Partnership

DOCUMENTS REQUIRED

Pan Card
PAN of Partners
Aadhar Card
AADHAR of Partners
Rental Agreement
Electricity Bill
NOC from Landlord

Partnership registration means the registration of the partnership firm by its partners with the Registrar of Firms. The partners should register their firm with the Registrar of Firms of the state where the firm is located. It is to be noted that partnership firm registration is not compulsory, the partners can apply for registration of the partnership firm either at the formation of the firm or subsequently at any time during its operation by executing a Partnership Agreement.

A partnership is a relationship between individuals who have agreed to start a business on the grounds of mutual understanding, wherein the liability, role, and responsibilities of each individual may differ. Therefore, a partnership consists of three essential elements.

Our expert team shall create partnership deed as it is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned. A partnership deed can be written or oral, although it is always advisable to get a partnership deed to avoid any conflicts in the future.

Types of Partnership

Partnership at will

Particular Partnership

Types of Partners

Active

Sleeping

Nominal Partner

Partner by holding out

Get In Touch

Contact

Social Media

Advantages of Partnership Firm

Easy to Incorporate

The incorporation of a partnership firm is easy as compared to the other forms of business organizationss. The partnership firm can be incorporated by drafting the partnership deed and entering into the partnership agreement. Apart from the partnership deed, no other documents are required.

Less Compliances

The partners do not need a Digital Signature Certificate (DSC), Director Identification Number (DIN), which is required for the company directors or designated partners of an LLP.

Quick Decision

The decision-making process in a partnership firm is quick as there is no difference between ownership and management. All the decisions are taken by the partners together, and they can be implemented immediately.

Process

Application for Registration

Our expert team shall submit application form with the Registrar of Firms of the State in which the firm is situated along with prescribed fees after getting the forms duly attested by all the partners of the firm along with Stamp Duty. The Stamp Duty cost depends on the Number of Partners in the Firm.

Selection of Name of the Partnership Firm

Any name can be given to a partnership firm as decided by the partners of the firm. Provided that, name should not be too similar or identical to an existing firm doing the same business.

Certificate of Registration

Upon Registrar satisfaction with the registration application and the documents, he will register the firm in the Register of Firms and issue the Registration Certificate. The Register of Firms shall up-to-date information on the firms.

Note- The firm’s registration can be done at the time of its formation or incorporation or during the continuance of the partnership business.

Difference between Proprietorship, Partnership, Limited Liability Partnership, Private Limited Company and One Person Company

Features	Proprietorship	Partnership	LLP	Company	OPC
Number of Person	One person	Two or more	Two or more	Two or more	One person and one nominee
Designation	Proprietor	Partner	Designated Partner	Director	Director
Name	As it is	As it is	Ends with LLP	Ends with Private Limited	Ends with OPC Private Limited
Registration	Shops and Establishment	Registrar of Firms	Registrar of Companies	Registrar of Companies	Registrar of Companies
Capital	No Minimum	No Minimum	No Minimum	No Minimum	No Minimum
Legal Status	Not a Separate Entity	Not a Separate Entity	Separate Entity	Separate Entity	Separate Entity
Liability	Unlimited	Unlimited	Limited	Limited	Limited
Audit	If turnover above 1 crore	If turnover above 1 crore	If contribution above 25 lakhs or turnover above 40 lakhs	Compulsory	Compulsory
Compliance	Least	More than proprietorship	More than partnership, less than company	Most	Less than Company
Filing of resolution	No	No	No	Yes	Yes
Taxability	Less	Less	30%+surcharge +cess Distribution of profits not taxed	30%+surcharge +cess Distribution of profits taxed	Comparatively More
Meetings	Not mandatory	Not mandatory	Not mandatory	Mandatory	Mandatory