Description

Anil DSouza and Associates

Anil DSouza and Associates (ADCA) is one of the leading Chartered Accountants Firm in Bangalore.

ADCA is managed and run by group of qualified Chartered Accountants, Company Secretaries, Corporate Financial Advisors & Tax Consultants. We have accumulated with us 15 years experience of adding value to clients by providing multitude of serivces.We have climbed the ladder of top 10 CA Firms in Bangalore.

Anil DSouza and Associates is one of leading audit firm based out of Bangalore, India. ADCA is managed and run by group of qualified Chartered Accountants, Company Secretaries, Corporate Financial Advisors & Tax Consultants. Anil DSouza and Associates have accumulated with us 15 years years experience of adding value to clients by providing multitude of serivces.

Anil DSouza and Associates strongly belive that Expert services can be provided only by a person who specialises in a niche area of service and obtain indepth knowledge in such given area of service over a period of time.

To achive this we have divided our area of services into Auditing and Assurance and Tax Advisory Services, Company Law , FEMA Labour Law Services, and Accounting Outsourcing Services. Each division is headed by a qualified expert,that makes our firm, the Best CA Firm in Bangalore.

Anil DSouza and Associates
Anil DSouza and Associates

Business Establishment Services

Looking forward to start a business? Wondering which forms of business organization is suitable for your business?

We at ADCA offer a full range of management resources to help get your new company registered in bangalore.

The choice depends on factors like, flexibility, funding, nature of business, risk factors, taxation etc and ADCA advises you to choose the right form after understanding the relevant factors from you.

When two or more person wishes to commence a business, the simplest form of business entity available is Partnership firm.

Partnership firm structure is generally selected for cases where otherwise would have gone for proprietorship but two or more persons are involved in the business.

The registration process for partnership starts with executing a partnership deed on a stamp paper and registering the same with the Registrar of Firms.

As per the Indian partnership act, 1932 registration of partnership deed with the registrar of firms is optional, but banks generally insist on the registration in order to open the bank accounts.

Also, unregistered partnership firms can’t file any suit in any court as per the provisions of the Partnership Act, 1932. Hence it is advisable to get the partnership deed registered even though the same is not mandatory.

Once the partnership deed is executed, PAN needs to be applied. Once the PAN is allotted, the firm can go ahead with the opening of the Bank account and other registration like GST, PT, IEC, etc.

Registration of Partnership Firms in India takes more time than Proprietorship or Pvt Ltd, as registration of Partnership deed is a manual process and obtaining PAN about two weeks’ time.

The process to register a partnership firm doesn’t involve name reservation, hence to reserve the name, the partnership would be required to apply for trademark registration.

Following are the various Advantages and Disadvantages of the Partnership firm form of Business entity

Advantages of Partnership Firm by Anil DSouza and Associates
a.Flexibility to determine Terms of Partnership
A partnership deed is a very flexible document, As there are no prescribed rules as to the terms of the partnership deed, partnership deed can contain custom made terms to document the understanding between the partners.

b. Raising of funds by Anil DSouza and Associates
Raising of funds is more flexible in the case of the Partnership firm as compared to a Pvt ltd company, there is no restriction on borrowing from third parties. In the case of Pvt Ltd companies borrowing the funds is restricted to only from Directors, members, and corporates.

c. Simple Statutory Compliance by Anil DSouza and Associates
Statutory compliance applicable in the case of Partnership firms is very simple as compared to Pvt Ltd Companies or LLPs. There is no requirement to hold Board Meeting, or Shareholders meeting, or do filing of annual returns, accounts or other statutory returns with government authority. The income Tax law provides for a simpler presumptive taxation procedure under which profit is estimated as a certain percentage of turnover, thereby removing the requirement to maintain books of accounts and filing of Financial Statements under the Income Tax Act.

d. Easy of distribution of Profit by Anil DSouza and Associates
In case of a partnership, profit after taxes is free for distribution among the partners, and distributed profits are exempt from taxes in the hands of partners. This is unlike in the case of Pvt Ltd Company where profit distributed in the form of dividends is taxable in the hands of recipients.

Disadvantages of Partnership Firm
a. Unlimited Liability by Anil DSouza and Associates
The number of partners in a partnership firm is restricted to 20. This is a disadvantage as compared to LLP or a Pvt Ltd company which doesn’t have restrictions on the number of partners or Shareholders.

b. Number of Members by Anil DSouza and Associates
The number of partners in a partnership firm is restricted to 20. This is a disadvantage as compared to LLP or a Pvt Ltd company which doesn’t have restrictions on the number of partners or Shareholders.

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