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What is a partnership firm?

Partnership is a common form of business. Two or more people come together to carry on a business and share the profits and losses. Liability of the partners in a partnership firm is joint and several.

A partnership firm is not a separate legal entity distinct from its memebers. It is merely a collective name given to the individuals composing it. Hence, unlike a company which has a separate legal entity distinct from its members, a firm cannot possess property or employ servants, neither it can be a debtor or a creditor. It cannot sue or be sued by others.

What are the Documents required for Partnership Firm Registration?

Affidavit declaring intention to become partner
Rental or lease agreement of the property on which the business is set
Rental or lease agreement of the property on which the business is set

What is the process for proprietorship Registration?


Documentation

Prepare documents required for sole Proprietorship Registration

Applying for Certification

Apply for MSME + CA Certification or GST Registration as per your business need.

Certification

Get Certification from the Government after the approval.

What are the essentials of sole proprietorship business?
  • Permanent Account Number of the individual beginning the business
  • Bank Account in trade name
  • Deals charge number called as Tax Identification Number (TIN) if the business is of offering assessable merchandise
  • Services Tax Registration number if the state of surpassing as far as possible is satisfied
  • These things will offer acknowledgment to the business.

What are the business choices accessible to sole proprietor?
  • Begin an outlet offering instant products
  • Take up establishment of any known brand
  • Give administrations relying on aptitudes and capability
  • Be contractual workers or developers
  • Start a touch of assembling processing plant

FAQ's

A Sole Proprietorship only involves the owner. Any income that the owner receives will need to be reported under the social security number for tax reasons. There is no special procedure that needs to be followed in order to open a Sole Proprietorship business.
A sole proprietorship is an unincorporated business that is owned by one person.
The sole proprietor is personally liable for financial debts of the business and any claims brought against the business to the full extent of his personal assets.
There are no legal requirements for establishing a sole proprietorship or a partnership, other than to register the business name. It is always recommended to consult with a lawyer to ensure that you are structuring your business appropriately for your current and future business needs and that you are aware of all your legal obligations.
The IRS sees the sole proprietor and the business as the same for income tax purposes. The sole proprietor pays income taxes on the profits of the business as though it were personal individual income.