Any one of the partners must self-attest the first three documents. In case of foreign nationals and NRIs, all the documents must be notarised (if currently in India or a non-Commonwealth country) or apostilled (if in a Commonwealth country).
Your registered office need not be a commercial space; it can be your residence, too.
A partnership firm can be started with any amount of minimum capital.
A partnership can be started with a minimum of 2 people. A maximum of 20 people can be partners of firm.
The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in a Partnership with prior approval from the Indian Government .
Address proof, identity proof and PAN card are the documents required by each partner. It is advisable to sign a partnership deed. Refer to documents required section to know in detail.
Only a Registered partnership firm can claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party. Hence, it is advisable for partnership firms to get itself registered sooner or later. Also, only a registered partnership firm can file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the partnership Act. Hence it is advisable to get a partnership firm registered.
Registrar of Firms, under the Indian partnership Act, 1932, registers the partnership firm.
A registered partnership deed, along with address and the identity proof of each partner are the documents needed to open a bank account for a partnership firm.
If the partnership firm is registered, the partnership deed will be registered and a Registration Certificate will be issued by the Registrar of Firms.
Indian Nationals and Indian Residents are allowed to invest in a partnership firm without any approval. Usually those who invest in the partnership firm become a Partner of the firm and in the absence of any agreement to the contrary, all partners will have a right to participate in the activities of the business.
Partnership firms do not need to prepare audited statements for each year. However depending on the turnover and a few other criterion, a tax audit statement might be necessary.
A partnership firm can be converted to a PLC or a LLP later. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Thus, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.
Yes, you can register your residential address as business place, there is no any limitation as such.
It's optional, even you save your cost without the partnership deed registration and bank can open easily your current bank account on partnership deed.
If you form a partnership Firm without deed registration then it’s cheap and costs you near about 3499/- INR.
It takes minimum of 5 to 6 days for the partnership registration.
The entire process of starting a Partnership business can be done online. This process involves two steps:
Just like a sole proprietorship, the liability of partners in a partnership firm is also unlimited. This means, if the assets of the firm are insufficient to meet the liabilities, the personal properties of the partners, if any, can be utilized to meet the business liabilities. Suppose, the firm has to make payment of Rs.25,000/- to the suppliers for some goods. The partners are able to arrange for only Rs.19,000/- from the business. The balance amount, of Rs.6,000/- will have to be arranged from the personal properties and assets of the partners.
A partner may retire - with the consent of all the other partners, along with agreement or notice.
A person who is a minor according to the law may not be a partner in a firm, but, with the consent of all the partners for the time being, he may be admitted to the benefits of partnership.
Number of members should not exceed 10 in case of “banking business” and 20 in case of “other business”.
A ‘person‘ means either an individual or any other legal entity such as a Limited Company registered under the Companies Act, or any other Corporation constituted by or under any act of the Legislature as a body corporate.
There are basic requirements to form a Partnership Firm
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