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In case you wish to open a Partnership firm, one should first know that there are two type of partnership firm: 1) Registered Partnership Firm and 2) An Unregistered Partnership Firm. Both of them are simple form of business with minimum compliance. To start an Unregistered Partnership Firm, the process is very simple one need to draft the partnership agreement including all such activities of business, right and liabilities of the partners and many more clauses as per need. Once the deed is drafted one needs to apply for a PAN of the firm and open a current bank account in the name of the firm, afterwards the business can be started easily. To carry on business as a Registered Partnership Firm the process will remain same but the only difference is partner's needs to register their partnership firm with the REGISTRAR OF FIRMS of their concerned state. This type of firm has an advantage that firm can sue anybody in case of any discrepancy with any other person or among the partners. If the firm is not registered one needs to solve the matter out of the court with the help of Arbitrator or mediator. Further, a flat rate of 30% tax is levied as Income Tax on both type of partnership firm and any other tax is levied as applicable based on the limits as provided. To establish the partnership firm in India, get in touch with experts at 1800 313 4151 or visit us at http://www.legalwiz.in/partnersh...

According to the Indian Partnership Act, the unregistered partnership firm is valid and deed with the payment of stamp duty and notary is enough to apply for a PAN card in the name of the firm. The application for PAN card allotment can be made by application to the department. The PAN card will be issued within 10 - 12 working days and will be dispatched later. To form an unregistered partnership firm, read guidance at https://www.legalwiz.in/blogs/pa... or visit us at https://www.legalwiz.in/partners.... Experts are available on call at 1800 313 4151 or mail at support@legalwiz.in

The registration of Partnership Firm is voluntary as provided under Indian Partnership Act, 1932. However, the registration allows higher creditability along with the ease of expansion or conversion of business at future date. The Partnership Firm is registered with the Registrar of Firm (RoF). Here, the registration procedure varies from state to state along with time for issuing registration certificate. To register a partnership firm in Maharashtra, following documents are required to be submitted: PAN card copy of Partners Address Proof of Partners Original Partnership Deed signed by all the Partners Form No. 1 (Application for registration under Partnership Act) Affidavit declaring intention to become partner Rental or lease agreement of the Business Place Utility Bill as address proof of Business Place Any other documents, as required by the registrar. You can refer to our blog "Registered Partnership Firm: Procedure & Benefits of Registration" for details on same. You may contact LegalWiz.in for any further clarification and Incorporation of the Company. To make the process simple, affordable and hassle-free, please contact us at 8980685509 or drop an e-mail at support@legalwiz.in for consultation with experienced professionals.

Registration of partnership firm follows few simple steps. Where first is the drafting of Partnership Deed, which includes various points and clauses that govern the partners and partnership firm. The registration process is different in every State; however here is a generalised list of documents required for registration: a. PAN card copy of Partners b. Address Proof of Partners c. Original Partnership Deed signed by all the Partners d. Form No. 1 (Application for registration under Partnership Act) e. Affidavit declaring intention to become partner f. Rental or lease agreement of the Business Place g. Utility Bill as address proof of Business Place h. Any other documents, as required by the registrar For process of registration, you may refer "Registered Partnership Firm: Procedure & Benefits of Registration" Also, visit us at https://www.legalwiz.in/partners... or get in touch with our experts at 1800 313 4151 for any assistance required.

Business Partnership is vital to survive in the competitive markets. A business partnership built on trust and like mindedness should be formed carefully with following points kept in mind: The partnership must be executed legally. However, the partnership is formed with trust, it is always necessary to enumerate the intention of partnership and all the necessary clauses. Along with the intention of partnership, the clauses on shared goal shall be enumerated without affecting the individual goal. The Role and Responsibilities must be expressed for all the parties into partnership. Ambiguous and undefined roles leave the scope of conflict. Dispute Resolution Strategy should be provided expressly with by selection or manner of selection of arbitrator or the jurisdiction of court. The termination clause should also be provided that in which circumstances termination of contract can be made and the remedies available to surviving party can also be provided. Decide in what manner the decisions will be made and whose decision will prevail in case of dead lock. These points should be finely put into the agreement for a successful business partnership. In case, you need assistance in this regards, please feel free to drop us a mail with your requirements at support@legalwiz.in

Yes, once the Partnership Firm is registered with RoF, any changes to business structure or Partnership Deed must be registered with the concerned RoF. If you need help with this, feel free to visit us at https://www.legalwiz.in/change-i.... For urgent assistance, call us at 1800 313 4151 or drop an e-mail at support@legalwiz.in.