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About Partnership Firm Registration

A Partnership Firm is governed by ‘The Partnership Act 1932’ and involves two or more Individuals who enter into an agreement to carry on a specified business. Unregistered Partnerships involves no separate registration and can be formed easily with lesser legal compliances compared to other corporate entities. Although a partnership firm’s registration is optional, the partners may opt for the registration which provides a legal edge over the unregistered partnership.

A partnership firm is registered state-wise under the Registrar of Firms and Societies. The partnership deed is the most crucial document which governs the partnership. In an unlimited partnership firm, every partner is liable jointly with all the other partners for all acts of the firm. Alternatively, one can also opt for LLP which reduces the liabilities of the partners.

Features

Easy Formation

A partnership firm can be formed easily by the partners after entering into a Partnership Agreement. A well-drafted written agreement should clearly define the responsibilities and liabilities of all the partners.

Ease of Compliance

A partnership firm is not compulsorily required to be registered under any law. Hence, there are lesser compliances which are required to be complied with during the normal course of business.

Unlimited Liability of Partners

Each partner is personally liable for the losses of a partnership firm, which is a concern in partnerships since every partner is liable for the acts of the other partner.

Contractual Relationship

A Partnership is formed through an agreement among the partners. A written agreement serves as a primary record of the terms and conditions of a partnership.

ELIGIBILITY CRITERIA

    • Minimum 2 Partners

DETAILS AND DOCUMENTS

    • Documentary Proof of Identity of the Partners
    • Documentary Proof of address of the Partners
    • Nature of Business and Purpose of the proposed Partnership
    • Mutually agreed conditions basis which Partnership deed is formed

Whats the Process

  • 1
    Check Partnership Type

    Which type of partnership is required, Registered or Unregistered Partnership?

  • 2
    Prepare Partnership Agreement

    A deed is drafted post discussion on risk and responsibilities

  • 3
    Signing of the Agreement

    Each partner should sign and approve the agreement.

  • 4
    Partnership Firm Registration

    Partners may get the partnership registered

What We Deliver

    • An Exhaustive Partnership deed format, drafted by Experienced Professionals
    • 30 min consulting session on Partnership deed finalisation

Let's Start Now

LITE

2999

  • Partnership creation through Partnership deed.(Excluding Govt Fees and GST)

Basic

4999

  • Partnership creation through Partnership deed + PAN Registration + TAN Registration (Excluding Govt Fees and GST)

Pro

5499

  • Partnership creation through Partnership deed + PAN Registration + TAN Registration + GST Registration (Excluding Govt Fees and GST)

Answer to the Question Why us?

  • In-House
    Experienced
    Professionals
  • Compliance
    Tracking and
    Reminders
  • Regular
    Customer
    Education
  • Stellar
    Support and
    Response

Frequently Asked Questions (FAQ)

No, the registration of partnership firm is optional, but for legal prospects, an agreement is required to be executed between the partners describing the terms of the partnership.

A minimum of 2 Partners, who are individuals are required to start a partnership firm.

Yes, every partner is jointly liable with all the other partners and also severally liable for all acts of the firm done during the tenure of his partnership

Indian Partnership Act, 1932 has put no limitations on maximum numbers of partners in a firm.

Another Partnership firm cannot be a partner in a firm as it's not an individual.

Partnership firm gets dissolved as per the terms of the agreement if executed or as decided between the partners at the time of formation.

In order to form a partnership firm, a written partnership deed is not compulsory, but it is better to draft the document. It is prudent to have a partnership deed for dealing with banks, income tax authorities, and clients. Also, a written partnership deed will help as a reference in case of any disputes or issues among the partners.

In partnership, there is no restriction on the citizenship of the partner. Any non-Indian citizen can be a part of the Indian partnership firm subject to certain approvals.

In India, under the Indian Partnership Act, 1932, a minor cannot become a partner but can be admitted to the benefits of the partnership firm. However, with the consent of other partners, he can share profits of the firm and also have access to the books of accounts of the firm.

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