Online Partnership Firm Registration in India

It is a common company structure in India. A partnership firm must be formed by at least two people. A partnership firm is formed when two or more people join forces to start a business and divide the profits in an agreed-upon ratio. Any type of trade, occupation, or profession is included in the partnership business. Partnership Firm Registration refers to the registration of the partnership firm with the Registrar of Firms by its partners. The partners must register their firm with the Registrar of Firms in the state in which it is based. Because partnership firm registration is not required, the partners can apply for registration of the partnership firm either when the firm is formed or afterward at any point during its operation.

To register a partnership, two or more people must come together as partners, agree on a firm name, and sign a partnership deed. Partners, on the other hand, cannot be members of a Hindu Undivided Family or husband and wife.

In India, partnership firms are governed and regulated under the Indian Partnership Act, 1932. Partners are the people who work together to form a partnership firm. A contract between the partners establishes the partnership firm. A partnership deed is a contract between the partners that governs the relationship between the partners as well as the partnership firm.
Timeline for Partnership Firm Registration
The partnership firm registration process takes approximately 10 days, subject to departmental approval and reverts from the respective department.
Compliance after getting Partnership Firm Registration Online
1: After the Registration, the Partners must receive PAN and TAN from the IT Department;

2: No matter how much you generate or lose money, a Partnership Firm in India must file an Income Tax Return;

3: In the case of a registered Partnership Firm, the total income will be taxed at a rate of 30%+ an additional income tax surcharge;

4: A Tax Audit must be performed by all Partnership Firms with yearly revenue of over Rs. 100 lakhs;

5: Businesses that make more than Rs. 40 lakhs in annual income must register for GST online (Rs. 20 lakhs in the case of the northeastern states). However, businesses involved in e-commerce, export-import & marketplace aggregation must register for GST to operate;

6: After GST Registration, the concerned firm is required to submit monthly, quarterly, and yearly GST returns. In India, Partnership Firms must also submit their quarterly TDS Returns, which must deduct tax at source as per the applicable TDS Rules & have TANs;

7: All Partnership Firms in India must get ESIC Registration and file an EIC Return.