Partnership

Partnership is a formal relation between two or more persons or entities to manage and operate businesses who have agreed to share its business profit or losses which is carried on by all partners or any one partner of them acting for all.

Partnership should be formed for any lawful business or trade.

Entities Or Partnership Entered Into Partnership With One Another Are Known As Partners And Collectively Known As “A Firm” And The Name Under Partnership Create Is Known As Partnership Firm Name.

ADVANTAGE OF PARTNERSHIP:-

1) RESPONSIBILITIES DIVIDED.

2) EVERY PARTNER HAS EXPERTISE IN A SPECIAL AREA.

3) CAPITAL CONTRIBUTION DIVIDEND

4)  MUTUAL AGENCY

  • SHARING OF PROFIT AND LOSS.

AS WE ALL KNOW THE PARTNERSHIP FIRM IS A SEPARATE ENTITY AND IT WORKS TOTALLY DIFFERENT FROM ITS PARTNER.SO EVERY WORK DONE UNDER THE NAME OF PARTNERSHIP FIRM TREATED AS ACTIVITIES OF PARTNERSHIP FIRM NOT ITS PARTNERS.THERE ARE VARIOUS PRESCRIBED ANNUAL COMPLIANCES UNDER PARTNERSHIP ACT AND VARIOUS OTHER ACTS WHICH IS NECESSARY FOR A PARTNERSHIP FIRM TO COMPLY ANNUALY.

THE LIST OF ANNUAL COMPLIANCES WHICH ARE APPLICABLE ON A PARTNERSHIP FIRM ARE AS FOLLOWS:-

  • FILING OF INCOME TAX RETURN.
  • FILING OF TDS
  • IN CASE PARTNERSHIP FIRM HAS GST NO. WHETHER VOLUNTARY OR DEPENDING ON CONDITION OF BUSINESS SO THEY HAVE TO COMPLY ALL THE GST REGULATIONS IN TIMELY MANNER.
  • IN CASE PARTNERSHIP FIRM IS REGISTERED UNDER ESI REGISTRATION BECAUSE OF HAVING MORE THAN 10 EMPLOYEES THEY HAVE TO COMPLY ESI REGULATIONS IN TIMELY MANNER.
  • IN CASE THE ANNUAL TURNOVER OF PARTNERSHIP FIRM IS MORE THAN RUPEES 2 CRORES THEY HAVE TO GET THEIR ACCOUNTS AUDITED.

 

9 Articles to Read Before Partnership Registration

Partnership vs LLP

A comparison of the popular types of business entity in India, viz. Proprietorship vs Partnership vs LLP vs Private Limited Company vs One Person Company.

Partnership Firm

Guide to partnership firm in India including the various types and features. The law relating to partnership firm in India is prescribed in the Indian Partnership Act of 1932. This Act lays down the rights and duties of the partners between themselves and other legal relations between partners and third persons, which are incidental to the formation of a partnership.

Advantages & Disadvantages

A partnership firm is one of the popular types of legal entity wherein two persons join together to undertake a business for profit. Partnership firms are one of the easiest to start. The only requirement for starting a partnership firm in most cases is a partnership deed.
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