These kind of companies can be divided under Unlimited Companies and Limited Partnership. In both partnerships, there is no legal entity. The only difference between the two is that while all partners are liable of all debts of the company in Unlimited Companies, in Limited Partnership at least one of these partners has unlimited liability.
As per Section 116 Unlimited Companies and Limited Partnership Act, application can be made for registration of Unlimited Companies and Limited Partnership.
Under application for registration:
- Name search is done and confirmed.
- K.K.1 Registration Form is filled in and applied to Registrar of Companies.
As per Tax Liabilities Income Tax Act:
- Monthly TAX Return
- Annual Income Tax Return