Benefits of Partnership Firm Registration
ADVANTAGES OF PARTNERSHIP FIRM REGISTRATION
- Easy Formation
- More capital available
- Combined Talent, Judgement, and Skill
- Tax Advantage
- Unlimited Liability
- Diffusion of Risk
- Divided Authority
CHARACTERISTICS OF PARTNERSHIP FIRM REGISTRATION
- Two or more persons: There must be at least two persons to start a partnership firm.
The existence of an agreement – Partnership is the outcome of an agreement between persons.
- Agency relationship (Mutual agency & Mutual Confidence).
- Nature of liability – Unlimited.
- Utmost good faith.
- Profit motive – The more sales you generate, the more profit you make. This profit distributes among the partners according to the agreed proportion.
- Conduct of Business-Management By Law.
- Fusion of ownership and control.
- Restriction on transfer of interest.
HOW TO REGISTER A PARTNERSHIP FIRM?
- Partnership Deed
- Documents of Firm – PAN card of firm & Address Proof of firm (If the registered office place rents, rental agreement and one utility bill (electricity bill, water bill, property tax bill, gas receipt etc.) have to be submitted. Also, submit NOC from the landlord.)
- Documents of Partners – PAN card of partners & Address proof of partners.
- Additional Documents in case of Registration – Affidavit certifying that all the details mentioned in deed and documents are correct.
- GST Registration
- Current Bank Account
Is mandatory to register a firm with income tax?
It is compulsory to apply for registration with the Income Tax Department for all firms. PAN Card is also required to begin a current account in the name of the partnership firm.
Hence, Do you want assistance for partnership registration in Chennai? Please Contact:(+91)8838953252