Proprietorship Partnership

Sole Proprietorship Registration is viewed differently by various registrations, such as service or sales tax registration. It possesses numerous drawbacks, such as the proprietor’s unlimited liability, and it lacks a continuous existence. Hence, small merchants and brokers perceive it as a business structure. Accounting Guru handles the completion of Sole Proprietorship Registration.

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Proprietorship Partnership

A proprietorship partnership, often referred to simply as a partnership, is a business structure where two or more individuals come together to jointly own and manage a business. Unlike a sole proprietorship, which is owned by a single individual, a partnership allows for shared ownership, responsibilities, and decision-making among the partners.

This collaborative approach to business ownership is governed by a partnership agreement that outlines the rights, responsibilities, profit-sharing arrangements, and decision-making processes of each partner


Proprietorship Partnership

Shared Resources

Partnerships allow pooling of resources, including capital, skills, and expertise, which can strengthen the business’s financial base and operational capabilities.

Diverse Perspectives

With multiple partners, there are diverse perspectives and ideas contributing to strategic planning and problem-solving, enhancing innovation within the business.

Complementary Skills

Partnerships often bring together individuals with different skill sets and experiences, complementing each other’s strengths and filling gaps in expertise.

Tax Benefits

Partnerships are typically treated as pass-through entities for tax purposes. This means that profits and losses are passed through to the partners, who report them on their individual tax returns, potentially reducing overall tax liabilities.

Division of Responsibilities

Partners can divide responsibilities based on their strengths and expertise, leading to more efficient management and decision-making.

Risk Sharing

Partners share both the risks and rewards of the business. This shared risk can provide a sense of security and reduce the financial burden on individual partners.

Flexibility in Decision-Making

Partnerships can be more flexible in decision-making compared to larger corporate structures, allowing for quicker responses to market changes and opportunities.


While partnerships dissolve upon the withdrawal, death, or bankruptcy of a partner (unless stated otherwise in the partnership agreement), they can be restructured relatively easily compared to corporations, allowing for continuity of business operations.


Required Documents For Income Tax

Aadhar Card

In other cases, an Aadhar card, the director(s), or partner(s) is required for Income Tax .

Pan Card

In other cases, a PAN card or the director(s) or partner(s).

GST registration

GST Certificate Issued by the GST Department.

Bank Account Details

Required Cancel Cheque and Bank Statement.

Business Type

Required Type Of Business like Partnership, Private Limited, OPC.

Proof of investment

The nature of the business, like the kind of service you offer.


Income Tax

Fill Up Application Form

Fill up Application form Provided by Account Guru

Pay Online Payment

Online Payment is an easy and Convenient way to pay services or goods

Executive will Process Application

The executive will Process the application Promptly and efficiently Promptly efficiently.

Get Confirmation on Mail

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Application preparation and recheck.

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