Description

Partnership Firm Registration

Basic Offer

₹3,000/- (inclusive all)

  • Partnership Deed
  • PAN
  • TAN
  • MSME Registration
  • GST Registration

Combo Offer

₹ 4,500/- (Inclusive all)

  • Partnership Deed
  • PAN
  • TAN
  • MSME Registration
  • GST Registration
  • First 3 Month GST Return

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

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

Knowledge Portal

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

1.Easy Formation

An agreement can be made oral or printed as an agreement to enter as a partner and establish a firm.

2.Large Resources

Unlike sole proprietor where every contribution is made by one person, in partnership, partners of the firm can contribute more capital and other resources as required.

3.Flexibility

The partners can initiate any changes if they think it is required to meet the desired result or change circumstances.

4.Sharing Risk

All loss incurred by the firm is equally distributed amongst each partner.

5.Combination of different skills

The partnership firm has the advantage of knowledge, skill, experience, and talents of different partners.

Frequently Asked Questions

1.What rules must one follow to run a partnership?

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.

2.Is it necessary to have a written agreement?

It is not compulsory, but it is definitely recommended as you can then enjoy a range of benefits.

3.How are partnership firms taxed?

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.

4.What are the differences between a partnership and a limited liability company (LLP)?

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.

5.How can I enforce an agreement?

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

6.Does an agreement have to be notarized?

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.

7.What are the main aspects of a partnership deed?

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.