PartnerShip Firm Registration in Coimbatore

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About Partnership Firm Registration in Coimbatore

Raj Softech Business Consultancy provides all the hassle-free process and professional commitment for your partnership firm formation and all its legal compliances. With the help of legal experts like CA, CS, Lawyers, and Auditors, we can easily solve your business issues. We provide professional guidance and ideas for your good growth of the business.

What is a Partnership firm?

The business where two or more people are operating a business under the category of the Partnership. All these people or an Individual run the business and they share the business profit according to their partnership deed. A formation of a partnership firm is easy one than a company registration. Legal compliance is also minimal in numbers. A partnership firm registration in India follows the regulatory norms under the Indian Partnership Act of 1932. According to this act, the roles and responsibilities of the partners, third party’s business relation, and other agreements related to the business are drafted under this act. The registered and the unregistered firm both can function under the partnership firm. A partnership is not considered a separate legal entity. In the members’ partnership firmly liable for the company and the deeds of other partners. In short, the liability of partnership is unlimited.

Points to Remember

A Private Limited Company Vs

A Private Limited Company is registered under the Indian Companies Act, 2013. The liability of the Private Limited Company is a limited one. Share transfer of ownership in Pvt Ltd follows the transfer deed and stamp duty.
Future Business Expansion is simple through investments raised from Venture Capitalist funding, and Fundraising, etc.

Vs SoleProprietorship

Anyone can easily start the Proprietorship form of business. This business unlike Pvt Ltd does not involve other's participation. An individual who carries the business can become the owner of the firm. Both the owner and his/her business identity are not different. The owner has to take all responsibilities and/or liability of the business. There is no proper regulation followed for Proprietorship firm registration.

Vs LLP

An LLP is a corporate body registered under the Limited Liability Partnetship Act, 2008. This form of business is similar to Pvt Ltd, but the owners are called Limited Liable Partners. This type of registration is suitable for particular forms of businesses where two or more persons are involved in the conventional partnership. Ownership Transfer is a risky process as compared to Pvt Ltd. Hence, the fund-raising is becoming a difficult part.

Vs Partnership Firm

A partnership is an agreement carried out by two or more partners. The partnership firm follows the regulation of the Indian Partnership Act of 1932. The fundraising process and business expansion are too limited. Partnership functions under unlimited liability which involves high risk of personal debt and loss.
Though it carries minimal compliance the business expansion requires all the legal compliance of a company.

Vs One Person Pvt Ltd

An Individual can easily start a One Person Company with the option of limited liability. OPC registration follows the norms of the Indian Companies Act, 2013. A single person can easily expand to a Private Limited Company under this business structure. Investment, Capital, and Fundraising are complex-free, but business expansion is a limited one. Minimal compliance and business conventions are preferable options.

How We Work?

Our Pvt Ltd Registration Process

Our company provides all the hassle-free process and professional commitment to your firm formation and all its legal compliances. With the help of legal experts like CA, CS, Lawyers, and Auditors, we easily swiftly solve your business issues.
Register the name of the firm that should be unique and not previously existed.
Drafting a partnership deed, which is the key procedure to complete the partnership registration.
While drafting the partnership deed, some specific aspect of a firm is included:

1. Name and address of the partnership firm
2. Firm partner’s detail includes with name, address, and contact number.
3. Nature of their business activity.
4. The term duration of the business undertaking.
5. Share details and the profit ratio of the business.

Directly check the company’s name availability on the portal of the Ministry of Corporate Affairs.

Reserve Unique Name ( RUN) form fill shows the name availability checking process.

Incorporate a company under the norms of MCA through Form SPICe (INC-32)

Applying for DIN ( Director Identification Number) DSC (Digital Signature Certificate) require for company registration.

Filing the MOA& AoA (Memorandum of Association & Article of Association) for company registration

Get the company’s incorporation certification directly from the Registrar of Companies (ROC).

Applying for PAN and TAN

Opening a current account on the name of the registered company.

The Benefits

The Advantages Of Partnership Firm

To start a partnership firm, legal registration is not mandatory. So, without any legal procedures, the partners can form a firm.
For business partners who want to start a business easily and economically, this partnership form of business is too easy to operate than other legal entities. Up to 100 members can be members of a partnership firm. So, financial investment and business resources are easy to gain.

Having limited membership is an added advantage for the flexible operation of the firm. If they want to implement or remove any rules, they can quickly implement them anytime through their mutual consent. The liability of business partners is an unlimited one. All members are liable for the whole business undertaking. All the partners in the firm can take control of the daily affairs of business management and profit-sharing.

Comparing to the sole proprietorship, the partners of the partnership firm bears the financial debts and risks related to the firm.
Commonly, the partners do not get interested in their capital investment. If any partner wants the interest, that is not concluded in profit.

What You Need to Prepare?

Documents Required for the Process

All Partners Passport Size Photo

All Partners Pancard

All Partners Aadhar Card

Partnership Deed

Electricity Bill of the Firm Office

NOC from the Landlord

Rental Agreement

Specimen of Affidavit

Is it Mandatory?

Difference Between Registered and Un-registered Firm

An upcoming partner of the firm gets a trust only if the company is registered under the government. A registered partnership can legally take a step against the business partner or third party on behalf of their contract. This contract is legally valid proof when the company is registered under the registered of Companies. Registered partnership firms need to file the returns to the state government. Otherwise, unregistered partnership firms are directly paid their tax to the Income-tax Department. Partnership firms that are registered under ROC can enjoy more tax benefits than the non-register companies. The registered partnership firm can easily convert into the LLP and a Private limited company.

What you need to prepare

Comparison Chart

Description

Private Limited Company

Proprietorship Company

Limited Liability Partnership

Partnership Firm

One Person Company

Legal Act

The company should be registered under Companies Act 2013

There is no legal constitution framed by our government.

The company should be registered under Limited Liability Partnership Act 2008

The registration of this firm is optional, but it's necessary to get registered by State Government

The company should be registered under Companies Act 2013

Registration Requirement

Registration under the Act is mandatory to set up business as a Private Limited Company

Registration under the Act is mandatory to set up business as a Private Limited Company

Registration under the Act is mandatory to set up business as a Private Limited Company

Both registered and unregistered partnerships are legal, but registered entity is preferred

Registration under the Act is mandatory to set up business as a Private Limited Company

Separate Legal Entity

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Liability Protection

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Statutory Audit

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Number of Members

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Ownership Transfer ability

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Foreign Participation

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Tax Rates

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Statutory Compliances

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Existence

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