Partnership Firm - Sole Proprietorship

Partnership Firm - Sole Proprietorship

Partnership Firm 

A Partnership business is formed by 2 or more individuals to manage the business as per the terms and objectives mentioned in the Partnership deed.  


But Infinity Tax Filing personally suggests you to compare the legal structure of LLP vs Partnership firm before you choose a business structure or consult us to take the advice, we will suggest you better option based on the understanding of your business by our experts.  

Infinity Tax Filing can help you to form partnership firm within 6 to 7 days.  


Get to know more of Partnership Firm? 

1. Persons can form a partnership by either written or oral agreement and it is the partnership agreement that governs the partner’s relations with each other. 

2. Each partner is jointly and severally liable to the partnership for the obligations of the partnership and wrongful acts or omission of a partner.  

3.The liability of partners is unlimited and they are personally liable for the debts of the business. 


What is included in the package? 

1. Partnership deed  

2. Registration certificate  

3. Partnerhsip PAN  

4. Partnership TAN  

5. Assistance in opening bank
Current A/c in ICICI and Kotak.  

6. Dedicated CA  


Steps we follow 

1. Drafting Partnership Deed : Our experts will draft a deed by understanding the business terms and conditions among the partners.  

2. Registration of Deed : Infinity tax filing will register the partnership deed with registration authority to make it registered.  

3. PAN & TAN : Infinity Tax Filing will help you to obtain PAN and TAN registration on the name of your partnership firm once it is registered.  


 

Sole Proprietorship  

Sole Proprietorship is the most popular and simplest business structure under which one person can operate a business. There is no separate registration formality for the proprietorship business. 


But Infinity Tax Filing suggests you to take a license under the Shop & Establishment Act to comply with labour laws and need to take an additional food license under FSSAI in case of carrying food-related business. 


Get to know more of Proprietorship ? 

1. Sole proprietorship is registered in the name of the owner and he is solely responsible for carrying the business. 

2. Sole proprietorship is easy to set up and compliance cost is also nominal. 

3. They need to file Income
Tax Return every year and also have to file GST returns if GST is applicable to them. These are the only 2 compliances that must be followed by the sole proprietor. 

4. Sole Proprietorship is not a separate legal entity hence the owner is personally liable for all the liabilities of the business it means creditors can sue against the owner for their dues.  



What is included in the package ? 

· MSME Registration  

· GST Regsitration (free)  

· PAN & TAN  

· Assistance in opening bank Current A/c in ICICI and Kotak.  

· Dedicated CA  

 

Step we follow 

1. Registration of Proprietorship : Registration depends on the potential of the business you carry. Our experts will understand your business potential and accordingly will suggest you the best suitable registration for your business. 

2. Documents Required : Infinity Tax Filing will send you the checklist of documents required like passport size photograph and identity proof etc. 

3. Approval : Once the registration is approved, we will send you the certificate of registration of proprietorship. 

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