Partnership Registration
Partnership Registration
" Get Your Partnership Registration Within 1 Day. "
Get your Partnership Registration now from anywhere in India.
How Partnership Registration Works?
Collect Details
We collect your business details.
Drafting Details
We make your initial draft and share with you.
Final Implementation
We implement all details and fine tune every aspect.
What is Partnership Firm?
A partnership firm is a well-recognized business structure formed with mutual consent of all the partners for a profitable purpose. Partnership firm represents a business entity that is formed with a purpose of making a profit from the business. Two or more parties come together with a formal agreement (known as Partnership Deed) to own and manage the business.
Partnership firms are not separate legal entity while the partners are. A partnership firm cannot be debtor or creditor and cannot own a property .The property, debit or credit of a partnership firm is actually for the partners in the eyes of law
Choose Partnership because
- Partnership registration is inexpensive as compared to LLP.
- It has minimum compliance requirement.
- Partnership registration is very easy.
Documents required for formation of a partnership firm
Partners address proof: copy of Aadhar card and voter id , driving license , passport of all partners.
Rent agreement: NOC and rent agreement required from the owner of the place of business ,its rented.
PAN card : a copy of PAN card of all partner required which must be self attested.
Business address proof: Utility bill or electricity bill of the place of business.
Protection
Protects one from personal liability and different risks, losses in business.
Attract Customers
Attract market and customers by increasing trust and confidence in them.
Secure Credibility
Get good credit investments from banks and investors, securing reliability & rating.
Liability Protection
Registering a TM owns a license that can be sell, assigned, franchised, commercially contracted.
Greater Capital
Expanding your business internationally with a trademark registered in India is a benefit.
Expansion
By getting a trademark registration you build goodwill and build trust in your customers.
Benefits of Partnership Firm
The working partner also receives remuneration in addition to the interest on capital and share of profit, as may be agreed by the partners
Pre-defined object or period:A partnership can be formed within a specified period or to complete a specific project or object. Once the same is completed, the partnership will automatically stand dissolved.
Shared responsibilities:The partners share the responsibility to work and manage the business together.
Operating flexibility:There are no limitations or restrictions on the partners in regards to running the business, as long as it is covered under the signed agreement.
Why Partnership registration?
A partnership registration is one of the best option for small businesses that plans to remain small. it has Low costs, easy in setting up and minimal compliance requirements to make it a best option for such businesses. The registration is optional for General Partnerships. It is governed by Section 4 of the Partnership Act, 1932.
Minimum requirements for partnership registration
- No fixed minimum capital requirement
- Minimum 2 partners
Registration procedure of partnership firm
Step 1
In step first select an appropriate name for the firm.
Step 2
In step second the applicant has to file an application I form 1 of partnership firm registration.
Step 3
In step third partnership deed is prepared with the consent of all the partners on the stamp paper. Partnership deed includes-
- Capital contribution made by all partners.
- Shares/Interest of all the partners.
- Other clauses made with mutual consent of all the partners.
- Details of the partners and firm such as their name, address, qualification, etc.
- Nature of the firm or business activities involved.
- Circumstances or process that would be followed in case of death or retirement of any designated partner.
- Profit/loss sharing ratio among all the partners.
- Details of loans provided by the partners.
- Rights, duties, salaries, commissions, or payable amount of the partners.
Step 4
In Step fourth submit all the perquisite documents along with the partnership deed you have prepared.
Step 5
In step fifth after the submission verification of documents and issuance of registration certificate.
Advantages and disadvantages of partnership firm registration
Advantages of partnership firm registration are as follows:
- Easy in decision making
- Easy management without any disputes
- Easiest business structure
- Raising funds
- Abrupt dissolution
- Unlimited liabilities
- Maximum number of members
- Less trustworthy for the general public
FAQ
- Visit Legaltax Website
- Fill up a simple form on our website providing basic information about proprietor and business to get
- Partnership Deed
- Get this Deed printed on Stamp paper of specific value and get it registered with the help of any nearby Advocate/Registrar.
- No fixed minimum capital requirement
- Minimum 2 partners
- Capital contribution made by all partners.
- Shares/Interest of all the partners.
- Other clauses made with mutual consent of all the partners.
- Details of the partners and firm such as their name, address, qualification, etc.
- Nature of the firm or business activities involved.
- Circumstances or process that would be followed in case of death or retirement of any designated partner.
- Profit/loss sharing ratio among all the partners.
- Details of loans provided by the partners.
- Rights, duties, salaries, commissions, or payable amount of the partners.
- Easy in decision making
- Easy management without any disputes
- Easiest business structure
- Raising funds
- Partners address proof
- Rent agreement
- PAN card
- Business address proof
- Audit not required
- Easy to establish
- Relatively Inexpensive
- Minimal compliances
- Partnership registration is inexpensive as compared to LLP.
- It has minimum compliance requirement.
- Partnership registration is very easy.
Why Choose LegalTax ?
No Hidden Fees
Everything is explained to you with no hidden charges or conditions.
Expert CA/CS/Advocate Assistance
Prompt response from our in-house expert professionals.
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Confidential & Safe
All your private information is safe with us and no shared with anyone.
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Flexible Payments
We provide our customers options to make payments flexibly.