PARTNERSHIP FIRM

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PARTNERSHIP FIRM

Partnership Firm is just like an arrangement where parties,known as Partners,agree to cooperate to advance their mutual interests.Partnership Firm allows joint ownership of a business.Partnership firm are good for small business entity in unorganized sector. In partnership Firm basically the Partner’s percentage of ownership various and depends on certain factors.Partnership firm has no limit on the minimum capital for their establishment .The partnership is very easy to startup a company.Partnership recognized by a government body may enjoy special benefits from taxation policy. Partnership Firm registration is done by legalstartup.in

Types of Partnership

There are two types of Partnership, registered Partnership and unregistered Partnership. As far as the Indian Partnership Act, 1932, (Act), the main foundation to begin business as a partnership is the finish and execution of a Partnership Deed between the Partners. The Act doesn’t require the Partnership Deed/Partnership Firm to be registered and at the end of the day, doesn’t require the Partnership Firm to be a registered Firm. In this manner different partnership businesses exist as an unregistered firm. There are no punishments for non-enrollment of a partnership firm, and a partnership firm can even be registered after development. In any case, unregistered partnership firms have certain rights precluded in Section 69 from claiming the Partnership Act, which manages the impacts of non-enlistment of a partnership firm. A portion of the impediments of an unregistered firm are: A partner of an unregistered firm can’t record a suit in any court against the firm or different partners for the requirement of any privilege emerging from an agreement or right presented by the Partnership Act. No suit to implement a privilege emerging from an understanding can be organized in any Court by or for the benefit of a firm against any outsider except if the firm is registered. An unregistered firm or any of its partners can’t guarantee set-off or different procedures in a debate with an outsider. In this way, any partnership ought to be registered sometime.

Advantages of a Partnership Firm

One of the main advantages of a Partnership Firm is that there are very minimal requirements in terms of compliance. For instance, a Company or LLP requires the annual filing of its financial statements with the Registrar of Companies. Such documents filed with the MCA are also made public documents. On the other hand, registered/unregistered Partnership Firms are not required to file any annual returns, and the financial statements of a partnership firm would NOT be made publicly available. Also, the accounts of a registered / unregistered partnership firm are not required to be audited. Whereas, the accounts of a Limited Liability Partnership (LLP) are required to be audited by a practising Chartered Accountant when the turnover exceeds Rs.40 lakhs per annum or when capital contribution exceeds Rs. 25 lakhs.

Disadvantages of a Partnership Firm

Partnership firm does not provide its Partners with limited liability protection and does not have perpetual existence. Also, the interest of a Partner in a Partnership firm is not easily transferrable, and the ownership structure does not allow for investment from Angel Investors, Venture Capitalists or Private Equity Firms. Banks / Financial Institutions also prefer to lend to Companies than Partnership Firms as Companies are separate entities and the regulatory requirement for financial reporting of Companies – makes a company more transparent and structured. A trademark owner has the exclusive rights to assign or license the mark to someone else in return of some monetary compensation. Thus, one can make a profit from a registered trademark as well.

Partnership Firm Taxation

Partnership firms may be assessed either as a partnership firm or as an association of persons(AOP). Interest paid to partners, salary, bonus, commission, or remuneration to a partner will be allowed as a deduction paid to a working partner who is an individual. However, when the Partnership Firm is assessed as an AOP, the above deductions cannot be claimed. Therefore, for a partnership firm, it is more advantageous to be assessed as a partnership firm than as an AOP. For a partnership to be assessed as a firm, the partnership should be evidenced by a written partnership deed. Income tax return of a partnership firm is filed in Form ITR-5.

Required Documents

Applicant office


Applicant’s / Company Name


Business Type


Business details


Brand/logo/slogan name


Office / Business address

Basic

5499
  • Free Trademark search report
  • Apply for trademark registration in one class and track status
  • Update Status

Standard

6999
  • Apply for trademark registration in one class and track status
  • MSME Registration
  • GST Registration
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Premium

8999
  • MSME Registration
  • GST Registration
  • Apply for trademark registration in one class and track status
  • Free trademark objection Reply file

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FAQ

The person who has registered his trademark can use various benefits, such as registered owners can create, establish and protect their trademark, this person has full rights

Anyone who is claiming to become a proprietor and needs to use the trademark for his/her firm can apply for Trademark registration Online. Legalstartup will help you to get the Trademark registration done in few simple steps.

Trademarks should be easy to speak, spelling as well as easy for everyone to remember. Trademarks should not include geographic names, common or personal aliases. Avoid using big words or words which describe the quality of the product.id.registration

LegalStartup will help you register your trademark with an easy process. Here you do not have to meet an agent, just relax at home and complete the registration process.

No, a foreign trademark cannot be used in India, as a registered Trademark has specific locations where it can be used.

It is not illegal to run the business without registration of Trademark, but it is necessary to protect the Trademark.

It will take 6 months or more for completing the renewal of Trademark.

Visit Legalstartup website and apply for Trademark registration, you will find the easiest and efficient service from us

Yes, few changes are allowed subject to the terms and conditions under Trademark registration.

Yes, it is possible to remove the trademark form the register.

No, Trademark registration is not mandatory in India, but it is advisable that the trademark should be registered to avoid duplication.

The trademark in India is designated as ® (for registered trademark), ™ (Unregistered trademark)

The service mark is similar to the trademark, just the difference is that it defines the service by it.

Yes, foreign owners can apply for trademark registration in India.

Yes, this is possible under Indian Trademark Law where a multi-class application can be filed.

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