Best option if your business or Profession is small as well individually managed | Registered Firm is Eligible to Apply for StartupIndia Recognition
Partnership Firm is the most popular business type wherein two or more person join together to start a business at agreed profit sharing ratio by simply preparing a Partnership deed on non judicial stamp paper. Partnership Firm in India is governed by Indian Partnership Act 1932 and Partnership Deed is the important document here. Partnership is easy to form, and the compliance is minimal as compared to companies and LLP. There 2 types of Partnership Firm - A) Registered Firm and D) Un-registered Firm. The Act does not require the Partnership Firm to be registered with Registrar of Firm or Any other Competent Authority authorised to Register Firm. Therefore Most of the Firm does not take Registration due to lack of knowledge. They simply Prepare a Partnership Deed and PAN card to start business. There are no penalties for non-registration and even a Firm can be registered any time after formation . There are some disadvantage of Un-registered Firm. So it is advisable to Register your Firm. Only A Registered Partnership Firm Eligible to apply for StartupIndia Recognition and get all benefits under the StartupIndia Scheme once approved.
After Company incorporation, you will receive below documents
Documentation & Finalise Name | First we collect documents and details as mentioned above and One Firm Name and Capital Contributions. DAY 1 |
Drafting Partnership Agreement (Deed) | Then next task is Drafting of Partnership Agreement defining Partner’s Capital contributions, Business Objects, rights, duties, profits shares and other obligations of each partner. Agreement copy shall take printout on Non judicial stamp paper as per prescribed applicable rate of the state govt based on Capital Contribution Amount. DAY 1 |
Apply PAN | After signing of agreement, next we apply for PAN card of the Firm. Takes 4-10 days here to receive PAN Card Copy |
Apply Registration (Optional) | After receipt of PAN Card, Next we go ahead for Registration of your Partnership Firm with the Authority and whole process takes 5-15 working days. Registration of Partnership is Optional here and spend extra for this. |
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