Partnership Registration

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Partnership Registration

A partnership is a special type of entity and is a business-relation between two or more individuals who have agreed to share revenues of a business run by all or any one of them acting for all. The core of a partnership is an agreement between partners. It is essential for partners to share revenues between them.

A partnership is one of the older business modules in India and is governed and managed by the Indian Partnership Act 1932. A partnership firm does not have a self-governing position apart from the partners establishing it. A partnership is not a legal entity; it has limited identity for the purpose of tax laws. Any two individuals who are proficient in entering into an agreement can start a partnership business under an agreement so-called a partnership deed. The partnership agreement can be verbal or written. It is not compulsory to register a partnership deed, but then again it is advisable to do so for evidential reasons since a firm cannot file a suit against any third party if it is un-registered.

Benefits of Partnership

Simple to Start

General Partnerships can commence business just with an unregistered deed of the partnership in 2-4 working days. But, having registered for similar has its own perquisites and advantages. The key advantage for having a registered firm is that it will let you file grievances in a court of law opposing another business or the business associates in the firm for the management of privileges addressed in the Partnership Act.

Comparatively Economical

In comparison to Limited Liability Partnership (LLP), a General Partnership is very much economy to start. Even in the longer plan, it will still work out inexpensively as the compliance requirements are very minimal. For instance, there is no necessity for an auditor. Hence, Home businesses still opt for Partnership, though it offers unlimited liability.

Registration is not Compulsory

Registration of Partnership under the Partnership Act is not Compulsory. It is optional between the partners of the Firm. But an unregistered partnership might face complications in getting the agreement terms prescribed under law.

Minimum Compliance

For a General Partnerships, it’s not mandatory for an auditor to be appointed or, if the business is still in the process of registration or in-case unregistered, annual returns filing with the registrar is not compulsory either.

Minimum Requirements

  • There should be minimum two partners
  • Applicant should be above the age of 18
  • Partner should be resident in India according to Indian partnership Act 1932
  • Foreigner cannot enter into partnership agreement
  • Liability of the partner is unlimited

Documents Required

  • Certified copy of partnership deed
  • Rent agreement or lease deed along with proof of business
  • Application for registration

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      Our Pricing Plan

      SILVER

      .

      – Drafting of partnership deed
      – Partnership registration
      – GST registration

      .

      ₹ 5500/-

      (All Inclusive)

      *GST return price is determined depends upon number of transaction.
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      GOLD

      .

      – Drafting of partnership deed
      – Partnership registration
      – GST registration
      – GST return for one year *

      .

      ₹ 13500/-

      (All Inclusive)

      *GST return price is determined depends upon number of transaction.
      Enquire Now

      PLATINUM

      .

      Drafting of partnership deed
      Partnership registration
      GST registration
      GST return for one year *
      Accounting for one year *

      .

      ₹ 28500/-

      (All Inclusive)

      *The price of the books of accounts is determined depends upon transaction.
      Enquire Now

      Our Process

      signature1

      Required details from the applicant

      jigsaw2

      Preparation of the partnership deed

      document3

      Application for partnership registration

      article-of-incorporation4

      Registrar will issue form 1 certificate of registration of firm

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      Got Queries? Request a call from an Business Consultancy.

        FAQ's

        What is partnership?

        According to Indian partnership Act 1932 partnership is an agreement between two or more person enter into agreement by mutual consent .The agreement is made in the form deed it is called partnership deed

        What is the minimum capital requirement for partnership?

        There is no minimum capital requirement for the partnership .but capital introduced by the partner mentioned into the partnership deed.

        What are the consequence if the death of partner?

        In the case of death of partner remaining partner can continue the business but there should be amendment in the partnership deed.

        Partnership firm is separate legal entity?

        NO .there is no separate legal entity apart from its members according to Indian partnership ACT 1932.The liability of the partners is unlimited.