Ashok Anshit & Co.

Choosing the right business structure is the foundation of long-term success. Partnership LLP Registration Entrepreneurs planning to start a business with two or more persons often prefer Partnership Firm or Limited Liability Partnership (LLP) due to their flexibility, shared responsibility, and tax efficiency. Partnership LLP Registration Ashok Anshit & Co, a trusted firm of Chartered Accountants, provides professional and end-to-end services for Partnership and LLP Registration in India, ensuring legal accuracy and smooth compliance. Partnership LLP Registration

Understanding Partnership & LLP Business Structures

What is a Partnership Firm?

A Partnership Firm is formed when two or more individuals agree to carry on a business and share profits according to a Partnership Deed. It is governed by the Indian Partnership Act, 1932. Partnership LLP Registration

Key features:

• Minimum 2 partners
• Unlimited liability of partners
• Easy formation and dissolution
• Registration is optional but recommended

What is a Limited Liability Partnership (LLP)?

An LLP is a modern business structure governed by the Limited Liability Partnership Act, 2008. It combines the benefits of a partnership with the limited liability of a company. Partnership LLP Registration

Key features:

• Separate legal entity
• Limited liability of partners
• Perpetual succession
• Mandatory registration with MCA

Difference Between Partnership Firm and LLP

Advantages of Partnership & LLP Registration

1. Shared Responsibility

Business responsibilities, risks, and investments are shared among partners. Partnership LLP Registration

2. Ease of Formation

Both partnership and LLP are easier to form compared to private limited companies.

3. Cost Effective

Lower registration and compliance cost, especially for small and medium businesses. Partnership LLP Registration

4. Tax Benefits

LLPs and partnership firms enjoy several tax advantages under the Income Tax Act. Partnership LLP Registration

5. Professional Credibility

LLP registration increases trust among clients, banks, and investors.

Why Register a Partnership Firm?

Although registration is optional, registering a partnership firm provides legal advantages such as:

• Right to sue third parties
• Better banking facilities
• Legal recognition of partnership deed
• Improved credibility

Ashok Anshit & Co ensures your partnership firm is properly documented and registered to avoid future disputes. Partnership LLP Registration

Why Choose LLP Registration?

LLP is ideal for:

• Professionals (CA, CS, Advocates, Consultants)
• Startups seeking limited liability
• Businesses planning structured growth

Benefits of LLP:

• Protection of personal assets
• Separate legal identity
• Lower compliance than companies
• No minimum capital requirement

Documents Required for Partnership / LLP Registration

For Partners:

• PAN Card
• Aadhaar Card
• Passport size photographs
• Address proof

Registered Office Address Proof:

• Electricity Bill / Water Bill
• Rent Agreement / Ownership Proof
• NOC from owner

Additional for LLP:

• DSC (Digital Signature Certificate)
• DIN (Designated Partner Identification Number)

Partnership Registration Process

Step 1: Drafting Partnership Deed

The deed defines:

• Capital contribution
• Profit sharing ratio
• Roles and responsibilities
• Admission or retirement of partners

Step 2: Notarization of Deed

The deed is notarized and executed on stamp paper.

Step 3: Firm Registration (Optional)

Application filed with Registrar of Firms.

Step 4: PAN, GST & Bank Account

PAN, GST registration (if applicable) and current account opening. Partnership LLP Registration

LLP Registration Process in India

Step 1: Obtain DSC & DIN

All designated partners must obtain DSC and DIN.

Step 2: Name Reservation

Apply for LLP name approval through MCA portal.

Step 3: Incorporation Filing

File LLP incorporation forms with ROC.

Step 4: LLP Agreement

Draft and file LLP Agreement within 30 days.

Step 5: PAN, TAN & Bank Account

Post incorporation registrations completed.

Ashok Anshit & Co manages the entire process professionally.

Time Required for Registration

• Partnership Firm: 3–7 working days
• LLP Registration: 10–15 working days

Timelines may vary depending on approvals and documentation.

Taxation of Partnership Firm & LLP

Income Tax:

• Flat tax rate of 30%
• Surcharge and cess as applicable
• Remuneration and interest to partners allowed as deduction

GST Compliance:

• Mandatory if turnover exceeds threshold
• Monthly / Quarterly returns

Other Compliances (LLP):

• Annual Return (Form 11)
• Statement of Accounts (Form 8)
• Income Tax Return

Compliance Support by Ashok Anshit & Co

We provide:

• Annual compliance management
• Accounting & bookkeeping
• GST return filing
• Income tax filing
• Audit & advisory services

Who Should Choose Partnership or LLP?

Partnership Firm:

• Small family businesses
• Traders & retailers
• Low-risk businesses

LLP:

• Professionals
• Consulting firms
• Growing startups
• Service-oriented businesses

Why Choose Ashok Anshit & Co?

✔ Experienced Chartered Accountants

✔ Complete Registration & Compliance

✔ Transparent Pricing

✔ Quick Turnaround Time

✔ Personalized Business Advisory

We focus not just on registration but on long-term business success.

Frequently Asked Questions (FAQs)

Is LLP better than Partnership?

Yes, LLP offers limited liability and better credibility.

Can partnership be converted into LLP?

Yes, partnership firms can be converted into LLP.

Is audit mandatory for LLP?

Only if turnover exceeds prescribed limits.

Can foreigners be partners in LLP?

Yes, subject to FEMA guidelines.

Conclusion

Partnership and LLP are ideal business structures for entrepreneurs looking for shared ownership and operational flexibility. While partnership suits small businesses, LLP offers legal protection and scalability. Choosing the right structure at the beginning can save time, cost, and legal issues in the future.

With Ashok Anshit & Co – Chartered Accountants, you get expert guidance, seamless registration, and complete compliance support for Partnership & LLP Registration in India.

📞 Start Your Registration Today

Contact Ashok Anshit & Co for reliable, affordable, and professional Partnership / LLP Registration Services.