A Partnership is a legal relationship formed by the agreement between two or more individuals to carry on a business as co-owners. A partnership, as distinguished from a corporation, is not a separate entity from the individual owners.
The partnership income tax is paid by the partnership, but the profits and losses are divided among the partners, based on their agreement. Partnerships are usually registered with the state in which they do business, but the requirement to register varies from state to state.
Indian Partnership Act, 1932
15 Working Days
1. Copy of PAN of Partners
2. Six Photographs of each Partner
3. ID proof of each Partner
4. Address Proof of each Partner
5. Latest two months Bank Statement
of each Partner
6. Rental Agreement for place of business
7. Property Tax Paid Receipt for the place
8. Electricity bill for the place of business
* Exclusive of taxes and incidental expenses
# Subject to Governmental timelines