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General Partnership Registration starting

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What is a Partnership Firm?

A Partnership is formed when two or more people join together to undertake business, each providing capital and sharing earnings in a predetermined ratio. In India, the Indian Partnership Act of 1932 governs partnership businesses. Individuals are referred to as Partners and the Partnership Business as a whole. A Partnership deed is a contract between partners that governs the relationship between them as well as between the partners and the partnership business. Partners involved with the firm get various types of returns for their capital as well as their individual efforts. The working partner also receives remuneration in addition to the interest on capital and share of profit, as may be agreed by the partners. Also, the share of profit from the Partnership firm is exempt for the partner receiving it.

Why Partnership Firm Registration?

Economical Formation
The Registration of Partnerships Firm is optional and does not require any formality to be done; one can start the business as per mutual understanding.
Operational Flexibility
The Partnership firm has the advantage of flexibility. They can take decisions and can modify according to the dynamic environment easily.
Better Management
The non-complex ownership structure of a General Partnership makes it easier to manage operations and make enables a faster decision-making process.
Less Compliance
The Partnership Firm has to adhere to very little compliance as compared to a company or LLP. The partners do not need a Digital Signature Certificate (DSC), Director Identification Number (DIN), which are required by other Registered Businesses.

Documents we need

Application for Registration of Partnership (Form 1)
Certified Original Copy of Partnership Deed.
Self Declaration certifying the authenticity of the Documents
PAN Card and Address Proof of the Partners.
Business Address and Ownership Documents

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PERSONALISED SERVICE

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24/7 HELPLINE

We are available to address and clarify all your queries round the clock. So you can worry less and focus more on the business.

Frequently Asked Questions

The registration of a partnership firm in India can take up to 10 to 12 working days. However, the time taken to issue a certificate of incorporation may vary as per the regulations of the concerned state. The registration of a partnership firm is subject to government processing time which varies for each state.
Often, if the partnership agreement is not registered, the court may deem a partnership invalid. If the object of the business is illegal, the court may consider the partnership invalid and dissolve the partnership.
Every partner is jointly and severally accountable for any acts/activities of the firm committed throughout the course of business while he or she is a partner. This means that if a third party is injured or a penalty is imposed during the course of business, all partners will be held accountable, even if one of the partners caused the injury or loss.
There is no minimum capital requirement for the registration of a partnership firm in India.
Minimum of 2 persons and maximum of 20 is required for the formation of a partnership firm.
The partners in a partnership firm are the owners, and thus are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.

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