Forming partnership firm

1. The partnership deed should be prepared and duly notarized by a notary in India.

The deed must define one partner as the managing partner who has been authorized to sign on behalf of the firm.

The date of partnership being formed should be mentioned.

The address of the firm should be mentioned in the partnership deed.

All pages of the deed must be signed by all partners, and two or more witnesses.

A rubber stamp bearing the name of the firm, with the word “partner” at the bottom must be made. This can be used by the managing partner to sign the application form for PAN Card.

You have to register the deed with registrar of firms.

2. Copy of Partnership Deed and Certificate of Registration issued by the Registrar of Firms.

3. For obtaining a GST registration, a firm needs to submit PAN number, address proof and identity & address proofs of partner. Authorised signatory will sign the application either using a digital signature certificate or E-Aadhar verification.

4. For opening a current bank account, a firm needs to submit following documents:

1. Partnership deed

2. Partnership firm PAN card

3. Address Proof of the partnership firm

4. Identity proofs of all the partners

5. Partnership registration certificate (if partnership has been registered)

6. Any registration document issued by central or state government (normally GST certificate is submitted)

7. Copy of electricity bill, telephone bill or water bill (not more than 3 months old)

8. Authorisation letter on the letterhead of the firm authorising a partner as authorised signatory for the bank account.

From my knowledge the procedure for forming a partnership firm would go something like this:

First of all you will make a partnership deed and get it notarized.

Then you will get a PAN card of firm on the basis of partnership deed.

Third you will open a bank account in name of firm using the deed and PAN card.

For opening bank account you will need

Partnership deed

PAN card

ID proof of partner's i.e. Aadhar card

Address proof of firm i.e. rent agreement or purchase deed etc.

Form for opening bank account signed by partner.

If you are going to manage the partnership then you will only get remuneration in partnership firm and this thing should be mentioned that active partner will get salary i.e. your name.

For GST your PAN card would be enough to apply for GST.

If you find above answer helpful do give 5 and feedback so that I can improve.

Thank you

Hi,

1. Yes, it's sufficient. You can also get this deed registered. It will be useful in case any litgation arises in future.

2. Firm's partnership deed, PAN and Aadhar of partners. Udhyog aadhar if partnership firm will be useful.

3. There are number of documents. However, those documents should be available with you. If you want I can give you the list. Better you take professional help for GST registration.

4. PAN and GST of firm will suffice.

5. Yes

Hi,

- Partnership deed is one of the document for issuance of PAN card, opening of current account and GST No.

- Only partnership deed and name/signature of one authorized partner.

- PAN card, proof of place of address of business, copy of cancelled cheque of current account, photo of both the partners, copy of adhaar card of both the partners, acceptance of one of the partners to act as an authorized signatory.

- GST No. , PAN card and copy of partnership deed is required to open current account.

- Yes it would be sufficient. I am in Delhi. You can contact me.

Thanks

Hi,

My responses are below, point by point:

1.The partner ship deed will be signed between me and my partner. I will than get it notarised.

Will the notarised partnership deed would be sufficient for issuance of pan card, GST, Current account in name of my firm.

- Yes, it should be sufficient. However, post notatrisation, it is also advisable to get the Partnetship Deed regiostered with Registrar of Firms in the state

2. What are the documents required for obtaining new pan card in my firm name.

- Form 49A, copy of notarized partnership deed and a rubber stamp of Partnetshipt firm (For XYZ ---Partner) affixed on form 49A

3. After obtaining pan card, how should I register GST. What would be required documents for getting GST number in name of my firm.

--For GST, you need to have Firm PAN Number, Authorization letter for authorized signatory in the name of partner, Firm Office Address proof - if office is owned by any of the partners, then Index 2/Sale AGreement copy in the name of partner. If leases, then registered Rent agreement copy), Bank Statement/Cancelled cheque of the Firm Bank Account, Photo of Partner

4. For getting Current account number for my firm, what are the required documents.

-- Partnership Deed copy, Firm PAN card copy and Photos of partner

5. As I would be governing partner, would my sign be sufficient for carry out all official work such as opening of current account etc..

-- For Account opening, all partners have to sign the opening form, however it can be operated by any one partner if that option is selected in Account opening form of the bank,

Dear Sir/Ma'am,

Hope you are doing well !

1. Yes, it's sufficient for issuance of pan card, GST, Current account in name of your firm.

2. Partnership deed duly signed by authorised partner, PAN and Aadhar of partners.

3. For GST registration documents required- Pan Card, Address proof of firm, Aadhar card copies of partners, photos of partners, cancelled cheque copy of firm current account.

4. Partnership deed, GST number & PAN card is required to open current account.

5. Yes, it would be sufficient.

Thanks & Regards,

Payal Chhajed

Dear Sir

Reply For your answer-

1. you need you trade license plus Gumasta license. Many bank require trade license for openeing current account.

and for gst registeration you required gumasta license

you need proof of address like electicity bill or rent agreement

address proof of owner

photo id of owner

plus make sure your partnership deed is incompliance of income tax act1961.

