The salient features of Partnership Firm form of organization are as under:
Two person are required to become partners of the firm. Maximum 20 partners are allowed in a firm and 10 in banking business.
In a partnership firm foreign investment is not permissible. In the firm, only Indian citizen can become the partner and can begin the partnership firm.
No minimum capital is prescribed, it must be according to the business requirements. The Stamp Duty on the deed is predicated on the capital of the firm.
Name of the firm should be unique, and it should not be same or similar to the name of any existing trademark which is registered or applied.
The first step is to select the name of the partnership firm which should be unique to avoid any infringement of somebody else Trademark or registered name.
The second step is to draft the Deed of Partnership which is known as the constitution of the firm which determines the relationship of partners among themselves as well as the relation of partners with the firm.
The third step is to get the Partnership Deed signed and notarised.
The signed partnership agreement including the KYC of partners and premises proof is filed with the concerned Registrar of Firms, for its registration.
Every shop and the commercial establishment are required to obtain establishment registration with the Labour Department within 30 days of starting their business. It is mandatory for all states in India.
No one should be adversely affected by health hazard and nuisance by the improper carrying of trade a License is necessary from the municipality within 30 days of starting the business.
Specific legislation have been passed by majority state governments to impose a tax on profession, employment of calling of any nature, however, and the fees for it is Rs. 2500 per annum.
GST Registration is mandatory for each business engaged in providing services or supply of products, where the turnover exceeds Rs. 40 Lac or does even one transaction in an interstate trade.
During a business of producing, trading, storing or dealing in any manner of food items, then the state level FSSAI registration or Central License is mandatory based on the turnover.
This location-based Drug License is granted by the State Government based on fulfilling certain norms and criteria. No entity can start or continue the sale/trade of medicine without a drug license.
Private Security Agency may be a lucrative business with immense potential; however, it can be started or continued only after obtaining a license from the competent authority as designated by the state government.
IEC is a ten-digit pan based registration with the DGFT. IEC is a mandatory prerequisite to start a business of Import or Export in India. Only one IEC code can be issued against a pan.
Disclaimer : 1) These packages are applicable where turnover is below Rs. 50 lakh in case of profession and Rs. 1 crore in case of business. 2) Stamp paper purchase support. Stamp duty charges payable by client on actual. 3) Business Current Account powered by ICICI Bank Limited. Subject to terms and conditions of ICICI Bank Limited. 4) Charges applicable extra for Partnership Firm registration with Registrar of Firms of the respective states.This is an optional process after partnership firm documentation.
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