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Partnership Firm Registration

Need to register Partnership Firm?

Partnership Firm Registration Starting at Just Rs.3,499/- (Inclusive of all Govt. Fees).

About Partnership Firm

APartnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by partners for profit. Partnership firms are relatively easy to start and is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.
There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners.

ADVANTAGES OF PARTNERSHIP FIRM

A Partnership is easy to form as no burdensome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.

Any name can be chosen for a Partnership firm as long as it does not infringe on any registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained for the said name.

A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or a Company who are required to file their annual accounts with Registrar of Companies each year.

General Partnerships do not need to appoint an auditor or, if unregistered, even file annual accounts with the registrar. Annual compliances are also fewer as compared to an LLP. General Partnerships do need to file Income Taxes and, depending on turnover, service and sales tax.

A General Partnership is cheaper to start than an LLP and even over the long-term, thanks to the minimal compliance requirements, is inexpensive. You would not need to hire an auditor, for example. This is why, despite its severe shortcoming (unlimited liability), home businesses may opt for it.

PARTNERSHIP PROCESS

Partnership Deed Drafting

Our Financial Expert will first understand your business, Partners, Partnership structure and other relevant details to draft a Partnership Deed that is acceptable to all Partners.


Partnership Deed Registration

Based on your requirements and the service level you have requested from us, we will help you register the Partnership Deed with the relevant authorities to make the Partnership a Registered Partnership Firm.

Obtaining PAN & TAN

Based on the package you had selected, we will help you obtain PAN and TAN registration for your Partnership Firm from the relevant Authorities once the Partnership Firm is registered.


Success means having the courage, the determination, and the will to become the person you believe you were meant to be.

Documents Required for LLP Registration

To Be Submitted By Partners

  • PAN Card;
  • Aadhar Card/Voter's ID/Passport/Driver's License;
  • Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill;
  • Photograph;
  • Specimen signature (blank document with signature)

For The Registered Office

  • Latest Bank Statement/Telephone or Mobile Bill/Electricity or Gas Bill;
  • Notarised Rental Agreement;
  • NOC from Owner;
  • Sale Deed/Property Deed(in case of owned property)

Note:

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.

Basic
3,499
Notarized
Parnership Firm Deed
PAN
TAN



Get Started

Standard
5,999
Registered
Parnership Firm Deed
PAN
TAN



Get Started

Premium
7,499
Registered
Parnership Firm Deed
PAN
TAN
GST Registation
BASIC WEBSITE

Get Started

Ultimate
12,999
Registered
Parnership Firm Deed
PAN
TAN
GST Registation
Trademark Registation
BASIC WEBSITE

Get Started

FAQs OF Partnership Firm

What is the capital required to start a partnership firm?

A partnership firm can be started with any amount of minimum capital.

Is there any criteria of minimum number of people required to start a Partnership Firm?

A partnership can be started with a minimum of 2 people. A maximum of 20 people can be partners of firm.

Does the partner need to be an Indian citizen for a partnership?

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 .

What are the documents required to start a Partnership Firm ?

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.

What are the advantages of a registered partnership firm?

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.

Who registers a partnership firm?

Registrar of Firms, under the Indian partnership Act, 1932, registers the partnership firm.

How to open a bank account for a 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.

Will my Partnership firm have a Certificate or Incorporation or Registration?

If the partnership firm is registered, the partnership deed will be registered and a Registration Certificate will be issued by the Registrar of Firms.

Can other people invest in a partnership firm?

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.

Do partnership firms require audits?

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.

Is it possible to convert a partnership to a PLC or a LLP?

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.

What comes as a part of the Legal Documents Library?

Legal documents like Employment Letter, Legal Notice, Non-Disclosure Agreement, Terms of Service and Privacy Policy and many more are a part of the Legal Documents Library.

Can i register my residential place as a place of Business ?

Yes, you can register your residential address as business place, there is no any limitation as such.

Partnership deed registration is optional or mandatory?

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.

How much cost for the Partnership Registration?

If you form a partnership Firm without deed registration then it’s cheap and costs you near about 3499/- INR.

How many days are required for registering a Partnership firm ?

It takes minimum of 5 to 6 days for the partnership registration.

How we help you to start your Partnership firm?

The entire process of starting a Partnership business can be done online. This process involves two steps:

  • Step 1: Get your partnership deed drafted on a stamp paper.
  • Step 2: Get the partnership deed registered with the State Registry (not mandatory).
Liability of a Partnership Firm?

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.

If any partner wants to retire?

A partner may retire - with the consent of all the other partners, along with agreement or notice.

Can a minor be a Partner?

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.

Limitation in number of partner?

Number of members should not exceed 10 in case of “banking business” and 20 in case of “other business”.

Who are persons?

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.

What are the main requirements of a Partnership Firms?

There are basic requirements to form a Partnership Firm

  • There must be an agreement entered by the persons who desires to form a Partnership Firm.
  • the object of the agreement must be to share the profits of business intended to be carried on by the partnership, and the business must be carried on by all the partners or by any of them acting for all of them.

Compare Your Options


Sole Proprietorship Partnership Firm Limited Liability Partnership One Person Company Private Limited Company
Recommended For Small manufacturers & traders Home businesses Professional services firms Solo promoters Start-ups and growing companies
Limited Liability Protection No No Yes Yes Yes
Tax Benefits High High Moderate Moderate Moderate
Perpetual Existence No No Yes Yes Yes
Statutory Compliances Minimal Minimal Low High High

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