FincomIndia

Partnership Firm

A Partnership is an arrangement where in two or more individuals share the profits and liabilities of a business risk. A partnership firm is not a separate legal entity. This firm cannot be sued by other person. 
From Rs 3,999/- Inc. of all taxes

A Partnership is an association of two or more people to achieve certain common goals, pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement. In absence of such agreement, a partnership is assumed to exit where the participants in an enterprise agree to share the associated risks and rewards proportionately.

The Partnership is relatively easy to start however, there are certain conditions and restrictions to be followed in setting them up. Also, according to Indian Partnership Act,1932, consent of all the partners in a partnership firm is required in fundamental matters (like admission of new partners, dissolution of the firm, conversion of the firm etc.) and a majority in other matters and there should be sharing of all the profits or losses made in the business. It also states that there has to be a legal contract that There are certainly more rules while setting up a Partnership firm, clearly stated in the Indian Partnership act,1932 and they should be followed strictly to avoid any severe actions made by authorities towards your firm.

Partnerships are easy to form and can be of two types- registered and unregistered Partnership Firms. It is not compulsory to register a Partnership but however it is recommended to register it due to its added advantage. FincomIndia will help you form a Partnership Firm and register in 7-10 working Days. Fincomindia.com Experts will help you in determining the structure of your entity as per need and nature of your business.

Salient Features of Partnership Firm

Registration of firm

Registration of a partnership firm is not compulsory under the Act. The only document or even an oral agreement among partners required is the ‘partnership deed’ to bring the partnership into existence.

Non-transferability of interest

No partner can assign or transfer his partnership share to any other person so as to make him a partner in the business without the consent of all other partners.

Fusion of ownership and control

In the eyes of law, the identity of partners is not different from the identity of partnership firm. As such, the right of management and control vests with the owners (i.e., partners).

Nature of liability

The nature of liability of partners is the same as in case of sole proprietorship. The liability of partners is both individual and collective. The creditors have a right to recover the firm’s debts from the private property of one or all partners, where firm’s assets are insufficient.

Existence of business

Partnership is formed to carry on a business. As stated earlier, the Partnership Act, 1932 [Section 2 (6)] states that a “Business” includes every trade, occupation, and profession. Business, of course, must be lawful.

Existence of an agreement

Partnership is the outcome of an agreement between two or more persons to carry on business. This agreement may be oral or in writing. The Partnership Act, 1932 (Section 5) clearly states that “the relation of partnership arises from contract and not from status.”

Transparent And Competitive Pricing

BASIC STANDARD PREMIUM
Partnership Firm
Deed Registration
Trademark
Rs. 4,500
Rs. 3,999
Inc. all taxes
Rs. 8,000
Rs. 7,499
Inc. all taxes
Rs. 16,500
Rs. 14,999
Inc. all taxes
Delivery Process

1. Order Confirmation

Once you confirm the order online one of our executives will get in touch with you to guide you with required documents and further procedure.

2. Verification of Documents

For further procedures, details provided by you will be verified by our experts.

3. Drafting Partnership Deed

Further after submitting your documents we shall draft your Partnership deed.

4. Notarized

If Partnership need to get notarized it will done within 1 day.

5. Obtaining PAN & TAN

After obtaining PAN and TAN we will create all the required documents.

6. Hurray......It's Done

Once your partnership is incorporated, we shall send you all the documents.

Frequently Asked Questions
A partnership is an association of two or more persons who carry on as co-owners and share profits. There can be a contribution of money (a capital investment in the business project) or services in return for a share of the profits.
Unlike companies, partnerships are relatively informal business structures. Partnerships aren't required to hold meetings, prepare minutes, elect officers, or issue stock certificates. Generally, partners share equally in the management of the partnership and its profits and losses, and assume equal responsibility for its debts and liabilities. These and other details are typically described in a partnership agreement.
No law requires partners to create a written partnership agreement, but it's smart to do so. If you don't make a partnership agreement, you run the risk that the default rules in your state's partnership laws will govern your partnership in ways you and your partners won't like. Creating a written partnership agreement will also give you and your partners a chance to discuss your expectations of each other, define how each of you will participate in the business, and help you work out any sticky issues before they become major problems.
A partnership does not pay any income taxes. Instead, partnership income "passes through" the business to the partner. Each person then reports his or her share of business profits or losses on an individual federal tax return.
The biggest difference between a general or limited partnership and an LLP is that the general partners of any partnership are personally liable for any business debts. This means creditors can go after the partners' personal assets while members of an LLP are not personally liable.
The most common way to resolve business agreement disputes and enforce agreements is through the court system. However, courts and lawsuits are not the only option for businesses. Mediation and arbitration are also solutions.
Usually not. A notary public (or notary) provides an acknowledgment that the signature appearing on the document is that of the person whose signature it purports to be. There is a requirement that some documents be notarized, such as a real property deed. Unless specifically required by state or municipal law, a written agreement does not have to be acknowledged before a notary public
(i) Partners are individually liable for business debts (ii) Partners are subject to the actions of other partners. (iii) Limited life of a partnership -- if one partner leaves the partnership can end (iv) Shared decision making means you do not have full control, which could lead to disagreements or paralysis of the partnership.
Capital – Due to the nature of the business, the partners will fund the business with start up capital. This means that the more partners there are, the more money they can put into the business, which will allow better flexibility and more potential for growth. It also means more potential profit, which will be equally shared between the partners. Decision Making – Partners share the decision making and can help each other out when they need to. More partners means more brains that can be picked for business ideas and for the solving of problems that the business encounters.
Yes. If the number of partners is more than 20, it has to be registered as a company.
Following documents are required for Partnership firm registration: (1) From Partners PAN Card or Passport or Election ID Card (2) Voter's ID/Passport/Driver's License(3) Passport-sized photograph of Partners (4) Address Proof: Updated Bank statement, Mobile Bill, Telephone Bill, Electricity Bill for Proposed Registered Address (Residential/Commercial).
The entire assignment will be completed in around 10-15 working days subject to the timely availability of the documents & information from the client’s end.

Our Presence

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FinComIndia has capability to serve at your door step at more than 6000 Pin Codes across. You have the opportunity to avail our world class services sitting at your home or office itself. This service is free of cost for all the customers. We practically cover the whole of India. Kindly check in the box above for availability of door step services in your city.

Reasons to choose FinComIndia?

PROFESSIONAL EXPERTISE

FinComIndia has a team consisting of more than 75 experts of varied domains which enables us to deliver high quality of services. All our staff is well trained and regularly updated with all relevant statutory changes.

DOOR STEP SERVICES

We pick up all the required documents right from your door step at your preferred time and date and also deliver back the original documents / certificates to your address.

NATION WIDE REACH

We have capability of providing our services across more than 6000 Pin Codes in India. This makes us the front runner in Nation wide reach.

BEST PRICE

We are upfront with our pricing with no hidden fees, Also lowest pricing through automation and technology.

Money Back Guarantee

If you are not satisfied with our work, we will refund the money after deducting the statutory fees paid and other administrative charges.

100% Customer Satisfaction

With our quality of services and professional expertise, we guarantee 100% customer satisfaction.

Giving Back to the Society

In our endeavour to give back to the society, we donate 1% of our profits to various charitable and environmental causes.