Partnerships Firm are ideal for small business in the unorganized sector having multiple promoters. It is a form of business in which a group of people, (partners), come together and set up their firm and provide services and products through it. Here is what our service includes:
Registering a Company is quick, easy, and can be done online with Taxzex in 4 simple steps:
Step 1
Step 2
Step 3
Step 4
Registering company as per government rules and regulation will be the first step towards starting your own company in India. Get your company registered fast with us.
Partnership Firm
Step 1
Choose a partnership name.
Step 2
Create a Partnership Agreement or Deed
Step 3
Consider whether additional clauses are needed
Step 4
Proof of principal place of business
Step 5
Deposit/pay the necessary fees and stamp duties
A sole proprietorship firm is a simple and popular business structure in India, well-suited for individual entrepreneurs and small businesses seeking a low-cost setup.In this structure, there is no legal separation between the owner and the business, meaning all profits, losses, and liabilities directly impact the proprietor. This setup allows the sole proprietor to have complete control over business decisions, manage daily operations independently, and hire employees if needed. However, it's crucial to understand that the proprietor is personally liable for all business debts and obligations, which means personal assets could be at risk. Due to this unlimited liability, sole proprietorship are best suited for small-scale businesses where financial risks are manageable. To officially establish a sole proprietorship in India, owners typically need to complete essential tax registrations. GST (Goods and Services Tax) registration is vital, especially for businesses that exceed the turnover threshold, as it grants the business recognition under Indian tax laws and ensures compliance with both state and central regulations. Depending on the business location and type, additional licenses, such as the Shop and Establishment Act license, may also be necessary. Operating as a sole proprietor provides flexibility in branding, allowing business owners to use a trade name or business name different from their legal name. Sole proprietors in India may also benefit from Udyam Registration under the MSME (Micro, Small, and Medium Enterprises) scheme, which provides access to government-backed benefits, such as easier access to loans, subsidies, and potential tax incentives, helping small businesses grow sustainably. With minimal startup costs, straightforward compliance, and complete control, sole proprietorship are popular among local businesses, including retail stores, salons, boutiques, and small traders. However, the lack of limited liability protection means careful planning is essential to mitigate personal financial risks. Whether operating from home or a dedicated business space, sole proprietors should stay informed about compliance and tax requirements to ensure smooth operations. Take advantage of our expert services to guide you through the sole proprietorship registration process in India. Our team makes it fast, easy, and fully compliant with current regulations, helping you start your business journey confidently. Unlock the potential of your sole proprietorship firm with our streamlined online support.
It can be formed without any legal formality and expenses. Thus they are simple and economical to form and operate.
All the profits and losses are shared by the partners in any ratio as agreed. If it is not given then they share it equally.
There is flexibility in the operations of business as the partners can change any operations by mutual consent.
In partnership every partner bears the risks individually as it is easier compared to sole proprietorship.
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Taxzex is offering special benefits for the startups of India or the aspiring entrepreneurs. In this initiative, Taxzex facilitates free mentoring for startups by our experts. We also offer fintech and taxation solutions for startups and enterprises upon availing our services.
Read the success storiesOur professionals are meticulously selected based on their extensive experience, exceptional work quality with all necessary licensing requirements.
Maya Halin
Our professionals are meticulously selected based on their extensive experience, exceptional work quality with all necessary licensing requirements.
Maya Halin
Our professionals are meticulously selected based on their extensive experience, exceptional work quality with all necessary licensing requirements.
Maya Halin
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