Hi,

Below are the answers to your queries:

1. The notorised partnership deed is sufficient to obtain PAN, GST registration and opening of Bank A/c in your firm Name.

2. The Process to obtain PAN card is quite simple, you need submit the partnership deed and address proof of the firm. The form shall be signed by the authorised partner.

3. After obtaining PAN you need to open a bank a/c and then apply for GST as for registration of GST providing bank details are mandatory.

4. For Opening a Current A/c you need to approach the bank you wish to deal with, the general documents required are PAN of the firm, registration document(if any), Address and ID proofs of Partners and Partnership Deed.

5. If you have the authority letter signed by the other partner you can operate the current a/c but to open the a/c you would be requiring the signature of the other partner.

For registration of Partnership firm the partnership deed and an affidavit shall be submitted to the registrar of your jurisdiction with requisite stamp duty.

Upon vetting of documents the registrar shall grant registration.

Hope your queries are resolved!

Hi,

Please find below response to your queries:

1. Yes

2. Partnership deed and address proof of the firm. PAN card and aadhar of the partners.

3. After obtaining PAN you need to open a bank a/c. Other documents required are address proof of business, copy of cancelled cheque, photo of both the partners, copy of adhaar card of both the partners, etc.

4. The documents required are PAN of the firm, registration document, Address and ID proofs of Partners and Partnership Deed.

5. Yes.

Hope that answers your queries.

Regards,

Nikhil.

Dear Sir,

Please find below the responses:

1. Yes

2. Partnership deed duly signed by partners and Address proof of the firm

3. PAN card of firm , PAN card of partners, Address proof of place of business, Copies of cancelled cheques of current account, Aadhar card of partners, Photos of partners etc.

4. GST, PAN of partners and Partnership Deed.

5. Yes.

Hi

1.yes partnership deed is sufficient .

2.Deed ,Authorized signatory declaration,PAN and Aadhar of all partners.

3. Business proof,place of business proof,Aadhar card,pan card,authorized signatory declaration,Cancelled chq of firms bank account,scanned photos.

4.Business proof and PAN of firm required for opening current account .

5.yes it can be done,but should be clearly mentioned in deed.

hope it helps.

Hi,

1. In my opinion, it is more of a business and you should show the income under the head income from business/ profession.

2. Yes

3. You will have to take GST number if your total rental income during the year exceeds 20 lacs per annum. This is irrespective of the fact whether you show it under house Property or business income.

4. It's your choice. We can't advice based in the limited facts.

Hi,

1 and 2 - This is business income and not house property income.

3. You will have to anyways take GST registration if your rental income is more than 20 lacs. It doesn't matter whether you show it as business income or house Property income.

4. Sorry, we can't advise you until we get to know all the surrounding facts.

Let me give the answer point wise:

1. If you start homestay business in your own owned house you need to show it under income from house property you have no other option.

2. If you are taking it on rent from other person and then renting it then it will be considered as income from business.

3. GST will depend on whether the receipt from such renting exceeds 20 lakh if it do then you will have to get GST number otherwise not.

From your question what I get is that you are going to give a part of your house on rent so I don't think it should exceed 20 lakh.

4 if you want to start a business it depends on the turnover if you total income is below 10 lakh it better to have proprietary concern, because in partnership firm the tax rate is directly 30% whereas in proprietary concern you will get slab rate benefits. Also in partnership firm since your turnover would be less you won't go for audit and without audit you can't get benefit of partner salary and interest which is a major expense in partnership firm.

So I would suggest if you are thinking of small businesses go for proprietary concern, later if you want you can convert it to partnership.

Hope you find it helpful if you do please give it a 5 and provide your valuable feedback for my improvement.

Thank you

Dear Sir/Ma'am,

Hope you are doing well !

1 & 2 - In both case, it will be considered as business income.

3. Yes, You will have to take GST registration if your rental income is exceeding Rs. 20 lakh.

4. If you want to get into business quickly and easily, a sole proprietorship is one of the most straightforward routes to take.

Hi,

- It can be declared only business Income.

- Either income from business or income from other sources.

- Yes You need to obtain GST no.

- Partnership firm.

Thanks

Hi,

Please find below response to your queries.

1.No. you should disclose under income from business.

2. Yes.

3. Yes GST registration is required if your total income exceeds 20 lakhs.

Regards,

Nikhil.

Hi

1.Its seems to be your main or continuous source of income so In such case it can be treated as Business Income.

2.GST will be mandatory in case your receipts/turnover exceed 20 lacs.

3. As per your choice.Further on detail discussion only ,based on your requirements for making firm and looking to other facts only it can be advised properly.

Hope it helps