Partnership Firm
Registration in India
Register Your Partnership Firm With
No hidden costs – One comprehensive
package at just Rs 5,999/-
Includes all the Government Fees* | Stamp Duty | GST Charges as applicable.
*Prices may vary from state to state based on government fees and stamp duty regulations.
No more delays or difficulties! Register your business with India’s #1 provider of company incorporation services. Get a 7 day Guaranteed document upload to the MCA or receive a full refund T&C*
Why Choose AIWS?
Partnership Deed drafted by professionals
A meticulously crafted partnership deed is imperative for transparently defining the rights, responsibilities, profit-sharing, and remuneration of partners. Our dedicated team tailors each deed to meet the unique needs of every client, guaranteeing precise and compliant drafting of the partnership deed.
Most Competitive & Transparent rates
Our team of trained and experienced graduates takes care of your registration process. Independent qualified professionals further verify the process. We follow a strict concept of Maker and Checker.
Legal Compliance Dashboard
We provide a Legal Compliance Dashboard that acts as your secretary for legal work. It intimates you about the upcoming compliances and hence makes sure that you do not miss any of it.
PARTNERSHIP INCORPORATION
Registration Process
Complete our simple form
You need to submit our company registration form so that we help you for further procedure.
Send the documents to us
Send scanned copy of documents and details requires for registration procedure.
Preparation of Partnership agreement & other documents
We prepare a Partnership agreement and send the same to you for review.
Signing of Partnership Deed & Notarization of the same
You will take the print of final deed on the stamp paper and get the same notarized by the nearest notary in your area.
Applying for PAN & TAN number
Our team shall collect the final deed from you and then shall apply for the PAN and TAN number.
Delivery of final output
We will provide you with all the deliverable and registrations, as stated in the package.
Our Pricing
Register your company with ZERO professional fees
Included
GST Registration worth
₹ 1,499/-
Partnership Firm Registration Package
₹ 5,999/-
- Drafting of Partnership deed
- Applying for the PAN card of the firm
- Applying for TAN card of the firm
- MSME Certificate
- Bank account opening support
Add On
MSME Registration
₹ 999/-
What is
Partnership Firm ?
When two or more people join together to start a business and share its profits and losses, it is called a Partnership Firm. In India, this type of firm is regulated by the Indian Partnership Act of 1932. The partnership agreement can be for a specific task or job, and it can have a specific duration or continue until it is ended.
A partnership firm in India can be registered or unregistered under the Partnership Act. However, if it is unregistered, it cannot take legal action against anyone because it doesn't have a formal identity.
Starting a partnership firm in India is a relatively straightforward process, with certain requirements to fulfill. However, unlike other types of companies or limited liability partnerships (LLPs), partners in a partnership firm have unlimited liability. This means they are personally responsible for the debts and losses of the firm. All partners share this liability together. They also have a relationship where each partner acts as both a decision-maker and a representative for the other partners.
Services Covered
- Drafting of Partnership deed
- Applying for the PAN card of the firm
- Applying for TAN card of the firm
- MSME Certificate
- Bank account opening support
Documents required & Minimum requirements
- Proof for Registration
- Minimum Requirements
- PAN Card of all the partners.
- AADHAR CARD and Permanent address of each partner.
- Name of the partnership firm and place of business..
- Address detail of partnership firm intending to be incorporated.
- Details nature of partnership and share in revenue by each partner.
Proof for Registration
- PAN Card of all the partners.
- AADHAR CARD and Permanent address of each partner.
- Name of the partnership firm and place of business..
- Address detail of partnership firm intending to be incorporated.
- Details nature of partnership and share in revenue by each partner.
Minimum Requirements
- Minimum 2 partners required.
Results in Numbers
+
Companies
+
Clients
Years of Experience
+
Employees
PRECAUTIONS WHILE
Incorporating Partnership Firm
- A partnership consisting of more than ten people for a banking business or more than 20 people for any other company would be considered as illegal. Hence, these figures are the maximum limits to the number of partners in a partnership firm.
- A partnership firm is not recognized as a legal person having a separate legal entity from its partners. The company cannot be a part of any other partnership with other firms or individuals.
- The purpose of a partnership firm is not to carry on some charitable work.
- The agreement to carry on with the business must be to share profits amongst all the partners.
- The share of both the profits and losses must be expressed clearly in the partnership deed.
