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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