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Partnership Firm

4.9

150 - Reviews

Partnership Firm

100 People purchased

Partnership Firm

4.7 (150 - Reviews)

100 People purchased

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Provide basic details and proceed for payment
After payment completion, We will call you to discuss the requirement
Your service will be delivered within agreed turnaround time
Understand the service & proceed for booking
Provide basic details and proceed for payment
After payment completion, We will call you to discuss the requirement
Your service will be delivered within agreed turnaround time

What Is A Partnership Firm?

“Partnership” is the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Two or more parties come together with a formal agreement (known as Partnership Deed) where the roles, duties and the share of each partner is explicitly defined. Persons who have agreed to enter into partnership are called “PARTNERS” and collectivelya “FIRM” The risk and responsibilities are shared amongst the Partners.

Partnerships in India is governed by the Indian Partnership Act, 1932. Partnership Act, 1932 defines the structure of a Partnership Firm by providing all the necessary provisions to run the same. The Act validates both registered and unregistered partnership firms in India.

Benefits Of Forming A Partnership Firm

Forming a Partnership Firm offers many benefits. 

  • Easy to Start
  • Minimal Regulatory Compliance
  • Operating Flexibility for Partners
  • Various Financial Returns for the Partners

Detailed Registration Process

  • Step 1: Submit all the required documents
  • Step 2: Drafting a Partnership Deed
  • Step 3: Payment of Stamp Duty on Deed
  • Step 4: Notarisation of Partnership Deed
  • Step 5: Apply for PAN and TAN of the Firm
  • Step 6: Certificate of Registration from RoF
  • Step 7: Open a Current Bank account on the Firm’s name

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Frequently Asked Question

A partnership firm can be registered whether at the time of its formation or even subsequently. The application for registration is to be made to the registrar of firms of the region in which the business is located. It is advisable to get the firm registered as soon as it starts its business to avail the rights and benefits that can be enjoyed only by a registered firm.

As per the Partnership Act, both registered and unregistered partnerships are valid and recognised by law. Partnership registration is not compulsory. Mostly, the businesses at initial level prefer unregistered partnership till they reach stable level. The unregistered partnership can be registered at any time after its formation.

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