Partnership Firm Registration
₹3,000/- (inclusive all)
- Partnership Deed
- PAN
- TAN
- MSME Registration
- GST Registration
₹ 4,500/- (Inclusive all)
- Partnership Deed
- PAN
- TAN
- MSME Registration
- GST Registration
- First 3 Month GST Return
What is Partnership Firm?
A partnership is a kind of business where a formal agreement between two or more people is made and agreed to be the co-owners, distribute responsibilities for running an organization and share the income or losses that the business generates.
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.
Advantages of Partnership Firm
Documents Requirements
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
Procedure
Frequently Asked Questions
A partnership firm has an informal structure, which is why partners are not allowed to follow any specific rules. This makes this type of company incorporation quite common in the start-up world.
It is not compulsory, but it is definitely recommended as you can then enjoy a range of benefits.
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A partnership does not pay any income taxes. Instead, the profits that are generated pass through the business to the partners who are involved. Each person then reports his or her share of the business profits individually while filing taxes.
The main difference between an LLP and partnership firm is that the partners are personally liable for any business debts in the latter. This means creditors can go after the partner’ personal assets, if needed.
If you are facing a dispute, you can try solutions such as mediation and arbitration. However, if these don’t work, then you can take the matter to court
It is generally recommended to have all essential documents pertaining to your business notarized. This is because it provides an acknowledgment that the signature appearing on the document is that of the person whose signature it purports to be. As a result, if you face a dispute with your partner in the future, the matter can be settled in court, with the notarized document proving that the partner is defaulting on the agreement.
The deed should contain the names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, any capital invested by each partner, the type of partnership and profit-sharing matrix, rules and regulations to be followed for the intake of partners or removal.
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