Partnership Firm – Deed + GST + ITR

Overview

A partnership firm is one of the simplest ways for two or more people to start a business together. It is governed by the Indian Partnership Act, 1932 and is formed through a written partnership deed that sets out capital, profit sharing, duties and exit terms.

Registration with the state Registrar of Firms is optional, but strongly advised. Under Section 69, an unregistered firm cannot file a suit against third parties to enforce its contractual rights.

Company Mitra's package includes:

• Drafting of a clear partnership deed
• Registration with the Registrar of Firms
• PAN of the firm
• GST and Udyam registration

Stamp duty on the deed and registrar fees depend on the state and the capital, and are payable at actuals. Processing time also varies by state; in Uttar Pradesh the application is filed online with the Registrar of Firms, Societies and Chits. Partners have unlimited liability, so if limited liability is important, consider an LLP instead.

Who needs it

• Two or more persons starting a business together
• Family businesses and traders
• Existing unregistered firms wanting registration
• Firms needing PAN, GST and bank account

What's included

Included:

• Drafting of partnership deed
• Guidance on stamp paper and notarisation
• Registration with Registrar of Firms
• PAN application of the firm
• GST registration
• Udyam registration

Not included:

• Stamp duty and Registrar of Firms fee
• Notary charges
• Accounting and return filing
• Shop and establishment registration

Deed + GST + ITR plan: Registration, 12 months GST returns and firm ITR-5. Includes: Partnership deed; Registration certificate from Registrar of Firms; PAN of firm; GST registration certificate; Udyam certificate; GSTR-1 filing for 12 months; GSTR-3B filing for 12 months; Bank account opening support; Income tax return (ITR-5) for the firm; Financial statements. Government fees, stamp duty and late fees, if any, are charged at actuals.