- A partnership comes into picture when two or more people agree to go into business together and both might be from same family or same association, whether or not they have a written contract.
- Ideally, it is mandatory to validate the details in a partnership agreement that specifies each partner's rights, responsibilities, and share of the profits.
- Partnership firms are registered with the Registrar of Firms
What is a Partnership Firm?
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Benefits of Partnership Firm
- Low tax liabilities
- Easy to control as managed by few promoters
- Freedom to choose any business name but make sure that the name is not a trademark of any other company or individual.
- Easy to start with a minimal registration process.
- Easy to shut down the company with very less compliances.
- Partnerships are easy to incorporate and flexible to manage. Unlike corporations and LLPs, you won't have to file formation documents or annual reports with the state.
Is a partnership right for you to start?
- When you want to start your business involving one of your family members, then partnership might be the right option for you to choose.
- One or more Partners can be designated to manage the Partnership Firm.
- Taxes for Partnership Firm : A general partnership doesn't pay any income taxes. Instead, profits and losses flow through to each of the partners, who are responsible to report it on their personal income tax returns.
Liabilities of Partnership Firm:
- Partners are personally liable for the business, including all debts and liabilities of the other partners.
- Once partners are engaged in a business, each partner is personally liable for the actions of that business, including the obligations of the other partners. There are no shields against personal liability.
- The share in a Partnership can be transferred to another partner after obtaining the permission of all the Partners in a Partnership
Documents required for Partnership registration
- Voter's ID/Passport/Driver's License PAN Card
- Voter's ID/Passport/Driver's License
- Passport-sized photographs
- Proof of registered office
Tax Advice: Preparing & file business taxes can be complicated. Our expert CA/CS will help you to prepare and file tax forms for your Partnership correctly with a minimal fee and on time. Learn more about Taxes & Compliances.
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