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Partnership registered with Magistrate

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Partnership registered with Magistrate

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Partnership Registered with Magistrate

A partnership is an arrangement in which two or more individuals share the profits and liabilities of a business venture. Various arrangements are possible: all partners might share liabilities and profits equally, or some partners may have limited liability.Not every partner is necessarily involved in the management and day-to-day operations of the venture. In some jurisdictions, partnerships enjoy favorable tax treatment relative to corporations.This Act may be called the Indian Partnership Act, 1932. It extends to the whole of India except the State of Jammu and Kashmir.


Tax Benefits of Forming a General Partnership

General partnerships do not pay income tax. However, the owners or partners of a general partnership do. As with sole proprietorships and limited liability companies, partnerships are pass-through tax entities. This means the profits and losses of a partnership trickle down to the business’ owners, who must declare their share of the business’ income on their personal tax returns. Partnerships do not have to calculate or pay estimated taxes.

Taxation of partnership

The tax will be payable at a flat rate of 30% plus 3% Education cess & Secondary and Higher Education cess on the total of income tax and surcharge.


The deed generally contains the following particulars

  • Name of the firm.
  • Nature of the business to be carried out.
  • Names of the partners.
  • The town and the place where business will be carried on.
  • The amount of capital to be contributed by each partner.
  • Loans and advances by partners and the interest payable on them.
  • A number of drawings by each partner and the rate of interest allowed thereon.
  • Duties and powers of each partner.
  • Any other terms and conditions to run the business
Eligibility of Partnership firm
  • Minimum 2 Partners
  • Minimum capital as may be prescribed.
  • At least one Designated  should be an Indian resident


Partnership registered with magistrate

Here both partners have to go to Magistrate, who check the authenticity of Documents and provide a registration Certificate.A partnership firm is required to be registered under sections 58 and 59 of the Partnership Act.


Documents required

  • Pan Card, Identity Proof, Photo & Address Proof of all Partners
  • Ownership proof of proposed registered address


Package Details
  • Drafting of Partnership Deed
  • Franking & Notary of Partnership Deed
  • Deed Registration
  • PAN number
  • TAN number
  • Firm seal
  • Government Fees including stamp duty (minimum capital) as may be prescribed.
  •  Professional Fees


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Partnership registered with Magistrate
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