Partnership Firm
A partnership is ideal for small-sized businesses in the unorganized sector with easy registration and multiple promoters.
A Partnership is essentially a coming together of an association of persons for undertaking business activities for profit. The essential document for the operation of a Partnership firm is a Partnership Deed which may or may not is registered. In this type of business form, the liabilities and the profit of the business is shared by the individual partners of the firm in a particular ratio as agreed upon in the Partnership Deed. The introduction of Limited Liability Partnerships has reduced the preference of business community for these firms due to the advantages offered by LLPs such as limited liability and low set up costs.
For Registration of this firm, there are two types of Partnership registration, registered and unregistered. It is optional to register a partnership firm: However, we suggest you register your Partnership deed due to added advantages.
Panomics Legal Mentors is the best platform for services relating to partnership registration in India, offering a variety of company registration services like Private Limited Company registration, One Person Company (OPC) registration, LLP registration, Public Limited Company registration, Nidhi Company registration, Section 8 Company registration, Producer Company registration, Indian Subsidiary registration and FSSAI registration.
Panomics Legal Mentors will help you to register a Partnership with the least amount of effort from your side, offering your services that are specifically tailored for your needs.
Get a free consultation for Partnership registration with Our Top Rated Experts with simple Registration.
Advantages of Partnership Firm
- Easy to start –– This firm is not mandated by law to be registered and thus it is easy to set up such a business form. Its registration, however, is recommended as that will attract tax benefits to the firm. Just as registration with RoC is required to register companies, registration of this firm can be done with Registrar of Firms.
- Name of Business – A Partnership can choose to have any name for its business so long as it does not infringe only any existing Trademark. This is due to the fact that a Partnership is essentially not registered under any particular act. This also means that any other business can use the same name as used by This firm.
- Compliance benefits – There is no requirement to annually file accounts of the firm with Registrar of Firms unlike the case of LLPs or Companies who are required to file annual accounts with the RoC.
- Less Expensive – The costs of a firm are lesser as compared to an LLP as the expenses involved in the hiring of an auditor are not required.
Documents required for registration
- Duly filled Form No. 1 – Registration application as per Partnership Act along with the requisite fees as a Demand Draft
- Copy of Partnership Deed signed by all partners
- Affidavit specimen for intent to become a partner
Mandatory
- Self-attested copy of PAN card of all partners
Identity Proof:
- Passport; or
- Aadhar card; or
- Voter ID; or
- Driving license
Business Address Proof:
- In the case of self-owned premises registered title document;
- In case of rented premises a notarized copy of Rent Agreement with a No-Objection Certificate (NOC) for conducting business
Unregistered Partnership
- Duly signed Partnership Deed on a non-judicial stamp paper by all partners
- Notarization of the above Partnership Deed commencing which the Partnership Firm is deemed to be registered
Minimum Requirements:
- A Minimum of 2 partners
- No requirement of minimum capital
Registration Process
Panomics Legal Mentors will help you to register as a Partnership Firm with the least amount of effort from your side, offering your services that are specifically tailored for your needs.
Get a free consultation for Partnership registration with Our Top Rated Experts with simple Registration.