Let’s understand 1st what a partnership firm is? A partnership firm could be a sort of business wherever at least 2 people share possession of the business. During this sort of partnership, the partners share responsibility for managing the company and therefore the revenue the business generates.
If we bring up the types of partnerships, there are 3 sorts of partnerships you’ll be able to consider after you register a partnership firm:
A general partnership is a briefing by which 2 or more persons agree to share altogether assets, financial and profits and legal liabilities of a business.
In the restricted partnership arrangement, the liability is proscribed to the total amount of their capital investment within the company. Restricted Partners are referred to as silent partners. In alternative words, they will make investments within the company however don’t have any power to vote or control over business day to day operations.
ADVANTAGES OF A RESTRICTED PARTNERSHIP INCLUDE:
- Personal quality protection
- Pass-through taxation
- Full oversight
- Investment potential
A venture partnership could be a temporary partnership that 2 firms agree to gain mutual benefits by sharing prices, risks, and rewards.
REQUIREMENTS TO REGISTER PARTNERSHIP FIRM:
- There should be a minimum of two partners to register partnership firm in India.
- Few legal documents
- There is no minimum capital needed to register partnership firm.
THE FOLLOWING DOCUMENTS ARE NEEDED TO REGISTER PARTNERSHIP FIRM IN INDIA:
- The statement in type 1 with the prescribed fees.
- Notarized True copy of the Partnership Deed stating the subsequent:
- The firm-name
- The nature of business of the firm
- The place of business of the firm
- The date once each partner joined the firm
- Full names and permanent addresses of the partners
- The period of the firm
- Proof of possession or rent of the location of your business. (e.g. Electricity Bill, Agreement of Business Place, etc)
- Copy of PAN Card of partners during a partnership
- Copy of Aadhaar Card or voter card
- These documents are needed once somebody register partnership firm in India.
STEPS TO REGISTER PARTNERSHIP FIRM IN INDIA
- First select Partnership Firm Name.
- Fill up the application form with personal and business details.
- Create a Partnership Agreement or Deed.
- Take out the Print of the deed on stamp signed by all the partners with notarization.
- Apply for the PAN & TAN.
- After receiving PAN Card hard copy, follow succeeding step.
- Apply for the MSME Registration.
- Open Current bank account
BENEFITS OF REGISTERING A PARTNERSHIP FIRM IN INDIA
- Power to file a case during a Court by a partner against the firm.
- Power to file a case in Court by the firm against third parties.
- Power to say set-off
When you complete the registration method for the partnership firm then you’ll got to register gst and if you have got already registered and facing issue in filing the GST, you’ll be able to deposit the file to Chandigarh administration if you established your PCD pharma franchise in Chandigarh.