Partnership Firm Registration
A partnership firm provides the benefits like low costs, easy set up and minimal compliance requirements which makes it an excellent option for home businesses.
* Offer valid for a limited time period only.
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Collection of Details
We'll collect all the details related to your business requirements. It will make it easy for us to have a clear picture of your requirements.
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Document Drafting
The first application draft will be provided to you for review.
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Free Revisions
A final document will be prepared after going through your review comments. Two rounds of such modifications will be provided at no extra cost.
All You Need to Know About Starting a Company
Partnership Firm Registration Process
A General Partnership is a business model in which two or more individuals together manage and operate a business in agreement with the terms and objectives which are mentioned in the Partnership Deed. However, this business structure has lost its significance and relevance since the introduction of the Limited Liability Partnership (LLP) because its partners face reduced liability, which means they are not personally liable for the debts of the business. But still low costs, ease of setting up and minimal compliance requirements make it a sensible option for businesses which are unlikely to take any debt. For general partnerships, registration is an optional process.
6 Essential Facts on Partnership
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What is a partnership firm?
A General Partnership is a business model in which two or more individuals together manage and operate a business in agreement with the terms and objectives which are mentioned in the Partnership Deed. In such a business, the partners will share the liabilities as well as profits of the firm in a predetermined ratio. -
Why should I set up a partnership firm?
A partnership firm provides the benefits like low costs, easy set up and minimal compliance requirements which makes it an excellent option for home businesses. For general partnerships, registration is an optional process. For larger businesses, this business structure has lost its significance and relevance since the introduction of the Limited Liability Partnership (LLP)because its partners face reduced liability, which means they are not personally liable for the debts of the business. -
Is a partnership firm a separate entity?
The partners in a partnership firm are the owners and therefore they are not separate entity from the firm. Any legal issues or debt acquired by the firm is the legal responsibility of its partners. -
How many partners can there be?
A partnership must have at least two partners. A partnership firm in the banking business can have up to 10 partners whereas in any other business, they can have maximum of 20 partners. These partners will share the liabilities as well as profits of the firm in a predetermined ratio. -
Is partnership firm registration necessary?
No, registration of a partnership is not necessary. However, for handling out any legal implication, the partnership must be registered. -
What are the main aspects of a partnership deed?
The deed should mention the names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, any capital invested by each partner, the type of partnership and profit-sharing matrix, rules and regulations to be followed for intake of partners or removal.
Documents Required for Partnership Registration
- 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
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GuideSkillAdvantages of a Partnership
Minimal Compliance
General partnership just needs to file annual filings for tax registrations, service and sales tax depending on turnover. So, the extent of their compliance is limited to minimal.
Easy to Start
Registration of a partnership is not necessary. It can even be started with an unregistered Partnership Deed in 2 to 4 days. However, undergoing registration will bring a few advantages like handling out any legal implications.
Relatively Inexpensive
A general partnership is very less inexpensive than LLP because of minimal compliance requirements which in turn will be inexpensive in long-term as you do not have to hire an auditor.
General Partnership Procedure
- Once you get in touch with us, we'll collect all the details related to your business requirements. It will make it easy for us to have a clear picture of your requirements. Our lawyers will work on your request.
- The first application draft will be provided to you for review.
- A final document will be prepared after going through your review comments. Two rounds of such modifications will be provided at no extra cost.
