A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners. A partnership, as distinguished from a corporation, is not a separate entity from the individual owners. The partnership income tax is paid by the partnership, but the profits and losses are divided among the partners, based on their agreement. Partnerships are usually registered with the state in which they do business, but the requirement to register varies from state to state.
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.
The General Partnership Registration procedure is very simple, if you are prompt with all your documents, this process can be completed in 5 working days, subject to legal processing time.
Thestartuppoint Financial Experts will first understand your business, partners, partnership structure and other relevant information. The information collected will be used by our Experts to Draft partnership Deed.
As no formal registration is required to start up proprietorship. Therefore, our professional adviser consults you to incorporate a proprietorship through other Government registration.
Every business needs a registered Permanent Account Number (PAN) and Tax Account Number (TAN). We will make the application online ourselves; you need to provide the all required Documents. The PAN and TAN will be couriered to your registered office address in 21 working days.