10 Facts You Did Not Knew About The Partnership Firm Registration In Delhi

The capital city Delhi is the heart of our nation. Delhi is recognized as a successful set-up as the epicenter of India's startup economy. According to a survey in year 2017, it was noted that NCR which comprises of New Delhi, Noida and Gurgaon is home for 8,772 startups.

Are you wishing to startup a partnership firm in Delhi? Then must know these amazing facts about partnership firm registration in Delhi.

What is Partnership Firm Registration in Delhi?

A Partnership Firm is the simplest type of business structure which includes two or more members to come together to share profits and benefits in an agreed ratio. It is not at all necessary to get a partnership firm registration in Delhi to start up a partnership firm but is always advisable to get a registration as it makes you capable of availing all the benefits given to a registered partnership firm. Swarit Advisors help such firms to get registration in a blink by just sitting at their home.

Top 10 amazing facts about partnership firm registration in Delhi:

Here are some important facts about partnership firm registration in Delhi you must be aware about:

1. Partnership firms are easy to form and register.
2. Partnership firm registration is not a mandatory compliance to setup a partnership firm. However, it is important to avail the benefits under the Indian Partnership Act, 1932. Without getting a registration, a company cannot claim for set off in case of dispute with the third party and third party has all the rights to sue the Partnership Firm.
3. A partnership firm is the simplest type of business structure that can be established with a minimum number of two members and very less compliances.
4. To form an agreement among the partners a partnership deed is signed by all the members that contains all the legal rights and duties of the respective partners. It can be utilized in future to clear the disputes among the partners of the company. It can either be oral or written agreement
5. Under the annual compliances a registered Partnership firm has to file an income tax return on time. Besides this, GST returns filing is a mandatory annual compliance for the company.
6. After Partnership Firm Registration, It is mandatory for partnership firms to obtain Tax Deduction Account Number and Permanent Account Number from the Income Tax Department.
7. While selecting a name for the partnership firm it must be noted that the name of the partnership firm must not be similar to an existing involved in the same type of business and there should no such words like emperor, empire, crown or any other type of word which requires a prior approval from the government.
8. Starting up a partnership firm is less stressful for the owners as all the duties and responsibilities are equally shared among the partners of the forming company.
9. A registered partnership firm can be anytime converted into a private limited company or a LLP by filing Form 17, Form 2 and Form 3 along with the documents required for conversion.
10. To get Partnership Firm registration in Delhi, there is no as such minimum capital requirement the company just need just need capital to maintain a current account balance in the bank.

Conclusion:

Delhi is a best place to setup a business structure. Partnership firm is one of the simplest business structures that require minimum number of members and documents for its registration. In it, all the partners are provided equal rights and a partnership deed is signed and notarized by all of them to avoid any kind of future disputes. Swarit Advisors provide you extremely beneficial services of drafting a partnership deed and filing the partnership firm registration with 100% cash back guarantee.