ADVANTAGES OF FILE
Partnership Firm
Easy to register
Establishing a Partnership Firm is easy as there is a requirement of only a few legal formalities in its incorporation. Partnership Firm registration is not mandatory in India. Yet, it is advisable to register a partnership firm as there are many legal and financial advantages for the same. At Legal Workmate, we have a team to carry out the partnership firm registration in India in an organized manner.
Low compliance
A partnership firm does not need to file ROC returns and conduct regular board meetings, unlike the other forms of organization. Due to this factor, it is more cost-competitive as compared to a Private Limited Company.
Easy to select name
The business partners or directors are free to opt for any name for their partnership firm, as there are no stringent naming guidelines. Yet, partners should assure that their company’s name is not similar to a registered trademark or copyright of the third party.
No mandatory Statutory audits
A Partnership Firm is not required to file financial statements with the Registrar of Firm. Hence it is not mandatory to get the account book accounts audited by a Chartered Accountant. Nonetheless, if the turnover exceeds the specified limits or the profit is below a certain percentage, then it becomes mandatory to get a Tax Audit done under Income Tax Act.
Frequently Asked Questions
What is partnership ?
What is maximum and minimum numbers of partners in a partnership firm ?
As per the Partnership Act in India, a minimum of two partners are required to incorporate a partnership firm. The maximum limit of the members shall not exceed beyond 20 in the case of regular business and 10 for banking business.
Who can become partner in a partnership firm ?
Anyone who fulfills all the criteria given below can become a partner
(I) Should be a Major
(More than 18 years of age)
(II) should be sane (Not of unsound mind)
(III) Should not be
disqualified by law from entering into a
contract by court.
Can a non resident indian become partner in partnership firm?
The Partnership Act does not prohibit a non-resident from joining an Indian partnership firm in
Is there any minimum capital requirement to start a partnership firm ?
No, there is no minimum capital requirement to start a partnership firm. A partnership firm can be started with a capital of INR 5000/- also. Further, the capital in the partnership firm can be introduced in any form that is in cash or kind.
Can the contribution of partners and its profit-sharing ratio be different ?
In a partnership firm it is not necessary for each partner to contribute capital in the ratio of profit. Contribution is based on the agreement between the partners, and the profit-sharing ratio is indicated in a separate clause.
What are the rights of the partner in a partnership firm ?
A partner has the following rights in the partnership firm:
(I) To take part in the day to day
business of firm.
(II) To share profit and loss of the firm.
(III) To inspect and verify
the books of firm and contracts.
(IV)
To receive remuneration and Interest on capital as per the partnership deed of the firm.
What is the meaning of partners having a principal and agent relationship ?
In a partnership firm any conduct of one partner applies to all the partners of the partnership firm.
Can a partnership firm become a partner in another firm ?
A partnership firm cannot become a partner of another partnership firm because it is not a legal person. Neither a Partnership firm becomes a partner in an LLP.
How can a partnership firm be dissolved ?
A partnership firm can be dissolved in any of the following manners:
(I) By agreement of
dissolution entered by partners.
(II) By compulsory dissolution, if specified in the
partnership deed.
(III) On the happenings of certain
events specified in the partnership deed.
Can a partner transfer his/her rights to a third party ?
Yes, a new partner can be introduced in the partnership firm with the concern of all the partners. However, the mode of introducing a new partner or successor should be according to the partnership deed. A new partnership deed is required to be executed in aces of change in partners.
Can a new partner be admitted into the partnership firm ?
Yes, a new partner can be introduced in the partnership firm with the concern of all the partners. However, the mode of introducing a new partner or successor is according to the partnership deed. Further, a new partnership deed is required to be executed in aces of change in partners.
What is major drawback of a partnership firm as compared to llp ?
A limited Liability Partnership firm is a much more organized business structure and has a bit more compliance than traditional firms. However, the primary advantage of LLP is that the partners have a limited Liability till the amount of their contribution.
What our Customers Say About Us ?
I suggest Aiws Accountech for providing excellent financial advice and helped me navigate complex tax regulations.
Paresh Parmar - Proprietor
As a CEO, I highly recommend Aiws Accountech because of their expertise and professionalism .
ASHIYA GUHA - CEO
I had a great experience with this accounting firm known as ‘Aiws Accountech’. They handled my bookkeeping efficiently and kept me well-informed throughout the process. Trustworthy and reliable!
