A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start and it is suitable for small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.
There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and CNR SERVICES can help to start a registered or un-registered Partnership firm in India.
A partnership deed is a written agreement made between two or more partners who are willing to undertake business together. The deed consists of all the terms & conditions that are made in agreement with the partners.A partnership deed must contain the following:
To setup Partnership Firm in India, there is a requirement of minimum two persons and maximum 20 who come together with the motive of earning profits.
For Partnership Firm in India, there is no minimum capital requirement, unlike Private Limited Company. You just need capital to maintain a current bank account balance.
It is not mandatory to apply for a partnership firm in India however it is always advised to get it registered with the Registrar of firms as it gives the legal status to the firm.
No, Partnership Firm can only be carried by the partners' resident in India. For setting up a business entity with foreigner one can go with the Private Limited Company registration.
Once the partnership deed is notarized, the firm can apply for the PAN. We can also file PAN application on your behalf.
Yes, you can register a company at your residential address as having a commercial space is not necessary to get a company in India.
Authorized capital is the maximum amount of share capital for which a company can issue shares. Authorized capital can be increased by company at any time with shareholders’ approval.
It depends upon Turnover and Industry/Type of your Company, Please call us for more information.