One of the most common form of organisation in India, when you have partners to share the profits and losses. Convert Sole Proprietorship to Partnership Firm with Ebizfiliing. Prices starts at INR 1999/- only.
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A sole proprietorship also referred to as a sole trader or a proprietorship is an unincorporated business that has just one owner who pays personal income tax on profits earned from the business. A sole proprietorship is a one-owner operation. It is a business structure that is common for a small shop owner or professional artist.
But if you want to share ownership of a business with another party, you must convert the proprietorship into a partnership.v
A Partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. It is owned, managed and controlled by an Association of People for profit. Partnerships firms are relatively easy to start and are prevalent amongst small and medium-sized businesses in the unorganized sectors. Partnership firms are created by drafting a Partnership deed amongst the Partners.
EbizFiling.com is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory and management consultancy services to clients in India and abroad. Incorporating a Partnership Firm is easy, seamless, cheapest and quickest with EbizFiling.com! Apart from a Partnership Firm, EbizFiling.com also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, LLP Registration, HUF, One Person Company and Proprietorship Firm Registration easily. You may get in touch with us for free advisory on all the services.
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There are no restrictions as such with respect to the minimum capital requirement in case of partnership firm. The Partnership firm can be registered even with Rs. 10,000 as total capital.
Partnership Firm is very easy to form. It comes into existence merely by a Partnership Deed. Its registration is not mandatory. Even after formation, there are no annual filings to be done except Income tax returns.
As a partnership firm requires a minimum of two partners, there’s an availability of larger resources be it financial resources or managerial resources as compared to a proprietorship firm.
Its operations are scalable. Any new partner can be introduced only by executing a supplementary partnership deed. A partner can retire or can be removed by executing similar deeds.
On account of its very nature, Partnership firm enables sharing of risks by more than 1 person as the profit and losses are shared by all the partners. This ensures diversified financial risks.
Partnership firm is a legal tool for better tax planning. The partnership firm is a separate entity and its tax is calculated separately so it can offer remuneration and interest to working partners.
5 Easy Steps
Complete a Checklist
Submit Documents
Verification of Documents
Drafting & Executing Partnership Deed
Obtain PAN & TAN
A Compliance Manager will get in touch with you to obtain your documents along with a simple checklist. You need to fill up that checklist and submit along with your documents. Our expert team will verify documents and proceed with registration formalities. All throughout the process, your dedicated Compliance Manager will keep you updated.
Upon receipt of your documents, our team will draft a comprehensive partnership deed for the firm. A partnership deed contains very important details of address, commercial terms between partners, their remuneration etc. The Partnership deed will also include references to the proprietor ship business and declare that it has been transferred to the partnership firm.
Upon payment of stamp duty and notarizing, Once the registrar approves the application, the firm will be entered into the records. After registration, the Partnership firm will attain legal recognition. Once this is done, we will proceed to apply PAN and TAN for your firm. On receipt of PAN, you may proceed to open your firm’s current bank account with a bank of your choice.
A partnership firm is a business form in which two or more individuals manage and operate a business in accordance with the terms and objectives set in a Partnership Deed. This may or may not be registered.
A partnership must have at least two partners. A partnership firm in the banking business can have up to 10 partners, while those engaged in any other business can have 20 partners.
No, registration of a partnership is not necessary. However, for a partner to lodge a complaint or sue another partner or the firm itself, the partnership should be registered. Moreover, for the partnership to bring any suit to court, the firm should be registered. For small or family businesses, it is fine if a firm is not registered.
Yes. The law presumes that each partner is an agent of the other and dealing in good faith with one partner binds the other partners as well.
Yes. The firm and all the partners are liable for the wrongful act or fraud which causes loss or injury to any third parties.
When the partnership deed does not contain any provision for the duration of the partnership nor conditions for the termination of partnership, it is a partnership at will.
Ebizfiling.com provides Partnership Registration all across India. You can obtain Partnership registration in Ahmedabad, Mumbai, Pune, Bangalore, Chennai, Delhi, Kolkata, Kanpur, Nagpur, Jaipur or any other cities easily with us.
Don’t worry!! Our expert will help you to choose best suitable plan for you. Get in touch with our team to get all your queries resolved. Write us on info@ebizfiling.com or call us @+91 9643 203 209.
One of the most common form of organisation in India, when you have partners to share the profits and losses. Convert Sole Proprietorship to Partnership Firm with Ebizfiliing. Prices starts at INR 1999/- only.
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