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Partnership Firm is a Firm which requires two or more people to combine their purpose and work on the same track to operate a business or a Firm. A partnership Firm operates on the creative Interest of the partners with Mutual Understanding who aim only for Profit.
Partnership Firm online Registration is a service provided by the Indian Government to apply for registration of a Firm Under the Indian Partnership Act, 1932. The Indian Partnership Act, 1932 regulates and governs Partnership Firms in India.
The following are the minimum requirements for partnership firm Registration:
The online procedure of Partnership Firm Registration can be understood by the following steps;
The very first step at the beginning of the process is selecting a visionary and creative name
that could be adaptable to all.
Criteria while selecting the name:
A Partnership Deed is a Contract or an agreement, based on the mutual understanding of the partners which consists of basic terms and conditions of the Firm
The partnership deed must be presented in a written form and should be signed by each party with mutual agreement based on their decisions to legalize it as a formal document.
The Application Form must be received by the ROF (Registrar of Firms), where the Firm is situated. And, it should be signed by all the Partners for the verification of the application.
The application must contain the following details:
The partnership firm is required to add '(Registered)' after its name from the date of registration
The registrar will go through all the documentation and will grant the certificate If he/she gets satisfied with the procedure.
Following are the documents necessary for the online registration of the Partnership Firm:
The status of online registration of a partnership firm can be checked by following these steps:
There is no provision for online status checking for partnership firms. To know the status of registration, the applicant has to visit the Registrar's office and check the 'LLP Master Data' from the drop-down menu.
The registrar will then check the status of the partnership firm registration in the database of registered firms.
Yes, a partnership firm can be converted into a company in India. This is governed by Section 366 of the Companies Act, 2013. There are specific procedures and requirements to be followed for the conversion.
No, the preparation of a Partnership Deed is not compulsory for registering a partnership firm. It is a document that outlines the rights, duties, and responsibilities of each partner and the terms of the partnership. But it is recommended to draft a deed. Get in touch with our legal experts today!
Yes, An audit is mandatory for all partnership firms in India. As per the Income Tax Act, only those firms whose turnover exceeds ₹1 crore in case of a business, or ₹50 lakhs in case of a profession, during a financial year need to get their accounts audited.
Yes, filing income tax returns is required for partnership firms. Annually, income tax returns must be submitted by the Income Tax Department's deadline.
The transfer to a partnership firm involves signing the partnership deed, contributing capital, and obtaining the consent of all the partners. The transfer process may also require the transfer or to fulfil other obligations under the partnership deed and the law.
The rate of taxation for a partnership firm is the same as that for an individual taxpayer, based on the applicable income tax slab rates.
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