Partnership Firm

Two Or More Individuals. Incorporating One Entity.

@ Rs. 5,899 *

*Subject To Change On Market Conditions

     

    What Is A Partnership Firm

    A Partnership firm is a business entity made by two or more people that have agreed to share the profits and losses of the business in a predetermined ratio. Partnerships are an excellent choice of conducting business for small businesses where two or more people come together to contribute within a business and share its gains or risks. Partnerships are one of the most common types of business entities found in India due to the ease of formation and minimal compliance required. The Partnership Act, 1932 has been in motion long before India was declared an independent country. An evolved version of a partnership was brought forth by the Limited Liability Partnership or LLP in 2010.

    Types of Partnership

    There are two types of Partnership
    01

    Registered Partnership

    02

    Unregistered Partnership

    As per the Indian Partnership Act, 1932 the only requirement to start business as a partnership is the publishing and execution of a Partnership Deed between the Partners. This Act does not need the deed or firm to be registered. To put it simply, a Partnership Firm is not needed to be a registered Firm. You will come across various partnership businesses that exist as an unregistered partnership.

    We would advise partnership firms to get registered because unregistered partnership firms have a few rights denied in Section 69 of the Partnership Act. Some disadvantages of an unregistered partnership firm are:

    • A partner of an unregistered firm cannot file a lawsuit in any court of law against the firm or their partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act.
    • No lawsuit to enforce a right arising from an agreement can be instituted in any Court of law by, or on behalf of a firm against any third party unless the firm is registered.
    • An unregistered firm or any of its partners cannot claim set-off or other proceedings in a dispute with a third party.

    If you have the intention to register your partnership firm, we can help you by providing top to bottom solutions where your efforts are minimized while we take care of all compliance matters and documentation for the registration.

    Requirements

    To register your business as a Partnership business, you require the following:

    Registration

    A partnership firm can be registered under Section 58 of the Indian Partnership Act at any time, even subsequent to the formation. The registration of a partnership firm is done through the Registrar of Firm in which the partnership firm is situated. When the Registrar of Firms is satisfied that the provisions of Section 58 are complied with, a record of entry of the statement is made in the Register of Firms and Certificate of Registration is issued.

    Documentation

    • The application for registration has to consist of the prescribed registration form for incorporation of a company, identity proof or address proof of the partners, a true certified copy of the Partnership Deed entered into, and proof of the principal location of the business being conducted.
    • Any of the following can be submitted as proof of identity of the partners: PAN Card, Passport, Drivers License, Aadhar Card, or a Voter’s ID.
    • Any of the following documents can be furnished as proof of the principal place of conducting business by the firm: Sale deed in case one of the Partner owns the place of business, Rental agreement copy if the premises are rented, Copy of latest electricity bill or water bill or property tax receipt.

    Registration Procedure

    Get your partnership firm registered with us in few days! Our team will engage and manage the process and request a list of documents for partnership registration. Post submission and verification, we will draft a partnership deed and share accordingly, for all the Partners to sign the same and do it on a stamp paper. When we receive the signed deed, we forward it to the concerned Registrar of Firms for them to issue a Certificate of Registration.

    Take Your Partnership Firm To The World

    Be eformed!