Partnership Firm Services in India
Convinient
Hassle free partnership firm registration with expert support
Experienced Experts
Partnership deed drafting done by senior experts
Complete Guidance
Complete guidance and filing support for partnership deed registration
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Choose Your Package
Select the perfect plan for your partnership registration needs
Basic
Start your partnership journey with essential services
- Expert Advisor
- Partnership Deed drafting
- Deed submission to the local Registrar
- PAN
- Zero Balance Current A/C with 7% interest
Standard
Perfect for growing partnerships needing more features
- Expert Advisor
- Partnership Deed drafting
- Deed submission to the local Registrar
- PAN
- Zero Balance Current A/C with 7% interest
- GST registration
- GSTR-1 & 3B for 12 months (up to 300 transactions)
Premium
Complete solution with premium benefits
- Expert Advisor
- Partnership Deed drafting
- Deed submission to the local Registrar
- PAN
- Zero Balance Current A/C with 7% interest
- GST registration
- GSTR-1 & 3B for 12 months (up to 300 transactions)
- Accounting Software (1 Year License)
- Trademark Registration
- ITR filing for 1 F.Y. (up to 10L turnover)
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Talk to registration expertWhat is a Partnership Firm?
A Partnership Firm is a type of business organization where two or more individuals join hands to run a business and share its profits and losses. It is governed by the Indian Partnership Act, 1932. Although registration is not mandatory, it is highly recommended due to the legal benefits associated with a registered firm.
A Partnership Firm is a simple and cost-effective form of business organization, ideal for small and medium-sized businesses where mutual trust, shared responsibility, and ease of management are valued. While registration is optional, it is highly recommended for legal protection, enforceability, and credibility.
Contractual Relationship
Formed by an agreement (oral or written) between two or more persons
Profit and Loss Sharing
Partners share profits and losses in a mutually agreed ratio
Unlimited Liability
Partners are personally liable for the debts of the firm
Features of Partnership Firm
Contractual Relationship
Formed by an agreement (oral or written) between two or more persons
Profit and Loss Sharing
Partners share profits and losses in a mutually agreed ratio
Minimum & Maximum Partners
Minimum 2; Maximum 50 as per Companies Act, 2013
Unlimited Liability
Partners are personally liable for the debts of the firm
No Separate Legal Entity
The firm and partners are not considered distinct legal entities
Mutual Agency
Every partner can act on behalf of the firm and bind it legally
Flexibility
Easy to form, operate, and dissolve
No Minimum Capital
Can start with any amount of capital
Privileges of Partnership Firm
Simple Formation & Dissolution
Easy to form and dissolve with minimal legal formalities
Lower Compliance Costs
Fewer compliance requirements compared to companies or LLPs
Direct Control
Partners have direct control without complex governance structures
Shared Financial Burden
Financial responsibilities and expertise are shared among partners
Importance of Partnership Firm
Ideal Business Size
Perfect structure for small and medium-sized businesses
Collaborative Operations
Enables shared responsibilities and collaborative business operations
Resource Pooling
Facilitates pooling of resources, capital, and diverse skills
Simple Tax Structure
Straightforward tax structure and accounting methods
Quick Decision Making
Faster decision-making process due to fewer formalities
Types of Partnership Firms
General Partnership
All partners share unlimited liability and actively manage the business
Partnership at Will
Formed for an indefinite period; can be dissolved anytime by any partner
Particular Partnership
Formed for a specific project or time duration
Limited Partnership
Some partners have limited liability (less common under Indian law)
Registered vs. Unregistered
Registered firms enjoy legal rights to sue third parties; unregistered ones do not
Eligibility Criteria
Legal Status of a Partnership Firm
Not a Separate Legal Entity
Unlike companies or LLPs, a partnership firm is not legally separate from its partners
Property Ownership
Cannot own property or sue in its own name: Legal proceedings must be made in the name of the partners
Registered Firms
Can file a case against third parties and claim contractual rights in court
Unregistered Firms
Cannot enforce rights in court (with some exceptions)
Documents Required for Partnership Firm Registration
For Partners
- PAN Card of each partner
- Aadhar Card / Voter ID / Passport / Driving License (as identity proof)
- Latest utility bill / bank statement (as address proof)
- Passport-size photographs
For Partnership Firm
- Partnership Deed (on stamp paper)
- PAN card of the firm (to be applied after deed)
- Address proof of the firm (utility bill, rent agreement, or ownership deed)
- NOC from the owner (if premises is rented)
Pre-Incorporation Compliance
Note: Registration is optional but strongly advised for legal benefits.
1. Drafting the Partnership Deed
2. Stamp Duty on Deed
3. Name Selection
Incorporation Process of a Partnership Firm
Draft the Partnership Deed
Must be signed by all partners and should be notarized and executed on non-judicial stamp paper.
Choose the Name of the Firm
Unique, should not be offensive or infringe on trademarks.
Apply for PAN & TAN
Apply for a PAN in the firm's name. TAN is needed for tax deduction purposes (TDS).
Open a Current Account
Use the PAN, deed, and KYC documents to open a bank account.
Registration with Registrar of Firms
File Form 1 with the Registrar of Firms of the respective State. Attach required documents including certified copy of partnership deed, ownership/rental proof, and identity/address proofs.
Post-Incorporation Compliance
Mandatory Compliance (Registered/Unregistered)
For Registered Firms
Advantages of Registering a Partnership Firm
Disadvantages of Partnership Firms
FAQs on Partnership Firm Registration
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