Partnership Firm Registration

Partnership Firm Registration in India

Choose Your Plan to Get Started Now...

Intro

₹ 4,299/-

All-inclusive Price for Partnership Firm Registration

  • Partnership Deed & Franking1
  • PAN & TAN
  • Draft & Prepare Application
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your account
Select Plan

Base

₹ 13,199/-

All-inclusive Price for Partnership Firm Registration with Accounting ITR & GST

  • Everything in Intro Plan
  • GST & MSME Registrations
  • Accounting Upto 100 Entries2
  • Financial Statements & Board Reports for 1 Year
  • Financial Statements & Board Reports for 1 Year
  • GST Returns filing for 1 Quarter3
  • ITR Filing for 1st Year4
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your account
Select Plan

Pro

₹ 19,199/-

All-inclusive Price for Partnership Firm Registration with Accounting ITR, GST & State ROF Filing

  • Everything in Base Plan
  • Registration of the Deed with State RoF5
  • Call, Chat(WA),& Email Support
  • Frequent Updates through your account
Select Plan

Got Queries?

Get in touch with our experts by filling in your details

As per the following timeline, your selected plan will be processed

Day 1-3

We collect the necessary information and documents for Company Registration.

Day 4-7

We draft the required documents for Partnership Firm Registration.

Day 8-10

We proceed to submit the documents with RoF for Deed Registration (if opted)

Finally

Government Processing Time.Certificate of Registration from State RoF

Partnership Firm Registration: An Overview

A partnership is a joint venture between two or more persons who combine their financial resources and managerial skills to run a business and share profits. Due to a sole proprietor’s limited financial capabilities and inability to manage a growing business, they feel the need for a partnership firm. Partnerships usually develop from expanding a business with more capital, better supervision and control, division of work, and risk-sharing. A partnership firm registration will enable the partners to enforce the agreement.

In India, the Partnership Act dates back to 1932, making partnerships one of the oldest types of business entities. Even after it has been formed, a partnership firm can be registered. As a result, there are no penalties for the non-registration of a partnership. However, unregistered Partnership firms are denied certain rights under section 69 of the Partnership Act that primarily deals with the effects of non-registration of partnership firms.

What are the benefits of Company registration in India?

Ease in formation

It is effortless to form a partnership. An agreement between the partners is all that is needed. Even the registration expenses are not much.

Pooling of financial Resources

Partnerships command a more significant financial budget than sole proprietorships. As a result, businesses can expand, and profits can increase. Whenever a firm requires more money, more partners may be admitted.

Pooling of managerial stalls

Partnerships facilitate the pooling of managerial skills among all partners. This results in better business operations.

Balanced business decisions

Generally, partner firms reach unanimous decisions after considering all the significant aspects of a problem. By doing so, balanced business decisions are made, and difficulties relating to their implementation are removed.

What is the difference between a Partnership and a Limited Liability Partnership?

A partnership is an agreement between partners where profits and losses are shared. The partner in an LLP cannot be held accountable for any misconduct or negligence of another partner. In addition, LLPs offer liability protection to owners from the debts of the LLPs.

Liability

LLP: Partners’ liability is limited to the amount of their contribution to the LLP. In addition, one Partner is not held responsible for the actions of another Partner.

Partnership: A partnership’s liability is unlimited and can extend to the assets of the individual partners. The actions of an active Partner may hold another liable.

Compliance

LLP: LLPs must comply with statutory requirements in addition to the Income Tax Act, as the LLP Act mandates the same. The compliances ensure that the entity’s financial and operational information is transparent.

Partnership: Aside from Income Tax Act compliances, no additional compliances are required.

List of Documents Required for Company Registration in India

  • PAN Card of All Directors/Shareholders
  • Aadhar card and Voter ID/ Passport/ Driving License
  • Utility Bill (Electricity Bill or Property Tax) of the place of business
  • Rent Agreement and NOC (if the place is rented)

Here Are Some Frequently Asked Questions

What is a Partnership?

An agreement between two or more parties to share profits is known as a partnership. A partnership can be formed by all partners working together or by one partner representing the others. A partnership must have three elements:

  • There must be two or more people.
  • An agreement must stipulate the sharing of business profits.
  • The business must be carried on by all partners or individually on behalf of the others.

It’s not necessary. But the rights of partners against strangers or as individuals cannot be enforced in court unless the partnership firm is registered. The partnership deed itself may create, transfer or affect an interest in immovable property.

No, it is not necessary. It is sometimes prudent to make a partnership deed to submit to the bank, income tax authorities, and clients.

Yes. If the number of partners is more than 20, it has to be registered as a company.

There is no minimum amount required for the formation of a Partnership Firm. A partnership can be started with any amount of capital contribution from the partners. The Partners can contribute any amount, and any form of contribution can be tangible (cash, premises, goodwill) or intangible (intellectual property, goodwill)