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Partnership Registration
Partnership Registration in Pune
Partnership firms in India governed by the Indian Partnership Act, 1932. A Partnership Firm is Owned, managed by an partners. Partnership firms are comparatively easy to start are is prevalent among-est small and medium sized businesses in the unorganized sectors. Since two or more partners join hands to start a partnership business, it may be possible to pool together more resources as compared to a Sole Proprietorship. The partners can contribute more capital, more effort and more time for the business. Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered into Partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.
Partnership Registration in Pune is made more easy by ROF department. Earlier process of Partnership registration has been modified. Now the new process is much simpler and with fast tack mode. ROF form is used for registration. We have helped number of entrepreneurs for Partnership Firm Registration. In All major cities of India , Mumbai, Thane , Nashik , Pune , Chennai and more. Our services are reliable and quick.
Partnership Registration in Pune
- Income Tax Return : – Partnership firm at end of financial year need to prepare it financial statements such as Profit and loss statement and Balance sheet. And apply for filing income tax return.
- GST Returns : – If Partnership firm who applied for GST registration then , need to file GST Returns on month or quarterly basis
Income Tax Rate on Partnership Firm
S.NO
1.
2.
3.
Category
Income Tax
Surcharge if total income exceeds Rs. 1 crore
Health and Education Case
Tax Rate
30%
12%
14%
Financial Year
FY 2021-22
FY 2021-22
FY 2021-22
Advantages of Partnership Firm Registration
It’s quick and easy to get started
It’s now very easy to start a partnership firm and it can all be done online. Now you can start a partnership firm within few days. What’s more, the cost of incorporating is an allowable expense against corporation tax.
Profit and Loss Sharing
There is an agreement among all the partners to share the profits earned and losses incurred in partnership business. Partners mutually decide about Profit loss sharing ratio. Profit from firm is tax free in hands of partners.
Better decisions
The partners are the owners of the business. Each of them has equal right to participate in the management of the business. In case of any conflict, they can sit together to solve the problem. Since all partners participate in the decision-making process.
Taxation Aspect on Partnership firm
For income tax purpose, firm is liable for payment of income tax and share of its partners in partnership firm is not liable to tax. Thus no dividend distribution tax is payable. Provision of ‘deemed dividend’ under income tax law, is not applicable to Partnership firm.
Flexibility in operations
A partnership firm is a flexible organization. At any time, the partners can decide to change the size or nature of the business or area of its operation. There is no need to follow any legal procedure. Only the consent of all the partners is sufficient.
Minimum Requirements
Only two partners are required to start up a partnership firm. There is no need to perform and submit an audit annually. As in case of Private limited or Limited Liability Partnership the Partnerships firm is not required to do fillings at Ministry of Corporate Affairs.
What Your Partnership Registration Agreement Contains
- Basic information about all partners , addresses and type of business
- Amount of capital introduced in Firm
- Profit and Loss share of Partners
- Details of scope of business to be carried by firm
- Description like adding new partner or what retirement of partner
Documents Required for Partnership Firm Registration in Pune
ID and Address Proof of Partners (Partners Details)
- Pan Card
- Passport/ Voter ID/ Aadhar Card
Proof of place of Business(If Rented)
- Need Rent Agreement and NOC from the Landlord