Partnership Firm Registration
CCV India is Consultancy providing Partnership Firm establishment in 7-14 days. Partnership Firms are easy to set-up with relatively lesser statutory compliance applicable and a popular form of business structure in India. There is no penalty for non-registration but some rights are denied to unregistered firms. Indian Partnership Act, 1932. is applicable for Partnership firms.
Benefits of Partnership Firm
Ease of Formation: Partnership firm is relatively easy to form a contractual agreement between the partners is needed legal formalities are minimal. Registration of firm is desirable and not obligatory.
More Resources: Due to more members, a partnership firm has larger resources business has higher borrowing capacity and also more than one person to provide funds.
Better Decisions: Partners specializing in different areas are involved in decision making offering collective expertise to avoid reckless decisions. Lower Risk: All the losses are shared by partners as per the agreed terms lowering the individual burden of each partner.
Tax benefits: Taxation rates are lower when compared to other business structures and sole proprietorship.
How to Register a partnership firm?
A partnership firm can be registered at the time of formation or afterwards. The application for incorporation should include name of the firm and partnership agreement. It is filed to the Registrar of firms state wise, area where the business is located. Certificate of Registration is issued once the registrar is satisfied with the application. In addition registration with the Income Tax Department and PAN Card is mandatory for Partnership Firm.