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Partnership Firm Formation - Taxonomy
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Partnership Firm Formation
- Choose a Business Name: Choosing a unique and suitable name for your partnership. Ensure that the name is not already in use and does not violate any trademarks.
- Create a Partnership Deed: Drafting a Partnership Deed that outlines the terms and conditions of the partnership. Include details such as the name of the firm, the names and addresses of the partners, the nature of the business, profit-sharing ratios, capital contributions, and other relevant clauses.
- Obtain a PAN (Permanent Account Number): Applying for a PAN for the partnership in the name of the firm. This can be done online through the official website of the Income Tax Department
- Open a Bank Account Opening a bank account in the name of the partnership. Provide the necessary documents, including the Partnership Deed, PAN card, and address proof.
- Register with the Registrar of Firms: Partnership registration is not mandatory, but it is advisable for certain benefits. To register, the application along with the prescribed fees to the Registrar of Firms in the state where the business is located is to be submitted.
- Obtain TAN (Tax Deduction and Collection Account Number): If the partnership is liable to deduct tax at source, a TAN from the Income Tax Department to be obtained.
- Compliance with Goods and Services Tax (GST): If the annual turnover of the partnership is above the prescribed threshold, registration for GST and comply with the GST regulations to be done.
