Partnership Firms in India are governed by the Indian Partnership Act, 1932. As per Section 4 of the Indian Partnership Act:- “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.
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Call : +91 844-844-0306Partnership Firms in India are governed by the Indian Partnership Act, 1932. As per Section 4 of the Indian Partnership Act:- “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.
> Proof of Registered office address (Conveyance/ Lease deed/Rent Agreement/Maintenance Bill)
> Copy of the utility bills of the registered office (Electricity Bill/Telephone Bill not older than two months)
Partners
> PAN Mandatory- Indian National / Passport – Foreign National
> Proof of Address (Aadhar / Passport / Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not older than 2 months)
Application for Registration of Partnership with Registrar of Firm
Duly filled specimen of Affidavit
Certified True Copy of the Partnership Deed
Ownership proof of the principal place of business or rental/lease agreement thereof
Issue of Registration Certificate by Registrar of Firm
Factors of Comparison | Private Company | Public | One Person Company | Limited Liability Partnership | Partnership | Sole Proprietorship |
---|---|---|---|---|---|---|
Capital | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:2 Crore | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:No Limit | Min: INR 1 & Max:No Limit |
Director | Minimum 2 | Minimum 3 | Minimum 1 | - | - | - |
Shareholder | Minimum 2 | Minimum 7 | Minimum 1 | - | - | - |
Designated Partner/Parter | - | - | - | Minimum 2 | Minimum 2 | - |
Taxation | 30%(25% if turnover does not exceed 250 Crore) | 30%(25% if turnover does not exceed 250 Crore) | 30% | 30% | 30% | As per Slab Rates |
Statutory Audit | Compulsory | Compulsory | Compulsory | If Contribution exceed INR 25 Lacs; If Turnover exceed INR 40 Lacs | Not Required | Not Required |
Investor Preference | High | Low | Low | Medium | Very Low | Very Low |
Compliance Cost | Mdeium | High | Low | Low | Low | Low |
Regulator | Registrar of Companies | SEBI/Registrar of Companies | Registrar of Companies | Registrar of Companies | Registrar of Firms | - |
Time take for Registration | 5-7 working days | 5-7 working days | 5-7 working days | 20-25 working days | 10-12 working days | 5-7 working days |