How To Register A Partnership Firm
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About Partnership Farm
A Partnership Firm registration is governed by ‘The Partnership Act 1932’ and involves two or more Individuals who enter into an agreement called “partnership deed” to carry on a specified business. Unregistered Partnerships involve no separate registration and can be formed easily with lesser legal compliances compared to other corporate entities. Although registration of a partnership firm 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.
Following are the benifits that you have to look forward to if you are applying for partnership firm registration in India:
- There is a minimum of two partners
- The partners may or may not share the responsibilities of the business.
- Through partnership, you can bring more capital into the business.
- Risk is shared in a partnership form
- Annual returns are not necessary to submit
- It is unlimited liability business entity.
- Minimum 2 director
- Form No. 1 (Application for registration under Partnership Act)
- Original copy of Partnership Deed, signed by all partners
- Affidavit declaring intention to become partner
- Rental or lease agreement of the property/campus on which the business is set
- 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
The formation of a partnership firm requires the following steps:
- Choose a name for your partnership.
- Create a partnership deed with the assistance of our experts
- Get a printout of the partnership deed on a stamp paper and get it signed by your partners.
- Send us a scanned copy of the deed and get the acknowledgement.
- Fill the partnership firm registration application form with your personal and business details, and submit it to the Partnership registry along with the partnership deed.
- We will apply for PAN and TAN of the partnership on your behalf.
- Wait for a bit and get Partnership Firm PAN card for your firm.
How Can We Help In Registering
- Check Partnership Type
- Prepare Partnership Deed
- Signing of the Partnership deed
- Partnership Firm Registration
Frequently Asked Questions
Can a partnership firm be registered in the name of family members?
Yes, the partnership firm can be registered in anyone’s name as far as required documents are available and the concerned person has no objection in being the partner.
Is there any maximum limit on the number of partners which can be added?
Indian Partnership Act, 1932 has put no limitations on maximum numbers of partners in a firm
What is the eligibility to start a partnership firm?
Minimum of 2 individual Partners are required to start a partnership firm.
How can a partnership firm be dissolved?
Partnership firm gets dissolved as per the terms of the Partnership agreement or Partnership deed if executed or as decided between the partners at the time of formation.
Who can be a partner in a partnership firm?
Only an individual can be a partner in a firm.
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