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Easily Register a Partnership Firm
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Partnership Firm

Partnership is an agreement between two or more parties to do a business  together with a common objective and share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start and are prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners.

ADVANTAGES OF PARTNERSHIP

Easy to start

A Partnership business needs no registration. Therefore, it is one of the easiest to start with no formalities. However, after starting up the Partnership, it is relatively harder to open a bank account or obtain a payment gateway in the name of the business - since more registrations may be required.

Business Name

Since the name of a Partnership is not registered, a Partnership can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

No Annual Filings

A Partnership is not required to file any annual returns with any Registrar each year like Limited Liability Partnership, One Person Company or Private Limited Company. A Partnership is only required to file an Income Tax Return once during thee year.

Steps to Incorporate Partnership Firm

01

Discussion

Our Expert will discuss with you in detail the requirements and guide you the process.
02

Draft

Our team shall draft document as per the discussion and your business requirements considering all other legislative compliances.
03

Approval

We shall share the draft agreement with you for feedback and changes.
04

Finalisation

As per your feedback and comments the agreement shall be finalised and sent to you for signatures.

Packages

  • Basic
  • ₹5499
    per includes
  • Consultancy
  • Deed Drafting
  • --
  • --
  • Delux
  • ₹5899
    per includes
  • Consultancy
  • Deed Drafting
  • PAN
  • TAN

Frequently Asked Questions

Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.

Three elements are necessary to form a partnership:

1. There must be an agreement between two or more persons.

2. The agreement must be to share the profits of the business.

3. All partners together, or any one, on behalf of the others must carry on the business.

Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract.

Yes, a new partner can be admitted to a Partnership by  drafting a new Partnership deed. Also, a Partner can nominate a successor to take his place in the event of death or retirement of the partner. The mode of introducing a new partner or successor is based on provisions in the partnership deed.

A HUF is not a legal person and so cannot enter into partnership with either an individual or another HUF.

1. To take part in the business.

2. To share the profit or loss of the business.

3. To inspect and make copies of the books of the firm.

4. To receive remuneration for taking part in the business if specified in the partnership deed.

5. To receive interest on capital if specified in the partnership deed.

Capital is the initial amount in cash or kind contributed by the partners to start the business. A partnership can be started with any amount of capital contribution. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties.

No, a minor cannot become a Partner. A minor admitted to the benefits of partnership, has the option to become a partner within six months of attaining majority. He has to give a public notice stating his acceptance or rejection of partnership. In the absence of a notice, it is considered that he has become a partner of the firm.

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