Partnership Firm Registration

Registration of a Partnership Firm Business

Partnership business model is appropriate for small and medium sized businesses, primarily operating in un-organized sectors with multiple promoters.

we can help you in…:

Collating the relevant details to understand your business needs;
Preparing the required documents and share the first draft in just four days;
Drafting (if required) another round (maximum two) of information iterations at zero cost to you.

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Understanding the Partnership Model

Partnership Firm is the most popular business form that consist the management and control of two or more individuals who carry business activities as per the terms and objectives defined in Partnership Deed. Its low investment, ease of setting-up, and minimal compliance requirements make it a good option for aspiring entrepreneurs that are unlikely to opt for any debt. Moreover, registration is optional for operating a Partnership Firm in India, however, it is sensible to register a Partnership venture to enjoy certain additional privileges.

Recently introduced business form in India, Limited Liability Partnership (LLP), however, has started impacting the Partnership model as LLP provides unlimited liability to the partners, which means they are personally liable for all the business related debts.

A partnership firm is a business structure in which two or more individuals manage and operate a business as per the terms and objectives set out in a Partnership Deed that may or may not be registered. In such a business, all members are individually the partners and share the liabilities as well as profits of the firm in a predetermined ratio.

Key-Advantages of a Partnership Firm

Fast Registration

Partnership firm can start operating in just 3 to 5 business days, even with an unregistered Partnership Deed. Registration of business, however, provides certain privileges. The most prominent advantage of registering a partnership, it enables partners to file law-suits to enforce business operations as per the Partnership Act, along with other benefits.
Easy Management

There is fewer or even no annual compliances are required for operating a partnership firm as compared to company and LLP business models. The partners literally do not need to hire an auditor as they do not have to file Income Taxes and / or service and sales taxes, however, the amount of taxes depend on the annual turnover of the firm.
Economical

Unlike an LLP or a Company form of business, setting-up a partnership firm is not just easy but economical as well (even over the long-run), simply because of its minimal financial and legal mandates. This is the reason why, despite its various shortcomings (including unlimited liability), home ventures mostly invest in the partnership model of business.
Minimal Legalities

If a partnership is not registered, then there is no need to file annual accounts with the Registrar. Moreover, partners can choose any business name, provided it is not infringing on an already registered trademark. There is, however a flip-side to it, if a business name is not registered, any firm or individual can use the same name for the venture, unless trademark registration is obtained.

Required Documentation Chart

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Indian Resident

Identity Proof

Copy of PAN Card (mandatory)

Residence Proof

AADHAAR Card
Voter’s Card
Bank Statement
Electricity / Water Bills (recent two-months)

Proof of Registered Office

Property Tax Receipt
Electricity / Water Bills (recent two-months)

Additional Documents:

Form No. 1 (Application for registration under Partnership Act)
Original copy of Partnership Deed, signed by all partners
Affidavit declaring an intention to become a partner
Rental or lease agreement of the property / campus on which the business is set*

*Along with the Rent Agreement, a letter of consent by landlord containing a signed agreement to use the rented space as a registered office is also obligatory to be submitted.

Non-Resident Indian / Foreign Resident

Identity Proof

Notarized or Apostilled Copy of Passport (mandatory)

Residence Proof

Notarized or Apostilled Copy of Passport (mandatory)

Proof of Registered Office

Property Tax Receipt
Electricity / Water Bills (recent two-months)

Additional Documents:

Form No. 1 (Application for registration under Partnership Act)
Original copy of Partnership Deed, signed by all partners
Affidavit declaring an intention to become a partner
Rental or lease agreement of the property / campus on which the business is set*

*Along with the Rent Agreement, a letter of consent by landlord containing a signed agreement to use the rented space as a registered office is also obligatory to be submitted.

Key Requisites for a Partnership Firm include:

Partnership Deed determines the ownership structure, profit sharing ratio, along with rights and responsibilities of each of Partner involved. A partnership deed can be registered with the Registrar, and experts at Digital Filings can make it simpler for you.

Bank Account can be opened in the name of a Partnership firm for which a copy of partnership deed and relevant KYC documents of every Partner must be submitted along with other documents as required by the Bank. Associates at Digital Filings can assist you in completing all the required documents so that your bank account is opened easily.

METAFILING ONLINE SERVICES

Partnership Firm Registration

Registration of a Partnership Firm Business

Collating the relevant details to understand your business needs;

Preparing the required documents and share the first draft in just four days;

Drafting (if required) another round (maximum two) of information iterations at zero cost to you.

Get Started!

Understanding the Partnership Model

Key-Advantages of a Partnership Firm

Fast Registration

Easy Management

Economical

Minimal Legalities

Required Documentation Chart

Key Requisites for a Partnership Firm include:

Reach Us!

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