Partnership Firm Registration In India

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Partnership Firm Registration In India

All you need to know

Partnership Firm is a business structure in which two or more individuals come together with a common objective of business and earning profits. In general partnership firm, the partners collectively own the business and their roles and responsibilities are divided among themselves.

 

Partnership firm can be differentiated into registered partnership firms and non registered partnership firms. It is not mandatory to register the partnership firm but is advisable to do so. The partnership firms are registered under Partnership Act, 1932. The registered partnership firm enjoys various benefits which are not available to non registered partnership firm.

 

An association of two or more people which have collectively decided to start a business activity is regarded as partnership firm. The members of such partnership firm are known as partners.  All the partners shares profits and losses in proportion of the capital contributed by them.

Partnership Firm Registration Fees

BASIC

1499 (All Inclusive)
  • Drafting of Deed
  • Execution of Deed
  • PAN
  • TAN
  • GST Registration

STANDARD

3199 (All Inclusive)
  • Drafting of Deed
  • Execution of Deed
  • PAN
  • TAN
  • GST Registration

STANDARD

4199 (All Inclusive)
  • Drafting of Deed
  • Execution of Deed
  • PAN
  • TAN
  • GST Registration
  • SSI/MSME Registration
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Advantages of a Partnership Firm

QuickBiz is a technology driven platform which offers legal & financial services over its team of professionals. Before applying this services applicant should know the list of advantages of this service in India.

Ease in Establishing

Partnership firm is one of the easiest business structure to be formed. It comes into existence just by entering into Partnership Deed. There is even no need to register the firm but it is advisable to do for getting various benefits over non registered firms. It also does not have to make any type of annual compliances except for filing of Income Tax returns.

No Minimum Capital Requirement

There is no minimum capital requirement in formation of partnership firm. The partners can bring any amount of capital in the firm to start up their business. The partners share profits and losses in the ratio of the capital contribution made by them.

Faster Decision Making

As compared to other business structure such as private limited company and other corporate forms, there is no need to pass any resolutions by the firm for make business decisions. Even there is no need for calling any board meeting. So the decisions can be make faster in the partnership firm.

Availability of Larger Resources

As compared to proprietorship firm, the partnership firm has larger resources to be shared as there are two or more partners working in the business.

Operating Flexibility

A partnership firm is operated on the basis of partnership deed. The firm carries on its business as per the pre-defined objectives stated in partnership deed. The changes can be made in the partnership deed as per the mutual consent of the partners if they want to start any new business or want to make any changes in the existing clauses of partnership deed.

List of Documents for Partnership Firm

Our mission is to offer excellent support to our client in respect of all the legal compliances on affordable rates. Have a look at the list of documents required to avail this service.

Documents of Shareholders/Directors
  • Photographs of all partner
  • PAN card of all partner
  • Identity Proof (Copy of Voter ID / Driving License/ Passport)
Registered Address Related Documents
  • Address Proof (Bank Statement / Electricity, Mobile, Telephone Bill)
  • Proof of registered office address (Electricity Bill or any other utility bill for the address proof of the Registered Office. If premises is rented then utility bill, rent agreement or sale deed and an NOC from the landlord with his / her consent to use the office as a registered office of a company must be submitted as well)

How to Incorporate Partnership Firm

Partnership Firm Process in 5 steps
  • 1. Complete a checklist
  • 2. Verification of Documents
  • 3. Submit Document
  • 4. Verify Application
  • 5. Get PAN & TAN

FAQs On Partnership Firm Registration

Get answers to all your queries

There can be minimum 2 partners required in partnership firm. While the maximum number of partners can be 20 and in the case of partnership in banking business there can be upto 10 partners.

It is not mandatory to register the partnership firm but is advisable to do so. The partnership firms are registered under Partnership Act, 1932. The registered partnership firm enjoys various benefits which are not available to non registered partnership firm.

 

Only the person residing in India can become partner in partnership firm.

Yes, the notarization of the partnership deed is compulsory whether the partnership firm is registered or not.

No, there is no need to conduct audit of the partnership firm as there is no requirement of the audited statements of the firm.

Have Questions? Need Help of an Expert

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