Partnership Registration in Ranchi Jharkhand Dhanbad Jamshedpur Hazaribagh. Partnership is an association of two or more persons, who entered into an agreement to carry out any business for profit. Partnership is owned and managed by its partners.
Partnership is a form of business registration in which two or more than two individuals are agree to own and runs any type of business. It is arrangements of business registration where both parties are known as partners and they are agree to establish a business. Partnership is fully depends in the mutual understanding of the all parties. In Partnership any individuals, business entities, government, etc may be became a partner. In every partnership business form all partners are share ownerships and responsibilities for running their business. All partners are shares the income and losses of the business. Profits of partnership are calculated on the Partnership business pan number. Partners who receive the income from partnership business can claim it on their personal Tax return. Partnership business is runs as per terms and conditions which are written in partnership Deed. In partnership business registration Partnership Deed is most important documents. It is like memorandum of the business. In partnership business partners are personally liable for the debts of the business and all partners are agent of the partnership firm. Partners are also liable for the misrepresentation of the other business partners. Registered or unregistered both types of partnership registration are made as per Indian Partnership Act of India. But legally registered partnership is takes more advantage than unregistered partnership. Partnership registration is good for start-up business and small business.
WHY TO GET PARTNERSHIP REGISTERED?
- Easy to start.
- Less costly.
- Minimum compliance.
- After registration partnership can sue on third party.
- Easy to close.
- Document Preparation.
- Partnership Deed drafting on non judicial stamp paper.
- Signing of partnership deed by each partner and at least two witnesses.
- Registered deed if partners want to register it under partnership act.
- Pan card apply.
- Copy of Pan Card of all partners.
- Copy of aadhar card of all partners.
- Proof of registered office address.
- Form no.1 (application for registration under partnership act)
- Affidavit by all partners to became a partner of partnership firm.
- Original copy of Partnership deed.
Advantage Partnership registration:
- Only registered firm can file a suit against third person in the court.
- Less compliance.
- More funds available for business.
- Higher credibility
- Easy to close.
- Easy to maintained.
Disadvantage of Partnership registration:
- Number of members limited up to 20 members.
- Not treated as separate legal entity in eyes of laws.
- Partners are personally liable for any losses.
- After death or insolvency of partners firm can be dissolved.
- If dispute is arises between partners easily close the business without other consent.
- In unregistered partnership no legal benefit is available for partners.
- Unlimited liability of partners.
There are following types of Partnership registration:
- General partnership- A general partnership is a partnership with only general partners. Each general partner takes part in the management of the business and also takes responsibility for the liabilities of the business. If one partner is sued, all partners are held liable.
- Limited partnerships- A limited partnership includes both general partners and limited partners. A limited partner does not participate in the day to day management of the partnership and his/her liability is limited. In many cases, the limited partners are merely investors who do not wish to participate in the partnership other than to provide an investment and to receive a share of the profits.
- Limited liability partnerships- A LLP (limited liability partnership) is different from a limited partnership. LLP Act, 2008 is applicable on all types of LLPS registered in India.
Partnership registration is established between more than 2 members and maximum 20 members. Registration of partnership is not mandatory it is may be unregistered. But if partnership deed is registered it is treated as separate legal entity. Tax return every year filled by partnership firm and all partners of firm is mandatory. Small manufacturer and service providers are established partnership registration. But after introduction of LLP Act, 2008 in India, partnership registration is lost because in it partners have unlimited liability. We are providing Partnership registration services in Ranchi, Jharkhand.