The general partnership firm is governed by the Partnership Act 1932 The partnership agreement is the deed that defines the rules and regulations with respect to the partnership firm. It states the following points:
The following things are needed in order to start a General Partnership Firm:
- 1 ID Proof (PAN Card, Aadhar Card, Voter ID Card, Passport etc.)
- 1 Address Proof (Aadhar Card, Voter ID Card, Passport etc.)
- Soft copy of a photograph
- NOC from the owner of property
- Electricity or Water bill not older than 2 months
- Rent Agreement
Create a Draft of Partnership Deed. It will define the Rules and Regulations of your business.
Execute the Partnership Deed after appropriate payment of Stamp Duty.
Register the firm with Registrar of Firms.
Apply for the Pan Card and then apply for GST.
Open Current Bank Account of Partnership Firm.
A minimum of Two (2) and a maximum of Fifty (50) Partners can be there in a Partnership Firm.
Unlimited liability means the Personal Assets of the partners of the Partnership firm is liable against the liability of a firm without any protection.
Yes, you can convert it at any point in time.
There are two types of a Partnership Firm. One is the Registered Partnership Firm which is being registered with the Registrar of Firm, and the other one is the Unregistered Partnership Firm which is registered under the Notary Public.
Partnership Firm is not eligible to raise the investments from Venture Capitalist Firms or HNIs as not been able to issue the shares in lieu of the investments.
The mount varies from state to state. Generally, the amount payable on stamp duty in Delhi is Five Hundred Rupees. For every state, you need to go through the Indian Stamp Act and then make the purchase accordingly.
Yes, one can operate through an unregistered firm which is completely legal in India.
You need to first obtain the No Objection Certificate and latest Electricity Bill from the property owner and then you can apply for GST at the GST portal.
Yes, one partner can have many numbers of firms at the same point in time. There are no such limitations.
Yes, Section 40(b) of the Income Tax Act, 1961 specifies the maximum cap on the remuneration and Interest on Partners capital.
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