Partnership Firm

Partnership Firm Registration

A partnership firm is an organization formed by two or more persons to run a business to earn profit. Each member of such a group is known as a partner and collectively known as a partnership firm.

Businesses owned, managed and controlled by an Association of People for profit is known as a partnership firm. These firms are prevalent in SME’s in the unorganized sectors. You can get your partnership firm registered with the help of Corporate Consult.

Partnership Registration

You need to submit an application form along with the fees required to Registrar of Firms of the State in which firm is located. All the partners or their agents should sign the application.

Corporate Consult will help you to take care of the registration process.

  • Fill up our Partnership firm form and upload the following documents online.

 

  1. You need to submit the Pan card and address proof for both the partners and the registered firm. 
  2. Fill up Form No. 1 for application for registration under Partnership Act
  • Our experts will verify your documents and get back to you if needed.
  • We will draft the Partnership deed on a judicial stamp paper, signed by all the partners. It states the relationship of partners with the firm as well as their duty and rights.
  • We will also draft an affidavit to certify that all the details mentioned in the deed and the documents submitted are correct.

Registrar will register the firm in Register of Firms and issue Certificate of Registration.

 

Documents Required for Partnership Registration

  • Application for registration of partnership (Form 1)
  • Photographs of the partners
  • Documents of the partners:
  1. PAN card of partners for identity proof.
  2. For address proof you can submit Aadhar Card, Driving License, Passport or Voter ID card.

The address, proof should match PAN card details.

Documents of Firm

  • Pan Card

We will get your firm’s PAN card ready by filing Form 49A online. For the online process, we need your digital signature on the application. For offline we will send your application and required documents to PAN processing center, Pune.

  • Address Proof

You have to submit the rent agreement, NOC from the owner, and a utility bill (electricity bill, water bill, property tax bill, gas receipt, etc.) if the office is rented.

If any partner owns the place then a utility bill stating the name of the owner and NOC from the owner (name as mentioned in utility bill) has to be submitted.

Minimum Requirements for Partnership Registration

  • You need a minimum of two-person to start a partnership firm. Maximum of 20 persons are allowed in the business.
  • FDI’s are not allowed in Indian Partnership Firm. Only Indian citizens are allowed.
  • You don’t require any minimum capital to start a partnership firm. It solely depends on the partners and the type of business.
  • Name of the firm should not be similar or identical to an existing firm doing the same business and should not contain words that require sanction or approval of the government. It should be unique.
  • We need to chart an agreement known as Partnership Deed. Different states have different stamp duty for partnership agreements. Hence while creating a partnership instrument (Deed) we need to purchase stamp paper of appropriate value as mentioned in the respective state. 
  • We will help you to get GST registration for your partnership firm by submitting PAN number, address proof of the firm and the partner. 

FAQs on Partnership Registration

Minimum two and a maximum of 20 persons are required to start a partnership firm. The partners must agree to come together to process any legal business with the motive of earning profits.
There are two types of firms, unregistered firm, and registered firm.

  • An unregistered firm is not registered with the registrar of firms. 
  • Registered Partnership Firm is one that registers their partnership with the registrar of firms by submitting the relevant documents of Partnership deeds and KYC of partners and address proof of the firm.

 

There is no specific format for the partnership deed as per the law. It solely depends on the partners. You can change the terms and conditions even after you enter a partnership. However, each amendment of the agreement should be filed with the registrar for its registration.

We will include the following points in your agreement:

  • The name of the firm
  • Name and Details of the partners
  • Main objective and activities of the Firm
  • Date of Commencement of the firm
  • Duration of the partnership’s existence
  • The clause relating to Capital Contribution
  • Profit/loss sharing ratio of the partners
  • Interest on capital payable to the partner
  • Management and Administration of Partnership Firm
  • The procedure followed in case disputes arise between partners
  • The deed must be signed before two witnesses and should be notarized