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artnership firm is an association of two or more persons who are joint owners of business and governed by Indian Partnership Act 1932. It is the easiest and simplest form of business structure which has minimal compliance requirements. There are two types of Partnership firms, registered and un-registered Partnership firm. It is not mandatory to register a partnership firm, however, it is advisable to get one done due to the benefits. You may get the registration of partnership firm done anytime after formation. The partnership firms are losing their sheen in India due to introduction of Limited Liability Partnerships (LLP) and the benefits offered by latter.
The costs to set up a partnership firm is minimal. There are no filings that need to be done with ROC
Partnership requires minimal compliances as compared to companies or LLP. There are many compliances that do not apply to this structure such as board meetings, audit requirements, statutory meetings, etc. In addition, the services offered by professionals are economical for Partnership firms as compared to a Private Company/LLP.
Due to fewer formalities and paperwork, a partnership firm is quick to set-up as you would just need an agreement to start the proceedings.
A partnership firm is not required to get a statutory audit done.
This is what we do when YOU SIT BACK & RELAX
- Review the documents and information provided
- Apply for Digital Signature Certificate (DSC)
- Check availability of company name with MCA
- Draft Memorandum of Association (MOA)
- Draft Articles of Association (AOA)
- Draft all other incorporation documents
- Reserve name with MCA
- Apply for Directors Identification Number (DIN)
- Apply for company incorporation with MCA
- Apply for PAN and TAN of company
Latest Passport size photograph of Partners
- Aadhar card and Voter ID/ Passport/ Driving License of Partners
- PAN Card of Partners
- Foreign nationals must provide a valid passport
Latest Telephone Bill /Electricity Bill/ Bank Account Statement of Shareholders and Directors
The above documents should not be more than 2 months old
- Latest Electricity Bill/ Telephone Bill of the registered office address
- No Objection Certificate to be obtained from the owner(s) of registered office
- Rent Agreement of the registered office should be provided if any
All other incorporation documents to be provided in soft copy
Maintaining books of accounts as per Indian GAAP
Partnership firms involved in carrying on a specified profession would be required to maintain book of accounts as per Income Tax Act, if gross receipts is more than Rs.1.5 lakhs in all three previous years. In case a partnership firm is receiving income profession (other than specified profession), book of accounts must be mandatorily maintained if income exceeds Rs.2.5 lakhs in any one of the three years previous year. In case a partnership is involved in business, then maintenance of books of account is mandatory if total sales turnover or gross receipts exceed Rs.25 lakhs in any one of the three preceding years
Registration of partnership deed is optional and the deed can be registered at any time through an application with the Registrar of Firms that has jurisdiction where the firm is situated or proposed to be situated
A Partnership firm must have its registered office within 30 days from the date of incorporation and all the times thereafter
Letterheads should have few mandatory fields as name, address, Phone No, Fax, etc
Bank account of the firm has to be opened on incorporation
These forms have to be submitted
|Partnership Firm Registration||Form I|
|Change in Partnership Firm in terms of name/ principal place of business/ nature of the business||Form II (within 90 days)|
|For Branch Opening and Closing||Form III (within 90 days)|
|Change in the Details of Partners||Form IV (Within 90 days)|
|Change in Constitution or Dissolution||Form V (Within 90 days)|
|In case minor becomes major and wants to become a partner||Form VI (Within 90days)|
Applying TAN of the firm on signing deed
Applying PAN of the firm on signing deed
A TDS Return is submitted on a quarterly basis to Income Tax Department. It is a summary of all the transactions related to TDS made during a quarter
Income tax return
Partnership firms are required to file their income tax return using Form ITR 5
Entities required to register for GST as per regulations must file for GST application within 30 days from the date on which the entity became liable for registration under GST
GST returns have to filed on monthly, quarterly and annual basis
Every firm whose turnover exceeds INR 2 Cr. in case of a business or INR 50 Lakh in case of a profession, is required to get its books of accounts tax audited under section 44AB of the Income-tax Act
Transfer pricing rules and certificaion would be required
Any individual/company/LLP which has undertaken an international transaction with an associated enterprise is required to maintain documentation as per the rules. Also, any individual/company/LLP which has entered into an international transaction during a previous year is required to obtain an Accountant’s Report and furnish report before 30th November of the financial year
WHAT OUR CUSTOMERs SPEAK
It has been an absolute delight working with Manish and Stairfirst to support the set up and managing the compliance requirements for our Indian subsidiary. The team is super responsive, best at their game and acts as a trusted partner to guide you through the complex maze of regulatory needs. They have also been accommodating in some extra services we have requested few times at very competitive price. I will highly recommend working with them.
Stairfirst helped us set up Indian subsidiary of our UK Company in timely manner. They understood what we needed and got on with it. StairFirst has become a trusted partner which takes care of all our Annual compliance, RBI Clearances, Income tax and Corporate compliances, Accounting and Payroll services. I am extremely happy to recommend their services.
Team at Stairfirst is always responsive. Their knowledge on regulations and processes is amazing. This is crucial when making decisions while setting up a new business. Our experience with them has been positive. We look forward to continued relationship. Wishing the team more success ahead.