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What Is a Partnership Firm ? Partnership as an association of two or more persons who have agreed to share the profits of a business which they run together. The persons who own the partnership business are individually called ‘Partners’ and collectively they are called as ‘Firm’ or ‘Partnership Firm’. The name under which partnership business is carried on is called ‘Firm Name’. Partnership and Proprietorship are the 2 most popular forms of business organisations in India. The reason why these 2 forms of organisations are so popular is because they are relatively easy to set¬up and the no. of statutory compliance required to be done by these forms of organisations is relatively less than the statutory compliance applicable to LLP’s and Companies. A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership. ADVANTAGES OF PARTNERSHIP Easy Formation More Capital Available Combined Talent, Judgement and Skill Diffusion of Risk Flexibility Tax Advantage Annual Filing NOT Required DISADVANTAGES OF PARTNERSHIP Unlimited Liability Lack of Continuity Risk of Implied Authority Business Name FIRSTMAN CORPORATE SERVICES LLP can help you to overcome all the difficulties and continue to assist you till preparation and filing of Income Tax Start your proprietorship Firm with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
WHAT IS A LIMITED LIABILTY PARTNERSHIP? A Limited Liability Partnership is a newer form of business partnership where all of the owners have limited personal liability for the financial obligations of the business. There are no general partners in a limited liability partnership, but an LLP is similar to a general partnership. Each limited liability partner contributes to the everyday business operations. However, each partner enjoys limited personal liability for the other partners' acts. All states allow some form of LLP, though state laws vary. Note that some states only allow LLP status for professional partnerships, like accountants, lawyers or architects. In all states, limited liability partnerships can only be formed by registering with the appropriate state office. BENEFITS OF FORMING LIMITED LIABILITY PARTNERSHIP 1. The Liability of each partner is limited to his share as written in the Agreement filed at the time of creation of LLP as compared to Partnership Firms which have unlimited liability. 2. It has a Low Cost of Formation and is Easy to Form. 3. The Partners are not liable for the acts of each other and can be held liable only for their own acts as compared to Partnerships wherein they can be held liable for the acts of their partners as well. 4. Less Restrictions and Compliance are enforced on a LLP by the Govt as compared to the restrictions enforced on a Company. 5. As a Juristic Legal Person, a LLP can sue in its name and be sued by others. The partners are not liable to be sued for dues against the LLP. Start your LLP with firstmancorp.com because we serve you beyond your satisfaction. Siva Subramanian C FirstMan Corporate Services LLP Chennai - India +91 97878 97000
LLP Annual Filing Process for the year 2016-17 Every LLP which is already registered with the Ministry of Corporate Affairs have to file the Annual Returns and Statement of Accounts for the Financial Year 2016-17. There are 3 Main Compliance which is mandatory things for the LLP's of the Year 2016-17 a) Annual Return b) Statement of the Accounts or you can say Financial Statements of the LLP c) Income Tax Returns Filings.
Why We have to do the Annual Filing ? Every LLP have to maintain the compliance even if they are doing the business or not. The reason is, you know that you are not doing the business but government of India do'nt know that. Through the annual statements or filings you are giving information to the government about your organisation.
Matrix Certification services: ISO 9001 certification Requirement. ISO orginal Certificate, iso logo register ISO Certificate company, iso counsultanT, LOGO Trademrk Registration. Trade mark Registration, iso 9001 : 20018, ISO 9001:2015 specifies requirements for a quality management system when an organization: a) needs to demonstrate its ability to consistently provide products and services that meet customer and applicable statutory and regulatory requirements
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