Amply prominent and reputed worldwide for its all encompassing gamut of diverse legal services to almost all sectors of economy, Global Jurix essentially provides perfect and swift legal services for faultless registration of all types of firms and companies, in all economic sectors in India and other countries abroad. We provide refined, impeccable, and punctilious services in connection with all disciplines and areas of the law to people and entities in these all fields. The types of firms and companies in the sectors of profession, commerce, and service, well-supported by us for their registration and management are --- sole proprietorships, partnership firms, limited liability companies, private limited companies, public limited companies, joint ventures, unlimited companies, trusts and societies, educational institutions, and several sorts of entities on behalf of foreign companies and investors. These firm registration services are provided by ours well-informed, vastly experienced, and mellow attorneys of international acclamation and reputation. But in this precious article, we are offering all-round information regarding registration of proprietary firms, partnership firms, and limited liability partnership firms in India only, in any field of the profession, commerce, and service sectors, in the section below separately.
Partnership Firm Registration, Proprietary Firm Registration
For the sole proprietorship firms, the most relevant and competent Act in India, is the Shops and Establishments Act, of the concerned State. For such a firm, there is no requirement of opening a separate bank account, or making the business PAN Card. All income tax related issues would be solved on the basis of the income of the proprietor and his income tax returns. However, VAT or Service tax registrations are mandatory.
For Partnership firms the significant Acts pertinent are the Indian Partnership Act, 1932; and the Shops and Establishments Act of the State, where the partnership firm is to be operative. For formation of such a firm, there are needed at least two promising partners; and the maximum number of whom is constrained to 20, by the Section 4 of the Indian Companies Act of 1956. The Partnership Deed is vital for business activities and profit sharing. Here, it is very important to note that, a partnership firm is not generally recognized as a separate legal entity apart from the legal identity of the owners or partners of such a firm. Hence, the partnership firm is bereft of the benefits of limited liability, as the limited liability partnership firms or limited companies avail.
For formation of limited liability partnership firms, there are required only two partners, there being no extreme to the maximum number of partners. LLP firms have separate legal identity and partners to an LLP have limited liability. Duties and responsibilities of the designated partners are defined clearly by the LLP Agreement. For LLPs in India, the dominant law is the Limited Liability Partnership Act, 2008. In some cases, additional support and guidance from the Companies Act of 1956, may be taken.