Partnership Firm Registration Services in Gurgaon | Registration of Partnership Firm in Gurgaon

Partnership Firms

Partnership Firms in India are administered by the Indian Partnership Act, 1932. According to Section 4 of the Indian Partnership Act:- "Partnership is the connection between people who have consented to share the benefits of a business carried on by all or any of them representing all".

1. Partner :

Minimum 2 Partners are required for starting a Partnership Firm.
Partners contribute to capital of the firm and take active participation in the day to day functioning of the firm, hence they are responsible or liable for any activities of the Partnership Firm.

2. Registered Office :

Any place can be made as the registered office of the Partnership Firm even the residential place can be used as the registered office of the Partnership Firm.

3. Registering Authority :

Registrar of Firms.

4. Required Documents

Proof of Registered office address (Conveyance/ Lease deed/Rent Agreement/Maintenance Bill)
Copy of the utility bills of the registered office (Electricity Bill/Telephone Bill not older than two months)

Partners

PAN Mandatory- Indian National / Passport – Foreign National
Proof of Address (Aadhar / Passport / Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not older than 2 months)

Advantages

This implies the more accomplices there are, the more money they can put into the business.

A partnership is generally easier to form, manage and run.

Partners can share the duty of the running of the business. This will permit them to benefit as much as possible from their capacities.

Partners share the decision making and can help each other out when they need to.

Disadvantages

One of the most evident burdens of organization is the peril of differences between the partners.

Since the partnership is together run, it is important that all the partners concur with things that are being done.

Common Partnerships are dependent upon boundless obligation, which implies that every one of the accomplices shares the obligation and budgetary dangers of the business.

One of the significant inconveniences of organization, tax assessment laws imply that accomplices must compensation charge similarly as sole dealers, each presenting a Self-Assessment tax return every year.

Partners share the profits equally.

About Lakshmi Associates

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