Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. " Note: - A single person is called as a partner while two or more persons or partners are collectively known as a partnership firm. There are many benefits to incorporate of partnership firm like Easy Formation, Larger Resources, Sharing of Risk, No Annual Returns, Higher Contribution of Capital, No statutory Audit etc.
Partnership firm does not have any legal requirement to submit any documents to any authority especially to ROC. All it has to do is to file its annual Income tax returns and make compliance of Income Tax Act.
A partnership firm can even start with the notarized partnership deed. Get a new pan card in name of firm and get the current account, all set to do desired business. However if anyone wish to get his deed registered through court/SDM office then this will add up a period of a week to general time taken for a partnership deed.
Since corporate form of partnership is known as LLP, so we are comparing this with the LLP only. In LLP compliances to ROC are to be made in addition to Compliances to Income Tax Act, which is quite costly. ROC Compliance are not required in case of partnership firm.
all inclusive fees
all inclusive fees
all inclusive fees