Partnership Firm Registration

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PARTNERSHIP FIRM REGISTRATION PROCESS IN INDIA

WHAT IS PARTNERSHIP FIRM

A partnership firm is a form of business in which a group of people, also known as partners, come together. They set up their firm and provide services and products through it. However, a partnership firm is not considered to be a separate legal entity. Partners share all the profit and losses amongst each other.

A partnership firm is also considered as an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.

The Partnership Firm in India is prescribed in the Indian Partnership Act of 1932. This Act lays down the rights and duties of the partners between themselves and other legal relations between partners and third persons, which are incidental to the formation of a partnership. The said Act establishes the position of a partner as well as a partnership firm in a legal and contractual relations arising out of and in the course of the business of a partnership firm. A partnership firm is not a legal entity apart from the partners constituting it. It has limited identity for the purpose of tax law as per section 4 of the Partnership Act of 1932.

To become a partner you need to be a major and should be of sound mind. You should not be disqualified from contracting in any way by the law. However a minor can also become a partner. In such a case scenario, all the partners should give their consent. The minor won’t be able to participate in the workings; however, he will be entitled to the benefits of a partnership.

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by the People for profit. There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and Nyayasevak with its team of eminent experts can help you to start a registered or un-registered Partnership firm in India.

PARTNERSHIP REGISTRATION PACKAGE OF NYAYASEVAK INCLUDES

  1. NAME SEARCH AND APPROVAL
  2. DRAFTING OF PARTNERSHIP DEED
  3. TAN
  4. PAN CARD OF THE FIRM

SIMPLE AND EASY PROCEDURE OF NYAYASEVAK IN GETTING PARTNERSHIP FIRM REGISTERED

  1. COMPLETE THE SIMPLE AND EASY FORM FOR PARTNERSHIP REGISTRATION.
  2. DOCUMENTS VERIFICATIONS
  3. DRAFTING OF PARTNERSHIP DEED
  4. ALL THE AFORESAID DOCUMENTS WILL BE SUBMITTED TO THE CONCERN REGISTRAR OF THE STATE. A CERTIFICATE OF REGISTRATION WILL BE ISSUED BY THE REGISTRAR.
  5. APPLY FOR TAN AND PAN OF THE FIRM

 DOCUMENTS REQUIRED FOR REGISTRATION OF PARTNERSHIP FIRM

  1. APPLICATION FOR REGISTRATION OF PARTNERSHIP FIRM UNDER THE PARTNERSHIP ACT ALSO KNOWN AS STATEMENT IN FORM-1.
  2. PRESCRIBED FEES
  3. NOTARIZED TRUE COPY OF PARTNERSHIP DEED
  4. AFFIDAVIT OF EACH PARTNERS
  5. COPY OF PARTNERS PAN CARD
  6. COPY OF PARTNERS AADHAR CARD
  7. ELECTRICITY BILL/WATER BILL OR RENT/LEASE/LEAVE AND LICENCE AGREEMENT OF PRINCIPAL PLACE OF BUSINESS)

PARTNERSHIP REGISTRATION PACKAGE OF NYAYASEVAK INCLUDES

NAME SEARCH AND APPROVAL

DRAFTING OF PARTNERSHIP DEED

TAN

PAN CARD OF THE FIRM

SIMPLE AND EASY PROCEDURE OF NYAYASEVAK IN GETTING PARTNERSHIP FIRM REGISTERED

COMPLETE THE SIMPLE, SECURE AND EASY TO ACCESS FORM OF NYAYASEVAK.

DOCUMENTS VERIFICATIONS.

DRAFTING OF PARTNERSHIP DEED.

ALL THE AFORESAID DOCUMENTS WILL BE SUBMITTED TO THE CONCERN REGISTRAR OF THE STATE. A CERTIFICATE OF REGISTRATION WILL BE ISSUED BY THE REGISTRAR ACCORDINGLY.

APPLY FOR TAN AND PAN OF THE FIRM.

DOCUMENTS REQUIRED FOR REGISTRATION OF PARTNERSHIP FIRM

APPLICATION FOR REGISTRATION OF PARTNERSHIP FIRM UNDER THE PARTNERSHIP ACT ALSO KNOWN AS STATEMENT IN FORM-1.

PRESCRIBED FEES

NOTARIZED TRUE COPY OF PARTNERSHIP DEED

AFFIDAVIT OF EACH PARTNERS

COPY OF PARTNERS PAN CARD

COPY OF PARTNERS AADHAR CARD

ELECTRICITY BILL/WATER BILL OR RENT/LEASE/LEAVE AND LICENCE AGREEMENT OF PRINCIPAL PLACE OF BUSINESS)

BENEFITS OF REGISTERING PARTNERSHIP COMPANY IN INDIA

Easy to register and run and manage.

Easy to form and easy to dissolve.

Lessor Compliance.

FAQ

The Partnership Firm in India is prescribed in the Indian Partnership Act of 1932. This Act lays down the rights and duties of the partners between themselves and other legal relations between partners and third persons, which are incidental to the formation of a partnership.
The minimum of Two Partners are needed for Partnership Registration.
In India partnership firm is suitable mostly for small and medium scale of businesses. Formation of partnership Firm is very low budget and can be easily formed with minimal compliance.
In India Partnership Firm is registered before the Registrar of Firm under the Indian Partnership Act, 1932
No, registration of a partnership in India is not mandatory, but it is advisable that Partnership Firm should be registered for smoother running of business.

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