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Contact
- 3111 West Allegheny Avenue Pennsylvania 19132
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1-982-782-5297
1-982-125-6378 - support@consultio.com
Brochures
View our 2020 Medical prospectus of
brochure for an easy to read guide on
all of the services offer.
Compliance Requirements for a Partnership Firm
Partnership firms must file annual tax returns. The due date is 31st July for non-audit cases and 30th September for audited firms. Timely filing ensures compliance, avoids penalties, and maintains legal standing.
Partnership firms must register for GST if turnover exceeds the prescribed threshold. Regular GST return filing is mandatory to ensure compliance, avoid penalties, and maintain smooth business operations under GST laws.
Partnership firms must deduct and deposit Tax Deducted at Source (TDS) if liable under the Income Tax Act. Timely filing of TDS returns ensures compliance, avoids penalties, and maintains smooth financial operations.
firms must maintain proper books of accounts reflecting an accurate and fair view of financial affairs. Each partner’s capital, withdrawals and profit share should be recorded separately to ensure transparency
Required for partnership firms if business turnover exceeds ₹1 Cr or professional receipts surpass ₹50 Lakh under Section 44AB, ensuring regulatory compliance and accurate financial reporting.
Partnerships must file updates on any changes in firm structure, such as partner additions, removals, or modifications to the partnership deed, ensuring legal compliance and transparency.
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Partnership firms have a straightforward registration process with minimal legal formalities, making them easy and cost-effective to establish.
Partnership firms avoid double taxation, as profits are taxed only at the firm’s level and not again in the hands of partners, ensuring tax efficiency.
Partnership have fewer regulatory requirements and legal formalities compared to corporations, reducing administrative burdens and operational costs.
Partnership firms enable quick decisions without extensive regulatory approvals, allowing for agile business operations and faster implementation of strategies.
Partners can distribute profits as per the agreed ratio in the partnership deed, allowing flexibility and mutual benefit in financial management.
Partnership firms have no minimum capital requirement and can be registered even with Rs. 10,000 as total capital, providing flexibility in business setup.
Our most honorable clients
Get answers to all your queries
- A Private Limited Company must have a minimum of two Directors and can have up to a maximum of fifteen Directors. But if you are a sole owner, you can incorporate an OPC as well.
- Financial services are broadly categorized into: ✅ Banking Services – Savings accounts, loans, credit cards ✅ Investment Services – Mutual funds, stock trading, wealth management ✅ Insurance Services – Life, health, vehicle, and property insurance ✅ Tax and Compliance Services – Tax planning, GST filing, income tax returns ✅ Advisory Services – Financial planning, risk management, retirement planning
- Financial services help individuals and businesses: ✅ Secure their money ✅ Grow their wealth ✅ Plan for future expenses ✅ Protect themselves from financial risks
- A financial advisor is a professional who provides guidance on investments, savings, tax planning, and wealth management.
- There exists no bar on turnover or capital in private Limited Company unlike One person Company.
- Common types of bank accounts include: ✅ Savings Account – For personal savings ✅ Current Account – For businesses and frequent transactions ✅ Fixed Deposit (FD) – For long-term savings with higher interest ✅ Recurring Deposit (RD) – Monthly savings with fixed returns
- Secured Loan – Requires collateral (e.g., home loans, car loans) 📌 Unsecured Loan – No collateral required (e.g., personal loans, business loans)
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
