What is a partnership firm?

“Partnership is the relation between persons who have agreed to sharethe profits of a business carried on by all or any of them acting for all” as per Partnership Act. All partnership firms in India are governed by THE PARTNERSHIP ACT, 1932.

Basic requirements for a partnership firm:

Documents required for partnership firm:

• Partnership Deed
• ID proof of partners with attestation
• Address proof of the partners with attestation
• Office premises
• NOC/Rental agreement of office premises
• Payment acknowledgement of government fees
• Application for registration of partnership

Statutory Compliances:

The business is required to file Income tax return irrespective of revenue/loss.

It is required to take GST registration mandatorily if the basic exemption limit is exceeded as per the Goods and Service Act.

Other registrations as prescribed by any other act/law.