Starting your partnership company
The process of starting a partnership company in India is a delicate one. You need the expertise of a professional to ensure that your company gets approved in the fastest time. This process includes submitting an application through the approved online portal. Applicants can choose to register either online or offline. Regardless of the application mode, you need professional expertise to successfully start your partnership company in India.
A guide on starting your partnership company in India
You need to partner with an established agency that knows how to register a partnership company in India. We provide professional guidance and advice to new partnership companies looking to become registered in India. With our services, you can easily get faster approval. We assure you of our 100% support.
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Partnership Firm Incorporation Guide
Eligibility requirements for a partnership company
You will need to provide the following:
- A minimum of two or more partners
- Choose a valid and peculiar business name
- Proof of office address
- A deed of partnership that contains the terms of the partnership
- A basic capital to support business operations
Documents you need to start a partnership firm
For your partnership firm, you will need the following documents:
- A deed of partnership
- The business registration/application document
- The identification of all partners
- Proof of office location
- The PAN card of the business
- The application fee of the company
- Further documents as required
Address proof of Business Property
- The Rental Agreement must submit the notarize scanned copy. Agreement must be written in English and other languages are not accepted
- Recent Bank statement or Telephone or Mobile Bill or Electricity or gas bill Scanned copy of anyone.
- Rent Agreement or Property Tax Receipt
With our professional services, the process of starting a partnership company in India is fairly a simple one. You just need to follow our directions and you will get very fast approvals. The steps involved in this process include:
- Make adequate preparations
- Choose a suitable business name
- Create the partnership agreement
- Get the partnership agreement signed, stamped, and notarized.
- Go for registration
- Get your PAN and TAN
- Register for your GST
Our services for incorporation of a partnership company
We help our clients start their partnership companies in India. Our services include providing professional guidance and advice on successfully starting your partnership in the country. We will also help you verify and submit all documents during application. In addition, we ensure that your partnership become eligible for the numerous government benefits available for partnerships.
Post-incorporation compliance for partnership companies
When it comes to post-incorporation compliance for partnerships in India, there are several. These include:
- Apply to get a PAN
- Apply for a tax deduction
- Open up a bank account
- Register for the MSME/SSI scheme
- Register your shop and office location
- Register for GST
The total time it takes to register a partnership company in India is just a few days. With our professional services, it is a lot faster.
All About Partnership Firm
A partnership is a type of company whereby two or more people come together to form a business. The aim of the business is usually to earn profits. With a complete registration and documentation, your partnership can conduct its affairs in India in an organized and structured way. A good example of partnership company in India is a law firm owned by two or more Principal partners.
The structure of a partnership company involves at least 2 partners. They will also need to get a partnership deed. The deed is used to outline the terms of the partnership. There are two common types of partnership. This is:
- General Partnership (GP)
- Registered Partnership Firm
Benefits of a partnership
- The partners share the business risk
- It is inexpensive to start
- Shared business workload and activities
- More flexibility in business operations
- Tax benefits and partners are taxed based on personal income.
Downsides of a partnership
- They will have to share the profits
- More risks and liabilities
- Potential conflicts and disagreements
Start your partnership business now
Do you need help to start your partnership? You can contact us to help make this process smoother and successful. Our in-house experts help vet and manage this process for instant approvals.
Frequently Asked Questions
Starting a partnership seems to be easy but it is not so there are many steps involved to start a partnership business in India. Viz., choosing the partners, preparing and registering the partnership agreement, obtaining the required license from government to start a business and getting GST of the business.
Those are general partnerships, limited partnerships, and limited liability partnerships, the patterns are different and their advantages and nature of the business set-up also differ one another.
– Many all the partnership agreement in general related to profit-sharing, decision-making, roles and responsibilities, dispute resolution, and dissolution procedures.
Partnerships have pass-through taxation, where profits and losses are reported on partners’ individual tax returns. Partners pay self-employment tax on their share of income. Deductible expenses can reduce the partnership’s taxable income, and partners may need to make quarterly estimated tax payments.
Yes. There is a possibility of converting a partnership business in to other entity type such LLC or corporation and various steps are involved in it.
Many founders and entrepreneurs choose a partnership company because of the many benefits. This type of business model is flexible and simple.
The first step towards making your partnership company formal, is through registration. This way, it I’d legally recognised as a business entity.
We help our clients with professional partnership registration services. You can tailor the professional services to cater to your needs.