Register Now
Partnership Firm Registration in India
Partnership Firm Registration starts @₹5000
No Unseen Fees
Fast and Effortless Process
Lifetime Access to Complimentary Expert Support
Registering a partnership firm in India is a legal process that allows two or more individuals or entities to collaborate with a unified goal to achieve common business aims. This formal agreement details the rights, duties, and responsibilities of each partner. The registration process establishes a solid foundation for the partnership's operations, ensuring transparency, legal protection, and a systematic approach to decision-making. Partnership firms are a favored business structure, especially for small and medium-sized enterprises, as they enable partners to pool resources, skills, and capital while sharing both risks and rewards. Registration boosts the partnership’s credibility and offers benefits such as tax advantages, access to funding, and the ability to enter into contracts and agreements on behalf of the partnership.
Overview of Partnership Firm in India
Table of Content
Complete Partnership firm Registration Application Form
Provide us required Documents
Make an Online Payment
Our expert team will manage the Application process for partnership firm Registration
How to register Partnership Firm with Corporate Shastra
Merits of Partnership Firm Registration
Shared Responsibilities Among Partners
The term "partnership" signifies a group of individuals coming together to achieve a shared business objective. It is the collective duty of the partners to manage and operate the company. Responsibilities for specific areas or tasks may be assigned to one or more partners as outlined in the Partnership Deed.
Predetermined Duration or Purpose
A partnership firm is governed by the partnership deed that all members have agreed upon and signed. Partners can tailor the management of the business according to their mutual agreement. Additionally, the deed can be revised post-registration to adapt to changing requirements. Provided that business operations are detailed in the signed deed, partners have the freedom to manage the business as they prefer.
Operational Adaptability
A partnership firm operates based on the partnership deed that all members have mutually signed. Partners have the flexibility to decide on the management of the business according to their agreement. Moreover, the deed can be amended even after registration to meet evolving needs. As long as the business activities are outlined in the signed deed, partners can run the business as they choose.
Varying Financial Benefits for Partners
Partners in the company are rewarded for their personal and capital contributions through various benefits. Beyond interest on capital and a share of the profits, working partners receive compensation based on the agreement among partners. Furthermore, the partner receiving a share of the profits is excluded from other benefits.
Partnership Firm Registration procedure
Step 1: Selecting a unique name for the Partnership Firm
The initial step in the process is to choose a visionary and creative name that can adapt to all criteria.
Criteria while selecting the name:
The name shouldn't be similar to any other existing firm.
The name shouldn't include any specific words which shows the approval of the government.
The name should be able to express the goal of the Company.
Avoid using any existing Trademarks.
Step 2: Drafting a Partnership Deed
A Partnership Deed is a contract or agreement that arises from the mutual understanding of the partners and outlines the fundamental terms and conditions of the firm. The partnership deed must be documented in writing and signed by each party, reflecting their mutual agreement to formalize it as a legal document.
Step 3: Submit the Application Form
The Application Form must be submitted to the Registrar of Firms (ROF) where the firm is located. It should be signed by all partners to verify the application. The application must include the following details:
Name of the firm
Full name and residence of the partners.
Primary location, where the business is Operating.
The timespan of the firm.
The date of joining each partner.
Step 4: Registration Certificate
The partnership firm must include "(Registered)" after its name from the date of registration. The registrar will review all the documentation and will issue the certificate if satisfied with the procedure.
Guidelines for Partnership Firm Registration in India: A Checklist
To register a partnership firm, the following minimum requirements must be met:
At least 2 partners are needed.
An agreement between the partners.
Valid identification proof for all partners.
A partnership deed (contract/agreement).
To complete the registration process for a partnership firm, you need to provide the following documents:
Application Form 1
Copy of the Partnership Deed
Document proving property registration
Valid identification proof
Passport
Driving License
Rent Agreement (if applicable)
House tax receipt
These documents ensure that all legal and administrative requirements are met for a smooth registration process.
Necessary Documents for Registering a Partnership Firm
Comparison of Business Structures
Proprietorship | Partnership | OPC | LLP | Private Limited | |
|---|---|---|---|---|---|
Ownership | Sole Ownership | Min 2 partners Max 50 partners | Only 1 member | Min 2 Designated Partners | Min 2 Directors Min 2 Shareholders Max 15 Directors Max 200 Shareholders |
Separate
Legal Entity | No | No | Yes | Yes | Yes |
Applicable Law | No specified Act | Partnership Act, 1932 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Companies Act, 2013 |
Statutory Audit | Not Mandatory | Not Mandatory | Mandatory | Based On Applicability | Mandatory |
Liability | Unlimited | Unlimited | Limited | Limited | Limited |
Perpetual Existence | No | No | Yes | Yes | Yes |
Ownership Transferability | No | Yes (Restricted) | Yes (Restricted) | Yes | Yes |
Taxability | Low | High | Moderate | High | Moderate |
Compliance
Requirement | Low | Low | High | Moderate | High |
Partnership Firm Registration package includes
Permanent Account Number (PAN) assigned to the company
Tax Deduction Account Number (TAN) issued to the company
Frequently Asked Questions (FAQs)
What is Partnership Firm Registration in India?
Partnership Firm online Registration is a service provided by the Indian Government to apply for registration of a Firm Under the Indian Partnership Act, 1932.