Partnership, Trust, HUF Formations Designing SOPs

Incorporation of partnership

In India, all the aspects and functions of the partnership are administered under ‘The Indian Partnership Act 1932’. This specific law explains that partnership is an association between two or more individuals or parties who have accepted to share the profits generated from the business under the supervision of all the members or behalf of other members

Documents Required for incorporation :

• Partnership deed signed by all the partners of the firm
• Pan card of all the partners
• Address Proof of all
• Pan card of the firm separately
• Address proof of the firm. In case if the property is rented, then you need NOC from the owner.

Incorporation of Trust

Trust Registration is done by the Trust Act, 1882 and in India, most Trust is incorporated as Public Charitable Trust, a form of a not-for-profit entity and these Trusts can be established for various purposes, including the social service, health care, education, provision of facilities for recreation and any other object of general public welfare.

Documents Required for incorporation :

• Trust Deed
• Self attested copy of the proof of identity of the settler (Aadhaar card, passport, voter ID, driving license or any such photo ID)
• Self attested copy of the proof of identity of each trustee (Aadhaar card, passport, voter ID, driving license or any such photo ID)
• PAN card
• Proof of the registered office address of the Trust (electricity/water bill or registration certificate)
• Non Objection letter signed by the landowner.

Incorporation of Hindu Undivided Family (HUF)

HUF means Hindu Undivided Family. You can save taxes by creating a family unit and pooling in assets to form a HUF. HUF is taxed separately from its members. A Hindu family can come together and form a HUF. Buddhists, Jains, and Sikhs can also form a HUF. HUF has its own PAN and files tax returns independent of its members.

Documents Required For Incorporation :

• PAN Card copy of Karta
• Aadhar Card copy of Karta
• Passport Size Photograph of Karta
• Specimen Signature of Karta & Family members with their names & relation with Karta
• HUF deed.