Planning to Form a Partnership Firm? Well, Help Is Just a Click Away!

Quick Process, Zero Hassle, Full Support

Perfect for new business owners who wish to start a business in a group. Very easy to set up with minimal documentary requirements. Provides great tax benefits and superior ease of doing business.

What is a Partnership Firm?

A partnership firm refers to that business entity that has been established to make a potential gain from the business dealings and operations. When two or more parties coalesce together to own and manage the business and that is made official through a formal agreement known as a Partnership Deed, a Partnership firm comes into existence.

The Partnership Act, 1932, delineates the structure of a Partnership firm and provides all the necessary provisions for its seamless operation. The Partnership Act allows the existence of both registered and unregistered partnership firms in India.

Of course, an unregistered partnership firm will face numerous shortcomings in business and operation. As a result, people are encouraged to go for a Partnership Firm Registration. With online registration of a Partnership Firm anytime after it is established, you can make the entire procedure seamless.

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Advantages of Partnership Firm Registration in India?

When two individuals are formally issuing an agreement for a common objective, it is called a partnership. The partnership agreement entails every partner or member to fulfill their roles and responsibilities. There are various proceedings regarding the partnership firm registration in India and this page will enlighten you about the same.

Though there are two types of partnership firms- registered and unregistered, it is always essential for the members to register a partnership firm. The registration enables the owners to enjoy a plethora of benefits. At My Legal Clinic, a partnership firm registration is made quick and effortless. We ensure that your company is registered as a partnership firm within 7 to 10 days.

Features of Partnership Firm

Features of Partnership Firm Partnership firms come with great benefits and advantages. They keep the business and business owners separate. That means the legal and business liability of the individual is pretty much limited in this type of business firm registration.

Here are the features cum advantages of registering a partnership firm:

1. Ease of formation

A partnership firm is pretty easy to form, there is a minimal documentary requirement, and the time taken to form the same is also less.

2. Its Flexible

Its Flexible business policies in the case of a partnership firm are easy to formulate, change and implement. That's why a partnership firm provides great flexibility in terms of operations.

3. Capital Requirements

The owners of the firm must fund the partnership individually, hence they get the freedom to decide how much capital they wish to infuse in the firm.

4. Easy decision-making process

Taking business decisions in case of a partnership does not require long proceedings or a legal framework to be followed. Hence decisions can be made quickly and without any complications.

Partnership Firm Formation Packages All you need to do for registering a Partnership firm is to read and understand the sections below. Provide us with the documents, purchase a package, and relax!

Partnership Firm Registration Fee

All you need to do for registering a Partnership firm is to read and understand the sections below. Provide us with the documents, purchase a package, and relax!

Basic Package

Save upto 5% cost on this package

3,500

(inclusive of all taxes)

  • Name Search report
  • Drafting of Partnership Deed
  • Noterization of Partnership Deed
  • Issuance of Partnership Firm PAN Card
  • Bank- Current account opening
Get Started

Growth Package

Save upto 10% cost on this package

5,500

(inclusive of all taxes)

  • Name Search report
  • Drafting of Partnership Deed
  • Noterization of Partnership Deed
  • Issuance of Partnership Firm PAN Card
  • Bank- Current account opening
  • MSME Registration
Get Started

Premium Package

Save upto 15% cost on this package

15,000

(inclusive of all taxes)

  • Name Search report
  • Drafting of Partnership Deed
  • Noterization of Partnership Deed
  • Issuance of Partnership Firm PAN Card
  • Bank- Current account opening
  • MSME Registration
  • Trade mark Registration
Get Started

Documents Required

Here is a simple list of the criteria and documents that one has to furnish in order to form a partnership firm.

Minimum Criteria

  • Requires a Minimum two Partners having valid PAN & Address Proof and being 18 years of age can start a Partnership Firm
  • No Minimum Capital required

Documents

  • Self Attested Copy of Pan Card
  • Self Attested copy of Aadhaar Card/Passport/Driving License/Voter Identity Card, any one
  • Passport size photograph
  • Mobile and email ID

Documents For Registered Office

  • Electricity/Water bill pertaining to the proposed registered office
  • Copy of rent agreement (if the office is running from a rented property) or,
  • Sale Deed(in case property is owned)

Frequently Asked Questions (FAQs)

My Legal Clinic believes in answering your questions. We know that as a new business owner you would have certain levels of anxiety and doubts about how the legal business environment works, well don't worry, read our FAQs, they have been put here to answer all the usual questions that you might have about forming a partnership firm.

Who should go for a partnership firm?

Any set of persons who wish to start a business should ideally start with a partnership firm. It gives them ample freedom to focus on the business in its initial days plus the legal liability is also shared.

What are the benefits of partnership firm registration in India?

There are many benefits associated with forming a partnership firm. Firstly there is no minimum capital requirement. So, you can start your business with any amount you can afford to invest in the business.

Secondly, the number of compliance modalities to be followed is pretty simple. This category of the firm has a sole intent to help the new business focus on its core objectives and grow, rather than being stuck with meeting compliance modalities.

Do I have to furnish any capital for partnership firm registration in India?

Although as per the rule there is no minimum capital requirement, it does not mean you don't have to invest anything. You and your partner/partners would be required to infuse capital into the partnership firm, however, the amount can be decided amongst yourselves. There are no minimum requirements.

Can I open a current account in my partnership firm's name?

Yes once you have the firm registered then you can easily open a current account in the name of the business using the legal documents provided. You can always go for our premium package, it has current account opening as a standard feature.

Will I be directly liable for the business?

You and all your legal partners would be directly liable for the health of the partnership firm. So, in a way the liability gets divided, however, it still exists. Having said that the business structure that comes with a partnership registration has a robust architecture. Things are well defined and noted on stamp paper. Capital contribution is also clear and so is the responsibilities of the directors. Everything is noted legally and mentioned in the partnership deed registration document. Since your business becomes a legal entity hence the liability exists.

Does a registered partnership firm comply with modern corporate structure?

Absolutely! A registered partnership firm is a proper legal entity, right from the application form, sharing of profits, profit sharing ratio, loss sharing ratio, scope of liability to getting the registration certificate, everything is governed by the Indian corporate law. The scope of registration of partnership firm is absolute, there are no loop holes in it. In fact if you explore the public domain for the process of registration then you would know how hardy the process is. Coming to the modern corporate structure, the Indian corporate law is now designed and calibrated for the global markets.

Partnership firm registration process is just an example of how serious our business law makers and enforcers are now. Although we cannot compare the structure with a public company, however a partnership firm can conduct all the business activities with equal finesse as them. It clearly defines the role of the individual partner and even caters to their complete identity proof, ownership proof too.

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