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Partnership Firm Registration
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Procedure for online PARTNERSHIP FIRM REGISTRATION in India
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FAQs on online Partnership Firm Registration
A Partnership is an agreement between two or more persons to manage and operate a business and to share the profits of a business according to the Terms and Conditions set forth in the Partnership Deed. The business can be carried out together by all the partners or any one partner representing the others.
For small businesses, Partnership Firm Registration online is the right choice as it requires minimal compliance. Low cost and minimal compliance make online Partnership Firm Registration a suitable choice.
An active partner also known as a managing partner is a partner in the partnership who is actively involved in the daily operations of the partnership. The active partner also participates in the management meetings and discusses business reviews and action plan of the Partnership Firm with other partners for the period in consideration.
A sleeping partner also known as a dormant partner is a partner who infuses capital in the business and shares profit & loss as per the partnership agreement. However, he/she is neither involved in the business activities of the partnership nor attends the management meetings of the firm.
The annual compliance for a Partnership Firm are :
• Partnership Firm’s GST Return Filing (if applicable)
• Each Partner’s individual Income Tax Return