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Starting from 6498/-

Partnership firm registration

Steps Involved in Partnership Formation

Are you looking to register your partnership firm in India? Look no further! Our online registration process is designed to make it easy for you to register your partnership firm quickly and hassle-free. With our affordable prices, reliable service and simple process, you can get your partnership firm registered in no time. We understand that registering a partnership firm in India can be a complex and confusing process, which is why we are here to help you every step of the way. Our team of experts will guide you through the entire process, ensuring that you meet all the legal requirements and complete all the necessary paperwork. So why wait? Register your partnership firm in India online today and start your business journey!

A partnership firm is a popular form of business structure for businesses that are owned, managed and controlled by a group of people for profit. Partnership can be started by 2 or more people. Partnerships firms are pretty easy to start, and it is popular amongst small and medium sized businesses in the unorganized sectors. Ever since the limited liability partnership structure was introduced in India. Partnership firms are fast losing their relevance due to the numerous advantages offered by a limited liability partnership.

Features of partnership

  • It is not considered a separate legal entity unlike other forms of company’s structure.
  • All partners have unlimited liability in business, it means personal assets are not insulated from the firm liability, assets and properties of partners can be liquidated to meet debts of the firm.
  • A partnership cannot continue for perpetuity. In case of death or retirement or bankruptcy or insolvency or insanity, any of the partners will dissolve the partnership. Which means ownership in partnership cannot be changed.
  • The cost of forming a partnership firm is low.
  • No compliance formalities, annual filing not required.
  • No requirement of minimum capital contribution.
  • Minimum two partners and maximum 20 partners can form a partnership firm.
  • In a partnership, the business can be carried out by all the partners together or alternatively, business can be carried out by any of the partners (one or several) acting for all of them or on behalf of the firm. So this means every partner is treated as an agent as well as the principal of the partnership.

    To start a partnership firm, you must have unique name for proposed company, you can choose any name but make sure it does not infringe on a registered trademark of any other existing company., it is advisable to check the proposed name in the trademark database and if it’s available, you must also register a trademark so that the same name will not be exploited by others.

    This company formation is recommended for traders, home business, retailers and self employed.

Reason to start a partnership firm:

  • Easy formation: Partnership is a contractual agreement between the partners to run a business for profit. Hence, it is relatively easy to start. Legal formalities associated with formation are minimal. Though, the registration of a partnership is desirable, but not mandatory. You can simply make partnership deeds, open business bank accounts and start business activity.
  • Availability of more capital: As we know a sole proprietorship suffers from the limitation of limited funds. Partnership overcomes this problem, to a great extent, because there is more than one person who may provide funds to the business. It also increases the borrowing capacity of the partnership firm. Moreover, the financial institutions also perceive less risk in granting credit to a partnership firm than to a proprietorship because the risk of loss is spread over a number of partners rather than only one.
  • Combined expertise, skills and judgment: As there is more than one member in partnership, all the partners are involved in decision making. Usually, partners from different specialized areas bring their skills and expertise to complement each other. For example, if there are three partners, one partner might be a specialist in finance, another in production and the third in marketing. This gives the firm an added advantage of collective expertise for making better decisions. It also gives them a sense of ownership.
  • Diffusion of Risk: As in case of sole proprietorship firms, entire losses are borne by the proprietor only but in case of partnership, the losses of the firm are shared by all the partners as per their agreed profit-sharing ratios.
  • No statutory audit: Under partnership, there is limited external regulation, no annual filing of statutory audit required. Therefore it provides great relief to small businessmen.

Documents required for partnership firm:

Partners documents for partnership firm:

  • Passport size photograph of partners
  • Copy of pan card of partners
  • Copy of aadhaar card/ passport/ driving license/voter identity card of partners
  • Electricity bill/ mobile bill/telephone bill (business place).

Documents required for the registered office:

  • Electricity bill/ mobile bill/ telephone bill (business place)
  • Rent agreement if rented
  • Property paper if owned

 

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