Partnership Firm
Register your Partnership Business @ Rs.2000 (Professional Fee)
- Free Consultation
- Time: 4-6 working days
- Drafting of Partnership Deed
- 100% Online Process
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Partnership Firm
A Partnership registration involves two or more Individuals who enter into an agreement called “partnership deed” to carry on a specified business and is governed by ‘The Partnership Act 1932’ .
After the partnership deed is accepted by the partnership registry, the partnership firm registration is complete.
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. Every partner is liable jointly with all the other partners for all acts of the firm, in partnership deed
ADVANTAGES
Tax Advantage
The profits of a partnership pass through to its owners, who report their share on their individual tax returns. Therefore, the profits are only taxed once (at the personal level of its owners) rather than twice.
Easy Formation
The main advantage of a partnership is that it can be easily organized. There are no legal formalities required in this type of business. The partners enter into a partnership and start a business.
Risk Sharing
Any loss sustained by the firm will be liable to all the partners whereas the sole proprietor has to bear the entire loss of the business.
More Capital
The partnership form of organisation enjoys large resources than a sole proprietorship so that the scale of operation can be enlarged to get the benefit of large-scale economies.
PROCEDURE
STEP 1
Ascertain the type of partnership i.e Registered Partnership or Unregistered Partnership.
STEP 2
Drafting of partnership deed after discussion on risks and responsibility with the partners.
STEP 3
All partners need to sign and approve the partnership deed
STEP 4
Partnership is then registered.
REQUIREMENTS
Identity Proof of All the Partners
Adhaar Card and
PAN Card
Address Proof of All the Partners
Bank Statements of all the partners
Partnership Deed
Each partner should sign and approve the Partnership deed
Type of Partnership
Nature of Business and Purpose of the proposed Partnership
PRICE
BASIC
Rs.2000
Drafting of Partnership Agreement only (Unregistered)
(Excluding Stamp and GST)
₹2,000.00Add to cart
STANDARD
Rs.2500
Drafting of Partnership Agreement (Unregistered) + PAN Registration
(Excluding Stamp and GST)
₹2,500.00Add to cart
PREMIUM
Rs.5000
Drafting of Partnership Agreement (Unregistered) + PAN Registration + GST Registration
(Excluding Stamp and GST)
₹5,000.00Add to cart
FAQs
1. Who can become a partner in a partnership firm?
Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.
2. Can an existing partnership firm be converted into a company or a LLP?
Yes, an existing partnership firm can converted into a company or LLP.
3. What is the eligibility to start a partnership firm?
Minimum of 2 individual Partners are required to start a partnership firm.
4. Is the partner personally liable in partnership firm?
Yes, every partner is jointly liable with all the other partners and also severally liable for all acts of the firm done during the tenure of his partnership.
5. Can an existing partnership firm be converted into a company or a LLP?
Yes, an existing partnership firm can converted into a company or LLP.
6. Is the firm liable for the wrongful deed of one partner?
Yes, the firm as well as all the other partners involved in the partnership are liable to the wrongful deed of one partner.
7. What is the maximum and minimum number of persons to form a partnership firm?
There must be minimum of 2 persons to form a partnership firm. If the firm is intended for financial transactions maximum of 10 and for other purposes maximum of 20 persons can form a firm (See Sec.11 (2) of Company law).
