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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...

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

Import Export Code, commonly known as IEC is a 10 digits code allotted by Directorate General of Foreign Trade to the entities engaged in international business. Application for IEC code registration is online and centralised process under DGFT. With simple documents requirements, the application is made on the web portal. The steps to file the application are mentioned below in brief: The very first step and of course necessity is the business set up and its registration such as GST registration or Shop & Establishment Registration, etc. The applicant is required to make an application for allotment of PAN in case other than sole proprietorship. Once the PAN card is allotted, current bank account in name of business is opened. On collection of requisite documents (mentioned in later part of the answer), the applicant can proceed to next step. The applicant must obtain Digital Signature Certificate (DSC) to sign the online application. Upon obtaining DSC and requisite document, the application for Import Export Code registration is made online on the portal allotted. The competent officer will review the application filed. If the application and the documents are founds satisfactory, the officer may allot the code or ask for additional information or documents. General documents list for import export code registration online: PAN Card of the Applicant Passport Size photograph of the applicant Cancelled Cheque Address proof of the Business (Constitutional documents such as Partnership Deed, MoA AoA or LLP Agreement, as the case may be should be furnished in addition to above.) The IE Code is PAN based with lifetime validity. Therefore, the concerned business entity is not required to either renew or make separate applications for the branch offices. Also, the registration does not require any further compliance or return filing. For further information, please contact our experts at 1800 313 4151 or through mail at support@legalwiz.in

Get your Limited Liability Partnership registration done online and quickly with ease2bizz in few simple steps. And also know Eligibility, Criteria and documents are required for LLP registration.

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