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Monday, October 23, 2017
You are here : Partnership Registration Process

Partnership Registration Process

Partnership Registration Process

1. PARTNERSHIP FIRM

Overview

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 are is prevalent amongst 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 we can help start a registered or un-registered Partnership firm in India.

Procedure

We can startup a Partnership in 7 to 14 days.

1. Partnership Deed Drafting

We had a group of Financial Expert and we will first understand your business, Partners, Partnership structure and other relevant details to draft a Partnership Deed that is acceptable to all Partners.

2. Partnership Deed Registration

Based on your requirements we will help you to register the Partnership Deed with the relevant authorities to make the Partnership a Registered Partnership Firm.

3. Obtaining PAN & TAN

Based on the package you had selected, we will help you obtain PAN and TAN registration for your Partnership Firm from the relevant Authorities once the Partnership Firm is registered.

Documents Required

  • 1. Pan Card of all the partners
  • 2. Address Proof and Identity Proof of all partners
  • 3. Address Proof of office & Lease Agreement
  • 4. 2 Photo of all the Partners

2. LIMITED LIABILITY PARTNERSHIP

Overview

Limited Liability Partnership has been introduced in India by way of Limited Liability Partnership Act, 2008. The basic premise behind the introduction of Limited Liability Partnership (LLP) is to provide a form of business organization that is simple to maintain while at the same time providing limited liability to the owners. A Limited Liability Partnership combines the advantages of both the Company and Partnership into a single form of organization and one partner is not responsible or liable for another partner’s misconduct or negligence. Therefore, all partners have a form of limited liability for each individual’s protection within the partnership, similar to that of the shareholders of a corporation. However, unlike corporate shareholders, the partners have the right to manage the business directly. An LLP also limits the personal liability of a partner for the errors, omissions, incompetence, or negligence of the LLP’s employees or other agents. LLP is one of the easiest form of business to incorporate and manage.

Procedure

We can incorporate a Limited Liability Partnership in 14 to 20 days, subject to ROC processing time.

1. Obtaining DSC & DPIN

Digital Signature Certificate(DSC) and Designated Partner Identification Number(DPIN) is required for the proposed Partners of the LLP. DPIN and DSC can be obtained for the proposed Partners within 3 to 4 days.

2. Name Approval

A minimum of one and a maximum of six proposed names must be submitted to the MCA. Subject to availability, naming guidelines and MCA processing time, Name Approval can be obtained in 5 to 7 working days.

3. LLP Incorporation

Incorporation documents can be submitted to the MCA along with an application for incorporation. MCA will usually approve the application for incorporation in 5 to 7 days, subject to their processing time.

Documents Required

  • 1. Pan card of proposed directors
  • 2. Address & identity Proof of Proposed Director
  • 3. Photo
  • 4. Address proof of the Registered Office of the Company

3. PROPRIETORSHIP

Overview

If you want to start a new online or offline business, proprietorship is the best option for you. A sole proprietorship is an unincorporated business owned by one person. The owner of a sole proprietorship is known as a sole proprietor. You can start it the day you want it. When your business grows you can then turn it into an LLP or a Company.

As a sole proprietor, you can operate the business under your own name or under a trade/firm name or your website’s name. e.g. Let’s say you are an IT consultant, you can operate the business under your own name “Sumedh, IT Consultant” or under a trade/firm name “ABC IT Consultants”.

There is no mechanism provided by the Government of India for the registration or incorporation of a Proprietorship. Therefore, the existence of a proprietorship is established only by tax registrations and other business registrations that a Proprietorship is required to have as per the rules and regulations.

Procedure

We can help startup a Proprietorship in 7 to 14 days, subject to Government processing time.

1. Startup Consultation

Proprietorship’s do not have a process of incorporation. Therefore, our Business Advisers will advice you on the way the identity of the Proprietorship business can be established through other Government registrations.

2. GST Registration

GST is the new revolutionary form of Indirect taxation in India that subsumes many central & state level taxes like, excise duty, service tax, VAT/ sales tax, luxury tax, etc. It is a uniform tax that is levied on both goods & services but only on the value addition to the product thereby removing the cascading effect of the taxes.
It is a destination based tax having three major components, IGST, CGST & SGST/UTGST.
The threshold limit of registration under GST for a normal business is the aggregate turnover of Rs 20 Lakhs, however, any person undertaking any interstate transaction (i.e., supplying goods or services outside the respective state) and carrying on/plans to carry on business through an e-commerce platform, needs to get registration under GST regime irrespective of its threshold limit. Also, a business having its branches in one or more states requires getting registered in each state undertaking its operations.

Documents Required

  • 1. Pan Card
  • 2. Address/Identity Proof
  • 3. Documents Required
  • 4. Photo
  • 5. Adhar Card
  • 6. Address proof of Premises
  • 7. Rent Agreement/Lease Deed

Specialist in providing Total Solutions for Business Set Up anywhere in India starting from setting up of business, incorporation/registration/formation of a company, Business Registrations, Approvals, Regulatory Compliances Advice on Entry and Exit strategy in and from India, Advice on FDI etc. Due to economic liberalization, starting, setting up and doing business in India is no more a hassle.