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Partnership Firm Registration

Take a leap of faith with your trusted ones!

 

    • Overview
    • Benefits
    • Documents required
    • Process

    What is Partnership Firm?

    Partnership firm represents a business entity that is formed with a purpose of making a profit from the business. Two or more parties come together with a formal agreement (known as Partnership Deed) to own and manage the business. The risk and responsibilities are shared amongst the partners that shred the burden of an individual partner. Also, when two comes together, more capital and expertise are combined that helps to reach the business goal(s) easily.

    Partnership Act, 1932 defines the structure of a Partnership firm by providing all the necessary provisions to run the same. The Act validates both registered and unregistered partnership firms in India. However, an unregistered partnership has few shortcomings that attract partners towards Partnership Firm Registration. But, one can overcome it by registration firm anytime after it is formed.

    Shared Responsibilities
    The word Partnership itself describes individuals coming together for some common business object. The partners share the responsibility to work and manage the business together. Responsibilities for a particular field or task can be assigned to one or more partners by indicating the same in a Partnership Deed.
     
    Operating Flexibility
    A Partnership firm is operated on the basis of the Partnership deed executed by the partners, mutually. The partners can decide how to operate the business with their mutual consent. Also, the Partnership Deed can be changed according to the requirement even after partnership deed registration is completed. There are no limitations or restrictions on the partners in regards to running the business, as long as it is covered under the signed agreement.
     
    Pre-defined Object or Period
    At the time of registering a Partnership firm, the deed enumerates the pre-defined business objectives and activities, which is the main aim to commence business. A partnership can be formed within a specified period or to complete a specific project or object. Once the same is completed, the partnership will automatically stand dissolved.
     
    Various Financial Returns to the Partners
    Partners involved with the firm get various types of returns for their capital as well as their individual efforts. The working partner also receives remuneration in addition to the interest on capital and share of profit, as may be agreed by the partners. Also, the share of profit from partnership firm is exempt for the partner receiving it.
    PAN Card
    A self-attested copy of PAN Card of all partners
    Partners Address Proof
    Self- attested copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners
    Business Address Proof
    Utility Bill (Electricity Bill) of the place of business
     
    Rent Agreement
    Rent Agreement and NOC from the owner of the place of business, if rented

    Process to establish Partnership Firm

    Day 1
    • Discussion and collection of basic Information
    • Providing Required Documents for Partnership firm registration
     
     
    Day 2 - 4
    • Drafting a Partnership Deed
    • Review and confirmation from Partners
     
     
    Day 5 - 7
    • Payment of Stamp Duty on the agreement
    • Partnership Deed Notarisation
    • Application for allotment of PAN and TAN
     
     
    Day 8 onwards
    • Partnership Deed registration, if subscribed
    • Certificate of Registration from RoF*