Partnership

Partnership Registration

Corporate Law - ABOUT PARTNERSHIP When a group of individuals known as partner, decide to set up the business and form a relationship to share the profits of the business carried on by all or any one of them acting for all, they form a partnership amongst them which is governed and regulated by agreement formed between them. […]...

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Conversion of Partnership Firm into Private Limited Company

Corporate Law - Relevant Sections / Rules – Part XXI of the Companies Act, 2013 read with Companies (Incorporation) Rules, 2014 Requirements: a) Registered Partnership firm with minimum 2 or more Partners b) Minimum Share Capital shall be Rs. 100,000 (INR One Lac) for conversion into a Private Limited Company c) There must be provision in the Partnersh...

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Difference between Partnership Firm, LLP and Company

Corporate Law - Before starting our business, a businessman first thinks about how he/ she can start the business. The nature and complexity involved in different business formation are different. Hence the businessman has to choose the nature very carefully by thinking about the nature of business/profession, going concern analysis, brand image, area of...

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Life Cycle of Partnership Firm: From Initiation to Taxation each year

Corporate Law - Article explains Registration Procedure Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable and Provisions related to -Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm. -Due dates for filing return of firm, Allowability of r...

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Assessment of Partnership Firms under Income Tax Act,1961

Corporate Law - The following conditions are required to be fulfilled by partnership firm to be assessed as a firm,1) Partnership should be evidenced by a registered deed: Partnership deed should be registered clearly explaining all the terms and conditions mutually decided between the partners of the said firm....

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Inviting Expression of Interest -Study Group: RoF Related Issues In Maharashtra

Corporate Law - ICAI Committee on, Economic, Commercial Laws & Economic Advisory is forming a Study Groups for the subject – RoF Related Issues In Maharashtra....

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Profit exempt in Partnership cannot be taxed in Partners Account

DCIT Vs M/s. Bakeri Construction Pvt Ltd (ITAT Ahmedabad) - CBDT itself has accepted the proposition that the share income from the firm received by the partners is exempt u/s 10(2A) of the Act and under no circumstances can be taxed in the hands of the partners. ...

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HUF or its Karta cannot become partner or designated partner in LLP

General Circular No. 2/2016 - (15/01/2016) - General Circular No. 2/2016 Reference is invited to General Circular No. 13/2013 wherein, in paragraph 2, it has been clarified that 'as per section 5 of LLP Act, 2008 only an individual or body corporate may be a partner in a Limited Liability Partnership. A HUF cannot be treated as a body corpo...

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Limited Liability Partnership (Amendment) Rules, 2015

G.S.R. 785 (E) - (15/10/2015) - For the purposes of the proviso to sub-section (1) of section 58 of the Act, where the firm has been converted into limited liability partnership, an intimation of such conversion to the concerned Registrar of Firms shall be given in Form 14 within fifteen days of the date of registration of the Lim...

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Trust/trustee as a partner in LLP – Clarification

File No. 2/3/2014 CL-V - (14/10/2014) - Clarifications have been sought on whether a trust or a trustee representing a trust in the case of "Real Estate Investment Trust" (REIT) or "Infrastructure Investment Trust" (InvITs) or such other trusts set up under the regulations prescribed under the Securities & Exchange Board of India Act, 199...

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Maharashtra Govt doubled Partnership Fees w.e.f. 25/10/2013

Notification No. No IPA. 2012/329/CR - (23/10/2013) - Maharashtra Government has vide Notification No. No IPA. 2012/329/CR 59/Desk-1 Dated 25.09.2013 has doubled the fees for partnership related issues. Revised rates are as follows :-...

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HUF or its karta can not be designated partner in LLP

General Circular No. 13/2013 - (29/07/2013) - It has come to the notice of the Ministry that some Hindu Undivided Families (HUFs) / Kartas of such families are applying to become partner/ Designated partner (DP) in LLPs and a question has arisen whether a 'HUF' or a karta can be allowed to do so. The matter has been examined in consultation wit...

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Recent Posts in "Partnership"

Partnership Registration

ABOUT PARTNERSHIP When a group of individuals known as partner, decide to set up the business and form a relationship to share the profits of the business carried on by all or any one of them acting for all, they form a partnership amongst them which is governed and regulated by agreement formed between them. […]...

Read More
Posted Under: Corporate Law |

Conversion of Partnership Firm into Private Limited Company

Relevant Sections / Rules – Part XXI of the Companies Act, 2013 read with Companies (Incorporation) Rules, 2014 Requirements: a) Registered Partnership firm with minimum 2 or more Partners b) Minimum Share Capital shall be Rs. 100,000 (INR One Lac) for conversion into a Private Limited Company c) There must be provision in the Partnersh...

Read More
Posted Under: Corporate Law |

Difference between Partnership Firm, LLP and Company

Before starting our business, a businessman first thinks about how he/ she can start the business. The nature and complexity involved in different business formation are different. Hence the businessman has to choose the nature very carefully by thinking about the nature of business/profession, going concern analysis, brand image, area of...

Read More
Posted Under: Corporate Law |

Life Cycle of Partnership Firm: From Initiation to Taxation each year

Article explains Registration Procedure Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable and Provisions related to -Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm. -Due dates for filing return of firm, Allowability of r...

Read More
Posted Under: Corporate Law |

Assessment of Partnership Firms under Income Tax Act,1961

The following conditions are required to be fulfilled by partnership firm to be assessed as a firm,1) Partnership should be evidenced by a registered deed: Partnership deed should be registered clearly explaining all the terms and conditions mutually decided between the partners of the said firm....

Read More
Posted Under: Corporate Law |

Taxation of Partners

Introduction:- In India, partnership firm is a very popular method for doing business. The income tax Act has recognised the firm as a type of assessee and has incorporated many provisions with regard to taxation of firm and its partners. Taxation on partner at the time of admission:- The partner at the time of joining […]...

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Posted Under: Corporate Law |

Procedural checklist for conversion of Partnership Firm into Private Company

Applicability of Law(s): Chapter XXI, Part A Section 366 to 374 of Companies Act 2013 The Companies (Authorized to Registered) Rules, 2014.  Mode(s) / Method(s) of Conversion: Form a New Company as per prescribed under Companies Act 2013 with Conversion form. Prepare Execution deed to transfer the business together with all the assets an...

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Posted Under: Corporate Law |

Partnership Firm Registration and Draft Partnership Deed

As per Section 4 of The Partnership Act, 1932: Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all....

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Posted Under: Corporate Law |

All about Taxation of Partnership Firms / LLP

Article explains Taxation of Partnership Firms /LLP which includes Income Tax Rate applicable, Provisions related to Interest and Remuneration to Partners/Designated Partners, Conditions for assessment as a firm, Partners’ assessments, Losses of the firm, Due dates for filing return of firm, Allowability of remuneration and interest vis...

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Interest & Remuneration to Partners: Section 40(b)

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

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