Partnership firm is one of the best and affordable business entity type, comparing the post registration regulatory compliances and documentation of other type of business entities. Only minimal documentation is required. Partnership Firm is the most convenient form of association of two or more equal minded persons who are planning to do business together and share profits earned from the business. Partnership is also happen in the form of tie-up’s between two or more persons doing same line of business and willing to do the business together in order to expand the existing individual businesses. These Partnership firms are governed by the Indian Partnership Act, 1932.
Advantages of Partnership Firm Registration
- Credit Standing: Compare to the Sole Proprietorship Business, the partnership has a better credit rating in the eyes of lenders or creditors. As theliability of each partner in the organization is unlimited the financial institution can safely advance loans to the firms.
- Very Easy to Start: There is no legal complications in registration. We can do partnership firm registration in the same day of signing agreement.
- Greater Management Ability: As there are many partners involved in the operation of a business, the firm candistribute the duties and responsibilities to each partner for which one is best qualified and suited. Divisionof labour and specialization, thus, can promote efficiency of the firm.
- Advantages of Secrecy: The partners can keep the business secrets to themselves. The firm is not requiredby law to publish its profit and loss account and balance sheet.
- Union of Business Ability: There is a bid age saying that two heads are better than one. In case of partnerthe partner mutually consults each other about the lay out,production procedure, marketing channels, etc.and as a result, a wise course of procedure results
- Ease of Dissolution: The partnership can also be legally dissolved by mutual consent of the partners or inaccordance with a contract by the partners. There are no formal documents required to be drawn up as in the case of a company.
- Profit Incentive: The profits are shared by the partners as per agreement. They are encouraged to do morework to earn more profit. Higher the profits, higher will be the partners share.
- Large Capital: In case of sole proprietorship, the capital is limited to the savings of one owner or his borrowingcapacity. Partnership firm Registration can bring more capital to the business by the joint efforts of the partners. The partnershipis normally in strong position to raise capital and expand the business.
After a Partnership firm registration/ formation, persons from different walk of life having ability, managerial talent and skill join together to carry on a business. This increases the administrative strength of the Partnership Firm, the financial resources, the skilland expertise, and reduces risk. Such Partnership firms are most suitable for comparatively small business such as retail andwholesale trade, professional services, medium sized mercantile houses and small manufacturing units. Generallyit is seen that many initially do partnership firm registration and later, when it is economically viable and financially attractive for the investors, it is converted into a company.
Biswas Filing is a business registration and compliance management service provider. We are a group of Chartered Accountants, Company Secretaries and Advocates based in Thiruvananthapuram. Our aim is to register start-ups, micro, small and medium business at an affordable cost, by limiting our charges, in order to provide a support for the budding businesses. We are delivering a wide range of services to the business enterprises in Kerala, including Company Registration, Limited Liability Partnership Registration, Partnership Firm Registration, OPC Registration, GST Registration and Filing, Accounting and Book Keeping Services and Filing firm.
start-up
₹10,000/Pre Monthly
- Deed Drafting
- Filing Application for Partnership Registration
- Government Fees for Registration
- Stamp duty
- PAN
- GST registration
- Bank Account Opening Support
start-up
₹10,000/Pre Monthly
- Deed Drafting
- Filing Application for Partnership Registration
- Government Fees for Registration
- Stamp duty
- PAN
- GST registration
- Bank Account Opening Support
A Section 8 Company is a non-profit organization registered under the Companies Act, 2013, with the objective of promoting commerce, art, science, sports, education, research, social welfare, religion, charity, or protection of the environment.
No, a Section 8 Company cannot distribute its profits to its members. The profits must be reinvested in the business or used for promoting the objectives of the company.
A minimum of two directors.
A minimum of two shareholders.
No minimum capital requirement.
Objectives should be charitable or non-profit in nature.
A minimum of two shareholders.
No minimum capital requirement.
Objectives should be charitable or non-profit in nature.
Yes, a Section 8 Company can be converted into a Private or Public Limited Company, subject to compliance with the Companies Act, 2013.
Yes, a Section 8 Company requires a special license from the Registrar of Companies (RoC) after submission of relevant documents and forms.
Yes, a Section 8 Company can have foreign directors, subject to compliance with FEMA regulations and other applicable laws.
Yes, Section 8 Companies can avail tax benefits under Section 12A and 80G of the Income Tax Act, 1961.
The process involves a resolution passed by the Board, an application to the National Company Law Tribunal (NCLT), and compliance with all legal requirements.
A Public Charitable Trust is an organization created by a settlor (founder) to provide benefits to the public or a section of the public in areas like education, healthcare, relief of poverty, etc.
A Trust is governed by the Indian Trusts Act, 1882, and is generally easier to set up with fewer compliance requirements. A Section 8 Company is regulated under the Companies Act, 2013, with more stringent compliance norms.
A Trust is governed by the Indian Trusts Act, 1882, and is generally easier to set up with fewer compliance requirements. A Section 8 Company is regulated under the Companies Act, 2013, with more stringent compliance norms.
Yes, a Trust can own property in its name, and the trustees manage it for the benefit of the beneficiaries.
Yes, Public Charitable Trusts can avail tax exemptions under Section 12A and 80G of the Income Tax Act, 1961, provided they comply with the relevant provisions
Yes, Public Charitable Trusts can avail tax exemptions under Section 12A and 80G of the Income Tax Act, 1961, provided they comply with the relevant provisions
A Trust can be dissolved according to the terms laid out in the trust deed, or by mutual agreement of the trustees, with the assets being transferred to another trust with similar objectives.
A Society is a group of individuals who come together to promote a common cause, such as cultural, scientific, literary, or charitable activities, registered under the Societies Registration Act, 1860.
A minimum of seven members is required to form a Society.
Yes, a Society can be registered at the state or national level, depending on the scope of its activities.
Registration provides legal status, which allows the Society to own property, sue or be sued, and access government grants and tax exemptions.
A Society can be dissolved by a resolution passed by its members, followed by settling all debts and liabilities, and transferring the remaining assets to another society with similar objectives.
