Partnership Registration

Partnership is another form of constitution of business where more than one person is carrying out business activity under a common name.

Partnership firm can be registered or unregistered. Unregistered Partnership firms denied some rights as per Partnership Act.

Also, Partnership firm has to pay tax flat@30% which is a little disadvantage as tax rate is higher in this in comparison to sole proprietorship wherein slab benefit is available

Benefits of Partnership firm

  • It is easy to start since it does not involve any regulatory framework as far as unregistered partnership is concerned.
  • Partnership can easily raise funds in comparison to sole proprietor.

Audit Applicability in case of Partnership firms

  • Partnership firms that satisfy any of the conditions below would be required to get accounts audited.
  • Carrying on business and total sales exceed Rs.1 crore in the previous year.
  • Carrying on a profession and gross receipts in profession exceed Rs.50 lakhs in any previous year.
  • Besides, there are other conditions applicable that could make an audit mandatory for a partnership firm

Documents required for registration

  1. Pan Card
  2. Id Proof and address proof of proprietor
  3. Proof of registered office like rent agreement or Utility Bill

About LegalVakil

What we are doing?

We are a technology-driven platform, offering services that cover the legal needs of startups and established businesses. Some of our services include incorporation, government registrations & filings, accounting, documentation and annual compliances. In addition, we offer a wide range of services to individuals, such as property agreements and tax filings. Our mission is to provide one-click access to individuals and businesses for all their legal and professional needs.

Get in Touch

Address : Plot No- 2, Behind S. K steel, Sohna Mod Sector-55, Faridabad, Haryana

Mobile No : +91-9634479908

Email :