The partnership is 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
You don't have to file paperwork with the state in a partnership firm
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. Other benefits are below.
Note: - Whole conversion process takes between 7-10 days and also depends upon documents provided by applicant and approval speed by the government
1. Connect to Corpseed
2. Provide necessary documents required for converting Sole Proprietorship to Partnership
3. Our expert CA will help you to concert your Sole Proprietorship to a Partnership
Partnership firms do not need to prepare audited statements for each year. However, depending on the turnover and a few another criterion, a tax audit statement might be necessary
Copy of PAN Card of the Directors, Passport size photograph of Directors, Copy of Property papers (If owned property), Landlord NOC (Format will be provided), Copy of Aadhaar Card/ Voter identity card, Copy of Rent agreement (If rented property) and Electricity/ Water bill (Business Place)