Partnership Registrations
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Overview
Partnership registration in Hyderabad refers to the legal process of officially establishing a partnership as a business entity. A partnership is a type of business organization where two or more individuals or entities come together to carry on a business with a view to making a profit, and share the profits and losses as per the agreed-upon terms.
Partnership registration in Hyderabad typically involves the following steps
Partnership Deed: A Partnership Deed is a legally binding document that outlines the terms and conditions of the partnership, including the name of the partnership, the names and addresses of the partners, the capital contribution of each partner, the profit-sharing ratio, and other relevant terms. The Partnership Deed serves as the foundation of the partnership and governs the rights, responsibilities, and obligations of the partners.
Filing of Partnership Deed: The Partnership Deed must be executed on a non-judicial stamp paper and signed by all the partners. The Partnership Deed, along with the required documents, must be filed with the relevant authorities or registrar of firms in the respective state where the partnership is to be registered.
Payment of Stamp Duty: Stamp duty is a state-specific fee levied on the Partnership Deed and must be paid as per the rates applicable in the respective state. The stamp duty is generally calculated based on the capital contribution of the partners.
Obtaining Partnership Registration Certificate in Hyderabad: Once the Partnership Deed and other required documents are filed, and the stamp duty is paid, the registrar of firms verifies the documents and issues a Partnership Registration Certificate. This certificate serves as proof of the partnership’s existence and its registration with the relevant authorities.
Partnership registration provides legal recognition to the partnership, helps establish the rights and responsibilities of the partners, and provides a framework for the conduct of business. It’s important to note that partnership registration requirements and procedures may vary depending on the jurisdiction and local laws, and it’s recommended to consult with a professional consultant or a Lawyer for accurate and up-to-date information on partnership registration in your specific area.
Types of Partnership Registration in Hyderabad
There are two types of partnership registration in Hyderabad,
General Partnership: A general partnership is the simplest form of partnership, where two or more individuals come together to carry out a business activity with a shared objective of profit-making. In a general partnership, all partners have equal rights and responsibilities, and the profits and losses are shared equally among them.
Limited Liability Partnership (LLP): An LLP is a partnership in which the liability of each partner is limited to the extent of their investment in the partnership. LLPs offer limited liability protection to its partners, which means that the personal assets of the partners are not at risk in case of any financial or legal liability incurred by the partnership.
Benefits of Partnership Registration in Hyderabad:
Easy to form: A partnership firm is easy to form as it requires no formal registration. However, it is advisable to register the firm to avail of certain benefits and legal protections.
Limited compliance:A partnership firm has limited compliance requirements compared to other forms of business entities like companies.
Tax benefits: A partnership firm is taxed as a separate entity, and its profits are taxed at the individual partner’s tax rate. This can result in lower tax liability compared to other forms of business entities.
Flexibility: A partnership firm is flexible in terms of its operations, management, and ownership structure.
Joint and several liability: In a partnership firm, the partners have joint and several liability, which means they are collectively and individually responsible for the firm’s debts and obligations.
Lower registration fees: The registration fees for a partnership firm are lower compared to the fees for registering a company.
Process for Partnership registration in Bangalore:
STEP 1
Choose a Partnership Name
The first step in partnership registration is choosing a name for the partnership. The name should be unique and not be similar to any existing business name.
STEP 2
Draft a Partnership Agreement
The next step is to draft a partnership agreement, which is a legally binding document that outlines the terms and conditions of the partnership. The agreement should include the names and addresses of all partners, their capital contributions, profit-sharing ratios, and the duration of the partnership.
STEP 3
Obtain a Partnership Deed
A partnership deed is a legal document that contains the terms and conditions of the partnership. The deed should be stamped and registered with the Registrar of Firms in Hyderabad.
STEP 4
Obtain PAN and TAN
After registration, the partnership must obtain a Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) from the Income Tax Department.
STEP 5
Register for GST
If the partnership's turnover exceeds Rs. 20 lakhs, it must register for Goods and Services Tax (GST) with the GST department.
STEP 6
Obtain Necessary Licenses and Registrations
Depending on the nature of the business, the partnership may need to obtain licenses and registrations from various government departments, such as the Shops and Establishment Act, Professional Tax, etc.
Benefits
How to Register?
Company registration in India benefits startups since it offers them an advantage over those who have not registered. The process of registering your company is complex and involves many compliances. However, you needn’t worry as long as you have Vakilsearch as our professionals can help you with every step of the private limited company registration process.
Step 1: Obtain DSC
Step 2: Apply for the DIN
Step 3: Application for the name availability
Step 4: Submission of MoA and AoA to register a private limited company
Step 5: Apply for the PAN and TAN of the company
Step 6: RoC issues a certificate of incorporation with a PAN and TAN
Documents for Partnership Registrations in Hyderabad
Partnership Deed: A partnership deed is a legal document that outlines the terms and conditions of the partnership, such as the name of the partnership, the objectives of the partnership, the responsibilities of the partners, and the profit-sharing ratio.
PAN Card and Address Proof: Partners are required to provide their PAN (Permanent Account Number) card and address proof such as Aadhaar card, passport, voter ID, or driver’s license.
Address Proof of Business: The partnership is required to provide address proof of the registered office or business location, such as electricity bill, rental agreement, or property tax receipt.
Registration Certificate: The partnership will need to obtain a registration certificate from the Registrar of Firms, which is responsible for registering partnerships.
GST Registration: If the partnership is expected to have an annual turnover exceeding a certain threshold, it will be required to register for Goods and Services Tax (GST).
Bank Account Proof: The partnership is required to provide a copy of the bank statement or canceled cheque for the bank account that will be used for business transactions.
Other documents: Depending on the specific requirements of the government and the industry in which the partnership operates, other documents may be required. For example, if the partnership is in the healthcare industry, it may need to obtain specific licenses or certifications.
What is the cost of Partnership Registrations in Hyderabad?
The cost of Partnership Registration cost in Bangalore typically includes the following components:
Partnership Deed: A Partnership Deed is a legal document that outlines the terms and conditions of the partnership, including the name of the partnership, the names and addresses of the partners, the capital contribution of each partner, the profit-sharing ratio, and other relevant terms. The cost of drafting and registering the Partnership Deed may vary depending on the complexity of the partnership structure and the fees charged by the professional consultants.
Professional Fees: This includes the fees charged by the professional consultants, such as Chartered Accountants or Lawyers, who assist with the partnership registration process. The fees may vary depending on the services provided and the complexity of the partnership structure.
Stamp Duty: Stamp duty is a state-specific fee levied on the Partnership Deed and may vary from state to state. The stamp duty is generally calculated based on the capital contribution of the partners and the rates applicable in Hyderabad.
Why Bizivalue ?
Registering a company offers many benefits. A registered company makes it genuine and increases the authenticity of your business.
– Shields from personal liability and protects from other risks and losses.
– Attracts more customers
– Procures bank credits and good investment from reliable investors with ease.
– Offers liability protection to protect your company’s assets
– Greater capital contribution and greater stability
– Increases the potential to grow big and expand
– You will also get Zero Balance Current Account
Complete Process
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Frequently Asked Questions
The registrar of companies (RoC) across India expect applicants to follow a few naming guidelines. Some of them are subjective, which means that approval can depend on the opinion of the officer handling your application. However, the more closely you follow the rules listed below, the better your chances of approval. First, however, do ensure that your name is available.
If you have all the documents in order, it will take no longer than 15 days. However, this is dependent on the workload of the registrar.
No, new company registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.
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