Partnership Firm

Two or more people come together and pool funds to start a business. It is not compulsory to register the firm. But it is more advantageous to register a firm. Registering the Trademark of your Partnership Firm will help you to safeguard your identity and restrict others from using it.

Basic Mandatory Compliance

Active Partner- he takes active participation in the firm and the running of the business.
Dormant- he does not take an active part in the daily activities of the firm but brings in his share of capital like any other partner and shares the profits and losses of the firm.
Minor Partner - He will share profits of the firm but his liability for the losses will be limited to his share in the firm.

Benefits

Two Heads (Or More) Are Better Than One
Your Business Is Easy To Establish And Start-Up Costs Are Low
More Capital Is Available For The Business
You’ll Have Greater Borrowing Capacity

High-Calibre Employees Can Be Made Partners
There Is Opportunity For Income Splitting, Resulting In Tax Savings
Partners’ Business Affairs Are Private
It’s Easy To Change Your Legal Structure Later If Circumstances Change

Documents You’ll Need

1. ID Proof

Aadhar / Voter ID / Driving licence / Passport

2. Address Proof

The address proof of the member and nominee along with the proof of registered place of business (ownership documents/rent or lease agreement) or any bill in relation to electricity/landlord bill/bank statement.

3. Photos

The photos of the respective partners must be submitted for identification and verification purposes.

4. PAN Card

The PAN card of the respective partners and designated authorities of the LLP is required.

5. DSC

Digital Signature Certificate (DSC) is required for e-filing the incorporation of the LLP.

6. NOC (Owner/Landlord)

A No Objection Certificate from the property owner/landlord must be enclosed.

7. Passport

Passport is mandatory for any Non-Resident Indian (NRI) or foreign national partners.

8. Mobile Number and Email ID

Contact information of the member and nominee.

9. Bank Statement

Bank Statement copies of member and nominee and of the company.

10. Utility Bill

Electricity bill not older than 2 months of the registered address of the company.