What is a partnership?
Partnership Firm is a form of business constitution for businesses that are owned, managed and controlled by more than one person.
There are two types of Partnership firms, registered and un-registered. It is not mandatory to get a registered Partnership firm; however, it is advisable to register a Partnership firm due to the increased advantages.
Partnership firms are incorporated by drafting a Partnership deed amongst the Partners and SDM Associates can help you get a registered or an un-registered Partnership firm in India.
So what are these advantages?
Simple to start
A Partnership is very simple to form as no complex formalities are involved and moreover the registration is also not mandatory. However, if the firm is not registered, you are deprived of few legal advantages over a registered partnership firm. The Registrar of Firms is responsible for registering partnership firms.
You can choose any name
Since the name of a Partnership firm is not registered anywhere, a Partnership firm can choose to have any name provided it is not inconsistent with any registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.
No annual or yearly filing required
Partnership firms are not required to file their annual accounts with the Registrar every year unlike a Limited Liability Partnership (LLP) or a Company. Limited Liability Partnerships and Companies are required to file their annual accounts with the Registrar of Companies each year.
Let’s see the process now.
SDM Associates can help you start a Partnership in 7 to 14 days.
Partnership Deed Drafting
We first understand your business, Partners, Partnership structure and other relevant details to draft a Partnership Deed that is mutually acceptable to all Partners.
Partnership Deed Registration
Based on your requirements and the service level you have requested from SDM Associates, we will help you register the Partnership Deed with the relevant authorities to make the Partnership a Registered Partnership Firm.
Obtaining PAN & TAN
SDM Associates will help you obtain your Partnership PAN and TAN registration from the Statutory Authorities once the Partnership Firm gets registered.
Now what documents are required?
- ID and Address Proof like Pan Card/Passport/Voter ID/Aadhaar Card/Driving License Copy of the Partners.
One Business Place Address proof :-
- If property is rented :- Need Rent Agreement and NOC from Landlord.
- if property is own :- Need Electricity Bills or any other Address Proof, not older than 3 months
Please note: Business Place & Home Place can be same of the partner
Documents required for Partnership
Related to Proprietor:
Bank account details
- Copy of Cancelled cheque
- Bank statement
- First page of Passbook
Proof of Principal Place of business :
- Owned office: copy of utility bill/ Property Paper
- Rented office : Rent agreement copy/ NOC from the Landlord
n this age of fierce competition, everyone wants to expand their business from domestic market to international market. Enterprises can enter in global market either with existing product or new product. ” However before going global, you need to follow several procedures and laws place and get different registration and license. IEC (Import Export Code) license is one of such prerequisite when you’re thinking of importing or exporting from India.
In a developing country like India, MSME industries are the backbone of the economy. The MSME sector contributes to 45% of India’s Total Industrial Employment, 50% of India’s Total Exports and 95% of all industrial units of the country and more than 6000 types of products are manufactured in these industries