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Partnership Firm

Apply for Partnership Firm

    What is Partnership Firm?

    • A partnership comes into picture when two or more people agree to go into business together and both might be from same family or same association, whether or not they have a written contract
    • Ideally, it is mandatory to validate the details in a partnership agreement that specifies each partner’s rights, responsibilities, and share of the profits
    • Partnership firms are registered with the Registrar of Firms
    • Steps to Apply for partnership Firm
    • Fill up basic requirement form
    • We’ll collect all your documents and file them directly with the authority
    • You’ll receive your completed Partnership Company package by mail

    Benefits of Partnership Firm

    Documents Required

    STILL CONFUSED?

    TAKE FREE ADVISOR CONSULTATION

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    Comparison

    Private Limited Company One Person Company Limited Liability Partnership Partnership Firm Proprietorship Firm
    Act Companies Act, 2013 Companies Act, 2013 Limited Liability Partnership Act, 2008 Indian Partnership Act, 1932 No specified Act
    Registration Requirement Mandatory Mandatory Mandatory Optional No
    Number of members 2 – 200 Only 1 2 – Unlimited 2 – 50 Only 1
    Number of Director/Partner 2 – 15 Only 1 2 – Unlimited 2 – Unlimited Only 1
    Separate Legal Entity Yes Yes Yes No No
    Liability Protection Limited Limited Limited Unlimited Unlimited
    Statutory Audit Mandatory Mandatory Dependent Not mandatory Not mandatory
    Ownership Transfer ability Yes No Yes No No
    Uninterrupted Existence Yes Yes Yes No No
    Foreign Participation Allowed Not Allowed Allowed Not Allowed Not Allowed
    Tax Rates Moderate Moderate High High Low
    Statutory Compliance High Moderate Moderate Less Less

    Liabilities of Partnership Firm

    Taxes for Partnership Firm

    A general partnership doesn’t pay any income taxes. Instead, profits and losses flow through to each of the partners, who are responsible to report it on their personal income tax returns.

    Frequently Asked Questions (FAQs)

    • When you want to start your business involving one of your family members, then partnership might be the right option for you to choose

    • One or more Partners can be designated to manage the Partnership Firm
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    Melbourne, Australia
    (Sat - Thursday)
    (10am - 05 pm)

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