· Suitable for home businesses
· Partnership Firms are governed by The Partnership Act, 1932
· General Partnerships can begin simply with an unregistered deed of the partnership within 3-4 business days
· Easy to start
· Low cost of formation of partnership firm
· Minimum Compliance and regulations
· Registration of Partnership deed is optional.
· No requirement of minimum capital contribution
· Minimum 2 Partners & No upper Limit of number of partners.
Procedure to Register Partnership Firm
Step-1. Drafting of Partnership Deed
Step-2 Notarization of Partnership Deed.
Step-3 Obtaining of Stamp for Partnership Firm.
Step-4 Applying for PAN Card for Partnership Firm.
Step-5. Application for GST Registration
· At least 2 partners but there is no upper Limit of number of partners.
· Name of Partnership should be unique.
· There is no minimum capital requirement for Partnership Firm
· Commercial space, residential space or rented space can be registered office of LLP.
· There is no minimum education requirement for partners.
· Pan Card of partners (Scanned Copy)
· Aadhar Card/ Voter Id / Passport / Driving License of partners (Scanned Copy)
· For Registered Office of partnership firm , rent agreement must be in the name of partnership firm
· All documents must be valid.
· Registered office need not to be a commercial space , it can be residential space
· GST Returns Filing (If GST Registration)
· Maintenance of Books of Accounts (Accounting)
· Preparation of Financial Statements
· Income Tax return Filing of Partnership firm.
· Income Tax return Filing of Partners
Pay Govt Fees advance only and Professional Fees after Registration, If your plan is changed in between 100% fees is refundable after deducting the Govt Fees paid
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