PARTNERSHIP FIRM

A partnership firm is a system of management and organization of a business, where two or even more persons manage and carry out that business together. It encourages the sharing of duties, resources, and even profits, which makes it effective in operations as well.

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Service Overview

JR Compliance offers comprehensive solutions for the registration of partnership firms. Our team assists in the preparation of the partnership deeds and in obtaining licenses, as well as in complying with their legal aspects. Therefore, we try to streamline the whole process and make registering a business easy for our clients.

‍Challenges of Filing for a Private Limited Company

Complex Procedures

The formation of the private limited company is quite complex as it requires many legal formalities.

Time-Consuming

Sometimes, its exhausting to gather all the necessary papers and fill out all necessary documents.

Share Limit

In a Private Limited Company there is a limit of 200 shareholders, with a restricted limit on share transfers.

Business Commencement

Within 180 days of registering a Private Limited Company, the certificate of commencement of business must be obtained.

‍Challenges of Filing for a Partnership Firm

Complex Legal Documentation Requirements

Accomplishing legally binding documentation is a challenging task. Many businesses struggle to comply with laws for partnership deeds within the legal framework, and that can result in legal conflicts in the fold.

Regulatory Compliance Issues

Partnership firms must comply with several regulations. Non-compliance can lead to penalties or business interruptions, making it crucial for firms to understand and meet all regulatory obligations diligently.

Conflicts in the Distribution of Profits

Internal conflicts can also be caused by quarrels over the sharing of the profits. It is important to specify the profit share ratio within the partnership deed to avoid such issues.

Limited Liability Protection

The debts of the business are the partner’s obligations on a personal level. This implies that assets that are not part of the business are also at risk thus reinforcing the significance of having a partnership deed that focuses on protecting individuals as concerns assets.

Advantages Of Registering A Partnership Firm

Easy Registration Process

The registration process has been enhanced in such a way that it is hassle-free and consumes very little time hence you can concentrate on your business.

Expert Guidance Provided

Our experienced professionals offer insights on legal requirements and best practices, ensuring compliance with regulations.

Customized Partnership Agreements

We draft partnership deeds that suit all the partner's need and will be in everyone’s agreement to minimize conflicts.

Ongoing Support Available

After registration, we continue to assist with compliance and regulatory updates, ensuring your partnership remains on the right track.

Service Process

01

Consultation

To commence, we conduct an initial meeting to get the right understanding of your needs and support you in the registration process.

02

Drafting Documents

Our team prepares necessary documentation, including the partnership deed, ensuring all legal aspects are covered.

03

Submission of Application

We handle the submission of your application to the relevant authorities and take care of the necessary that lies within the procedure.

04

Follow-up

We monitor the application status and communicate with authorities on your behalf to expedite the registration process.

05

Post-Registration Support

Once registered, we provide ongoing compliance support to ensure you meet all legal obligations.

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Service Process

Consultation

We will have a consultation regarding your business vision and requirements to decide on whether the private limited company fits you well.

Documentation

We will help you to do the paperwork involving preparation of the Memorandum of Association and Articles of Association.

Registration

We will then forward all the necessary documents to the Registrar of Companies as required for registration.

Support

We will always be here with you to offer assistance and advice so that you can efficiently run your private limited company.

Compliance:

We will assist you in maintaining a continuing compliance with all legal and regulatory standards.

Service Process

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Service Breakdown

Eligibility

Minimum partner requirement: At least 2 partners are required to form a valid partnership.

Age requirement: Partners should all be consenting adults of age 18 years and above.

Signing the deed: The partnership deed must be signed by every partner without exception.

Local Compliance: Ensure adherence to regulations set by local authorities for partnerships.

Documents

Partnership Deed: A legally binding agreement signed by all partners detailing the responsibilities, profit-sharing ratio, and other terms of the partnership.

PAN Cards of Partners: Mandatory for tax identification of all partners involved in the firm.

Address Proof of Partners: Documents like Aadhaar card, passport, or voter ID to verify the address of all partners.

Registered Office Proof: Submit rental agreement, No objection Certificate (NOC), or utility bill in the firm's name to confirm the business's registered address.

Bank Account Details: Proof of a bank account opened in the name of the partnership firm.

Who Needs

Small Business Owners: Individuals owning small businesses and seeking a simple business structure.

Start-ups seeking partners: Perfect for new companies desiring to bring in partners and collaborate with.

Family-run businesses: This business structure is ideal for family running businesses together with shared responsibilities.

Collaboration: A flexible way for professionals to collaborate and offer services together.

Creating Trust-Driven Relationships

JR Compliance is one of the known name for BIS certification, they are well versed with processes
and guide client properly.

Kartik Shah

Published on 4 March 2024

We have outsourced the entire BIS certification responsibility of our panels to JR compliance since 2017 and their service so far has been
exemplary.

K Narayanan

Published on 4 March 2024

We have been using JR Compliance services since last 3 years on various BIS related registration & testing of our various IT & electronic products. We really appreciate your full-fledged & excellent support in all respect in this matter.

P N Dhawanjewar

Published on 4 March 2024

FAQ

What is a Partnership Firm?

Optimally defined, a partnership firm is a business or a legal entity formed by two or more individuals to carry out business activities collectively. Partners cooperate to manage the business and income and losses are divided based on the partnership deed they sign among them.

How can I register my Partnership Firm?

The time it will take to register a partnership firm depends on how long it takes to prepare all requisite papers to submit together with the time it takes for the authorities to accept such an application. All in all, when all the paperwork is in order, and no more feedback or information is required from the affiliated bodies, the process is quite smooth but if more feedback or information is required from any of the bodies then there will be a certain delay.

Can a Partnership Firm be changed into another business structure?

Indeed, a partnership firm can convert into another type of business like a Limited Liability Partnership (LLP) or a Private Limited Company (PLC) if the business can be changed or the owners prefer alteration of such a structure.

How Partnership Firms are taxed?

The partnership firms are charged a tax on their profits at a rate of 30%. Also, every partner has to pay taxes on the share of profits that they receive. Above the INR 1 crore, income attracts a surcharge. Concurrent with a company’s legal requirements, legal persons in the form of partnership firms should also ensure proper maintenance of accounts.

How can a Partnership Firm be dissolved?

The partnership firm can be dissolved by following the Partners’ agreement or where the provision of the partnership deed allows so. Dissolution may also be particular perhaps because the firm reaches the agreed end date or is through contractual dissolution via insolvent partners or court dissolution.