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Convert Proprietorship to Partnership

Convert your company to a partnership firm to receive more perks.

*Subject To Change On Market Conditions

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A sort of business company that is owned, controlled, and managed by a single individual is a sole proprietorship firm (promoter). There is no distinction in law between the company and its promoter. The promoter keeps all of the money for themselves. Such an entity can be established very quickly and cheaply because there are less legal requirements and formation expenses.
A partnership is a sort of commercial organisation in which two or more people join forces to run the company in accordance with the conditions and goals outlined in the Partnership Deed.

Benefits For Conversion

Sharing Risks

By providing risk sharing among all partners, as well as profit sharing among all partners, partnership firms ensure diversified financial risks.

Better Tax Planning

Because the partnership firm is autonomous, its tax is computed separately. A partnership firm may deduct interest, salaries, bonuses, commissions, or other compensation paid to partners. As a technique for legal tax planning, it

Decision Making

Each partner is responsible for their company's operations. More amazing ideas are generated when partners collaborate and contribute their individual perspectives to the decision-making process. This also fosters a sense of community. But with a sole proprietorship, the business's only owner and its only employee, the proprietor, is also its only employee.

Fund Raising

When providing loans or credit facilities instead of a proprietorship firm, financial institutions perceive a partnership as more reputable than a proprietorship firm. Contributions from multiple partners may be more realistic.

Documents Checklist

Documents Required For Conversion Of A Partnership Firm

  • For All Partners, ID Proof
  • Self-attested copy of PAN of all partners
  • Self-attested copy of Driving License/Aadhaar Card/Passport/ Voter ID of all partners
  • Passport size Photograph of all partners
  • Business Proof
  • Rental/lease agreement and NOC from the owner of the place (if rented)
  • Electricity Bill/any other utility bill of the registered office of the firm
  • Financial Statement Update As Required By CA (Chartered Accountant)

The partnership firm must open a bank account in its name and obtain a PAN, a GST number (if applicable), and other documents. The partnership firm will need more than just each partner’s PAN.

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