Partnership Firm

“Partnership” is the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have agreed to enter into partnership are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.

Partnerships in India are governed by the Indian Partnership Act, 1932. As per the Partnership Act

Checklist for Firm Registration

  • Minimum 2 Partners
  • No Capital Requirement

Documents for Firm Registration

Identity Proof of Partners
  • Copy of Pan Card of Partners (Mandatory)
  • Passport Size of Photograph of Partners
  • Identity Proof: any one of: Voter id card, Driving License, Passport
Address Proof of Partners
  • Any one of: Bank Statement, Electricity Bill, Mobile Bill (not older than 2 months)
Proof of Registered office
  • Copy of Pan Card of Partners
  • Passport Size of Photograph of Partners
  • Address Proof: any one of: Bank Statement, Electricity Bill, Mobile Bill.
  • Identity Proof: any one of: Voter id card, Driving License, Passport
  • Registered office Proof: Electricity bill with Noc from the owner. (not older than 2 months)

COMPARE OPTIONS FOR COMPANY REGISTRATION

  Private Limited Company LLP Registration One Person Company Registration Partnership Firm Registration Public Limited Company
Recommended for Growing Startups Service Providers, Professional Service Firms, Trading Business Independent Promoters Family Business Ideal for Medium and Large-Scale business and allows them to raise equity capital from Public.
Registration Cost Rs. 2999/- Rs. 3999/- Rs. 2999/- Rs. 1999/- Rs. 7999/-
Limited Liability Protection Yes Yes Yes No Yes
Statutory Compliances High Low High Low Very High
Audit Compliance Compulsory Only if contribution more than Rs. 25 lakhs or turnover exceeds Rs. 40 Lakhs Compulsory Subject to turnover of the firm Compulsory
Perpetual Existence Yes Yes Yes No Yes
Tax Advantage Yes Yes Yes Minimal Yes
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FAQ'S FOR Partnership Firm Registration

A Partnership is where two (or more) people join hands to carry out a business for profit. The partners become joint business owners and carry out operations governed by the partnership deed. The regulations are least and it makes it a desirable option for businesses having joint owners. However, in a partnership firm the partners are jointly and individually liable for debts of the firm. This form of structure is ideal if there are no/less requirement of external funds and low risk of bad-debts for example consultancy firms.
A partnership firm can be registered whether at the time of its formation or even subsequently. The application for registration is to be made to the registrar of firms of the region in which the business is located. It is advisable to get the firm registered as soon as it starts its business to avail the rights and benefits that can be enjoyed only by a registered firm.
Any name can be used to form a Partnership Firm except which is not similar the name uses by any governmental authority in any manner.
No, new Partnership firm registration is a fully online process. As all documents are filed electronically, you would not need to be physically present at all. You would need to send us scanned copies of all the required documents & forms.