PARTNERSHIP FIRM

Introduction

Indian Partnership Act, 1932 governs and regulates partnership firms in India. A partnership firm is where two or more persons come together to establish a business and divide its profits amongst themselves in the agreed ratio. The partnership business includes any kind of trade, occupation and profession.

Benefits

• Easy to incorporate
• Less Compliances
• Quick Decisions
• Sharing of Profit and Losses

Eligibility

• Any two or more persons can come together to form a partnership firm business.
• However, the members of the Hindu Undivided Family or husband and wife cannot become partners.

Documents Required

• Application for registration of partnership (Form 1)
• Certified original copy of Partnership Deed.
• Specimen of an affidavit certifying all the details mentioned in the partnership deed and documents are correct.
• PAN card and address proof of the partners.
• PAN card and address of the firm.
• Proof of principal place of business of the firm (ownership documents or rental/lease agreement).

Our Services

• Drafting Partnership Deed
• Partnership Registration
• Monthly and Annual EPF Returns

FAQS

Q1. Is it mandatory to register partnership firm at formation?

Ans: The partnership firm registration is not compulsory, so the partners can apply for registration of the partnership firm either at the formation of the firm or subsequently at any time during its operation.

Q2. How many days it will take to complete partnership firm registration?

Ans: The partnership firm registration process takes approximately 10 days, subject to departmental approval and reverts from the respective department.

Q3. What is Partnership Deed?

Ans: A partnership deed is an agreement between the partners in which rights, duties, profits share and other obligations of each partner is mentioned.

CHARITABLE TRUST

INTRODUCTION

Charitable Trust is a legal entity established for charitable purposes, such as the relief of poverty, education, or the promotion of religion etc. In India, charitable trusts are regulated by the Charitable and Religious Trust Act 1920, and are required to register with the Registrar of Trusts in the state where the trust is located. The registration process and the requirements for eligibility can vary depending on the state in which the trust is located. In the Charitable Trusts- The person who reposes or declares the confidence is called the “Author of the Trust”. The person who accepts the confidence is called the “Trustee”. The person for whose benefit the confidence is accepted is called the “Beneficiary”

SECTION 12A & 80G

Further it is to be noted that- A Charitable trust has to acquire 12A certificate from the Income Tax Department. The Trust acquiring such a certificate is exempted to pay income tax for the entire lifetime on its surplus income. Also, a charitable trust must obtain 80G certificate. This certificate allows donors, that is persons or organizations making donations to an 80G certified charitable trust to avail deduction. Thus, such a deduction is given to the donors under section 80G of the Income Tax Act.

Benefits

• Tax Benefits
• Supporting Charitable causes
• Flexibility in Asset Management
• Legacy Building

Eligibility

• Any person who is competent to contract for purposes which include relief of poverty, education, medical relief, the advancement of any object of general public utility, etc.,
• At least two trustees are required to register a public charitable trust.
• In general, Indian citizens serve as trustees, although there is no specific prohibition against non-natural legal persons or foreigners serving in this capacity. Legal title of the property of a public charitable trust vests in the trustees.

Documents Required For Registration

• Trust deed or Memorandum of Association
• PAN Card
• Self attested copy of the proof of identity of the Author (Aadhaar card, passport, voter ID, driving license or any such photo ID)
• Self attested copy of the proof of identity of each trustee (Aadhaar card, passport, voter ID, driving license or any such photo ID)
• Proof of the registered office address of the Trust (electricity/water bill or registration certificate)
• Non-objection letter signed by the landowner

Our Services

• Drafting Trust Deed
• Charitable trust registration under The Charitable and Religious Trust Act, 1920
• Registration under Section 12A & 80G

FAQS

Q1. Is there any validity for trust registration?

Ans: Provisional registration is valid for 3 years, and the final registration is valid for 5 years

Q2. What is the form to register under Section 12A of income tax act?

Ans: Form 10A is to be used for making an application for registration and re-registration

Co-operative Socities

INTRODUCTION

A Co-operative Society is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise. Cooperatives are democratically controlled by their members, with each member having one vote in electing the board of directors.

Benefits

• There are equal voting rights for members
• Co-operative society structure encourages members contribution and shared responsibility
• Liability of the members is limited
• There is no limit on number of members

Eligibility

Subject to the bye-laws, any person who is desirous of utilizing the services of the Co-operative Society may express his willingness to accept the responsibilities of membership and fulfil such other conditions as may be specified in the bye-laws of the Co-operative Society

Documents Required

• PAN Card of all the members of the proposed society
• Residential proof of all the members including Bank Statement, Driving License, Aadhaar Card, Utility Bill and Passport
• Memorandum of Association
• A Cover Letter that clearly mentions the objective or the purpose of the society (must signed by all the members of the society)
• Address proof of the Registered Office of the society
• List of all the members of the society along with their signatures (in Masooda Form)
• Copies of proposed Bye-Laws
• Declaration by the societies President (conforming his willingness and competency)

Our Services

• Society Registration
• Draft memorandum of association
• Other Advisory Services

FAQS

Q1. How much time it will take to register co-operative society?

Ans: The entire process shall be completed within 60 days from the date of submission of application by the promoters.

Q2. How many members required to start a co-operative society?

Ans: At least 10 promoters should sign to form a co-operative society, conforming their willingness and submit their proof of address and other required documents.