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Partnership Firm Registration

Two or More Individual Person Can Start Partnership Business with Partnership Firm Registration.

According to Mutual Understanding, Partners Required to Make Partnership Deed.

Simple Way to Start Joint Ownership Business in India.

Start Business with Partnership Firm Registration

Partnership Firm Registration In India

Partnership firm registration is concept of business partnership with mutual understanding of two or more person. Initiating co-owned business with agreed term helps in getting synergy benefit of two or more person skills. Registration of Partnership Firm is simplest procedure and can be registered with partnership deed containing agreed terms and sharing ratio of profit or loss. Partnership may be operational, financial, educational etc.

Partnership Firm Registration Features and Benefits

  • Formation is way cheaper than private limited company
  • Fast incorporation process - Can be completed in one day
  • Exemption of tax to partner on partnership firm shared profit
  • Easy addition and removal of partner whenever required
  • Simple tax compliance
  • Process of dissolution / closure is quick and cheaper

Document Required For Starting Partnership Firm

  • PAN Card of Partners
  • Identity Card of Partners Issued by Government
  • Prepared / Drafted Mutually Agreed Terms for Partnership Deed
  • Address Proof of Office/ Business Place (Rent Agreement, NOC etc)

Steps of Partnership Firm Business Registration

  • Decide Work and Sharing Terms of Partnership

    Most important thing while starting partnership firm is to decide terms and conditions of working and sharing. Therefore, among all partner there must be mutual agreement for each term before initiating process of registration for firm.

  • Preparation of Partnership Deed with the help of Experienced Consultant

    Once all partners agreed with terms decided mutually, Experienced Partnership Firm Registration Consultant will prepare finalised partnership deed.

  • Notarisation of Partnership Deed

    Finalised partnership deed need to notarised before legally authorised notary person. All Partners PAN and Identity need to attached with Deed. All Partner will sign before Notary.

  • Application for Firm PAN Card & Opening of Bank Account

    After Notarisation of Deed, First we need to apply for PAN from Income Tax Department. Further, Bank account with name of partnership firm need to be open for doing financial transactions.

  • Obtain Applicable License & Registration

    According to type of business activity and requirement partnership firm must obtain license & registrations. example, Food License, Import Export Code, Goods and Services Tax Registration, etc

  • Maintain Records and File Returns

    Partnership firm required to maintain books of account on compulsory basis. Also income tax return Filing is mandatory for partnership firm. thus partnership firm must file return on due time.

FAQ's of Partnership Firm

Following Document Required for Creating Partnership Business In India.

  1. Passport Size Photo(s) of Partner
  2. Adhar Card of Partners
  3. Pan Card of Partners
  4. Business Address (Rent Agreement, NoC etc)
  5. Partnership Deed Duly Signed By Partner. (Get Professional help For Drafting Partnership Deed).
  6. Office Seal (Partnership Firm Seal)

Once, you are ready with the Document Like Passport Size Photo, Adhar Card, Pan Card of partner etc with Drafted Partnership Deed. Follow the following steps.

  1. Notarise Partnership Deed
  2. Apply For PAN with partnership deed and Office Seal
  3. Once you receive PAN you can apply for GST Number, or Other Applicable License
  4. Open Current Account of Partnership Firm
  5. Start Receiving and Payment of Firm/activity.

No, Foreigner (Non Resident of India) cannot form partnership firm in india. However he can be a Partner with Indian Nationalist Partnership Firm.

Any of below can be a partner in Partnership Firm.

  • Individual (Person)
  • Hindu Undivided Family (HUF)
  • Partnership Firm
  • Company
  • Trust

Allowable Remuneration to partners as per Income Tax Act (Tax will not apply to partnership Firm).

In Case of Loss in Partnership Firm : Rs. 150,000

In Case of profit

Upto Rs. 300000 : 90% Allowable

Plus+

300001 to Unlimited : 60% Allowable.

No, Minor Cannot be a Partner, But if All the partner Agree for admitting minor as a partner then with his guardian authority he can be a partner. Minor is partner only incase of profit. he will not share loss of partnership.

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