is acting through its partners. The liability of the partnership is individually bearable by the partners depending the partners ability to share it agreed as per the deed. A partnership firms identity is limited and is only for the purpose of tax laws. Two or more persons capable of entering into a contract as per the Indian contract act 1872 can execute a partnership deed. It is not mandatory to register a partnership deed, but only registered partnership can file a suit against a third party and can participate in legal tenders.
What we do:
Consulting services to select the most suitable form of organization, based on the business needs and objectives.
Drafting and assisting in execution of Partnership Deed as per the requirement, Registering the Partnership with the Registrar of Partnership.
Getting all the needed registrations, approvals and licenses for the commencement of operations like PAN, TAN, & GST and other Registrations
Registration as Startup under Start Up India, an initiative of Department for Promotion of Industry and Internal Trade, Government of India
Ensure compliances with various corporate laws such as Companies Act, LLP Act and other Company Legislations Foreign Exchange Management Act, Foreign Trade, Securities laws, Labour Laws and other applicable laws.
Getting the required approvals from Public bodies and Local authorities like Trade license, Shops and Establishment Registrations, Food license, Environmental Law approvals, MSME/UDYAM Registration with Ministry of Micro, Small and Medium Enterprises (MSME) and SSI Registration
If you want our support for registering a partnership Firm in a cost effective and professional way