Partnership Firm
The Indian Partnership Act, 1932 regulates partnerships, which are one of India’s oldest commercial arrangements. Apart from the partners who make up the partnership, it has no independent status. A partnership is not a legal entity; for tax purposes, it has a restricted identity. Under the terms of a partnership deed, any two people who are competent of entering into a contract can form a partnership. It is possible to have an oral or written partnership agreement. It is not necessary to register a partnership deed, however it is recommended for evidentiary purposes because an unregistered firm cannot launch a lawsuit against a third party.
It is straightforward to form a partnership firm because it does not need to be registered to begin operations. A partner is the firm’s and all other partners’ agent. Each spouse is responsible for the other’s behaviour.
Register a Company in 4 Easy Steps
Choosing a Name
Choose a name for the partnership that is appropriate. When choosing a name, care must be taken to ensure that it does not infringe on anybody else's trademarks or contain banned emblems or names.
Business Address
all official communications will be delivered only to this address, it is critical that the firm have a proper address.
Deed of Partnership
The partnership deed establishes the partners' rights, responsibilities, and liabilities. The terms and conditions of the partnership agreement apply to all of the firm's partners.
Application for registration
the Registrar will verify all papers. If the Registrar is satisfied that the Partnership Act's provisions have been followed, the Registrar will enter the information into the Register of Firms and issue an acknowledgment in the prescribed manner
Documents Required For Partnership Firm
- Application for partnership registration (Form 1)
- A certified original copy of the partnership deed is required.
- Affidavit sample declaring that all details in the partnership deed and paperwork are correct.
- The partners’ PAN cards and proof of address
- Proof of the company’s principal location of operation.
Registration Checklist For Partnership Firms
- Creating a cooperation agreement
- As partners, there must be at least two people.
- The maximum number of partners is 20 or less.
- Appropriate name selection
- Principal business location
- The firm’s PAN card and bank account
- To begin the business, you’ll need to invest a certain amount of money.
Advantages
1. It is simple to begin
Partnership firms are easier to form, and in most circumstances, all that is required is a Partnership deed.
2. Making decisions
Decision-making in a Partnership firm is speedier because there is no concept of approving a resolution.
In India, partners in partnership firms have a wide variety of powers, as they can do any business with the approval of the other partners.
3.Funding Sources
In comparison to a proprietorship, a partnership can swiftly raise capital.
In comparison to a proprietorship firm, banks regard Partnerships to be more beneficial when providing credit facilities.
4. Ownership Feeling
Because each partner is the sole owner, the partners have complete control over the firm's operations. Although the tasks may differ, everyone in a Partnership firm is working for a single goal.
Ownership fosters a sense of responsibility and belonging, which aids in the development of a dedicated staff.
OUR PRICING PLANS
Standard
₹ 14,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
Gold
₹ 16,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
- articles of association (AOA)
- Bank account opening
- GST registration
- MSME / UDYAM registration
Platinum
₹ 19,999
- complete company incorporation
- Certificate of incorporation (COI)
- Permanent account number (PAN)
- tax deduction account number (TAN)
- director identification number (DIN)
- digital signature certificate (DSC)
- memorandum of association (MOA)
- articles of association (AOA)
- Bank account opening
- GST registration
- MSME / UDYAM registration
- Share certificate issue
- company commencement form filling