About Partnership Firm

Partnership Firms in India are governed by the Indian Partnership Act, 1932. As per Section 4 of the Indian Partnership Act:- “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.

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Our scope of work

    1. Any amount of Capital;

    2. Drafting of Partnership Deed;

    3. PAN of Partnership Firm;

    4. Opening of Bank Account documentation;

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Know more about Partnership Firm

Partnership Firms

Partnership Firms in India are governed by the Indian Partnership Act, 1932. As per Section 4 of the Indian Partnership Act:- “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.

 

1. Partner:

  • Minimum 2 Partners are required for starting a Partnership Firm.
  • Partners contribute to capital of the firm and take active participation in the day to day functioning of the firm, hence they are responsible or liable for any activities of the Partnership Firm.

 

2. Registered Office:

  • Any place can be made as the registered office of the Partnership Firm even the residential place can be used as the registered office of the Partnership Firm.

 

3. Registering Authority:

  • Registrar of Firms.

 

4. Required Documents

> Proof of Registered office address (Conveyance/ Lease deed/Rent Agreement/Maintenance Bill)

> Copy of the utility bills of the registered office (Electricity Bill/Telephone Bill not older than two months)

 

Partners

> PAN Mandatory- Indian National / Passport – Foreign National

> Proof of Address (Aadhar / Passport / Electricity Bill/Bank Statement/Telephone Bill/Mobile Bill not older than 2 months)

 

Application for Registration of Partnership with Registrar of Firm

01

Duly filled specimen of Affidavit

02

Certified True Copy of the Partnership Deed

03

Ownership proof of the principal place of business or rental/lease agreement thereof

04

Issue of Registration Certificate by Registrar of Firm

05

Advantages

This means that the more partners there are, the more money they can put into the business.
A partnership is generally easier to form, manage and run.
Partners can share the responsibility of the running of the business. This will allow them to make the most of their abilities.
Partners share the decision making and can help each other out when they need to.

Disadvantages

One of the most obvious disadvantages of partnership is the danger of disagreements between the partners.
Because the partnership is jointly run, it is necessary that all the partners agree with things that are being done.
Ordinary Partnerships are subject to unlimited liability, which means that each of the partners shares the liability and financial risks of the business.
One of the major disadvantages of partnership, taxation laws mean that partners must pay tax in the same way as sole traders, each submitting a Self-Assessment tax return each year.
Partners share the profits equally.
Factors of Comparison Private Company Public One Person Company Limited Liability Partnership Partnership Sole Proprietorship
Capital Min: INR 1 & Max:No Limit Min: INR 1 & Max:No Limit Min: INR 1 & Max:2 Crore Min: INR 1 & Max:No Limit Min: INR 1 & Max:No Limit Min: INR 1 & Max:No Limit
Director Minimum 2 Minimum 3 Minimum 1 - - -
Shareholder Minimum 2 Minimum 7 Minimum 1 - - -
Designated Partner/Parter - - - Minimum 2 Minimum 2 -
Taxation 30%(25% if turnover does not exceed 250 Crore) 30%(25% if turnover does not exceed 250 Crore) 30% 30% 30% As per Slab Rates
Statutory Audit Compulsory Compulsory Compulsory If Contribution exceed INR 25 Lacs; If Turnover exceed INR 40 Lacs Not Required Not Required
Investor Preference High Low Low Medium Very Low Very Low
Compliance Cost Mdeium High Low Low Low Low
Regulator Registrar of Companies SEBI/Registrar of Companies Registrar of Companies Registrar of Companies Registrar of Firms -
Time take for Registration 5-7 working days 5-7 working days 5-7 working days 20-25 working days 10-12 working days 5-7 working days