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Partnership Firm Registration
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. The risk and responsibilities are shared amongst the partners that shred the burden of an individual partner. Also, when two comes together, more capital and expertise are combined that helps to reach the business goal(s) easily.
Partnership Act, 1932 defines the structure of a Partnership firm by providing all the necessary provisions to run the same. The Act validates both registered and unregistered partnership firms in India. However, an unregistered partnership has few shortcomings that attract partners towards Partnership Firm Registration. But, one can overcome it by registration firm anytime after it is formed.
Why Should You Choose Munshi G & Co. for Partnership Firm Registration?
- Expert Team of Qualified CA, CS, and Lawyers
- Dedicated Relationship Manager and On-call Support
- The entire Registration Process is Managed Online
- Quick Turnaround and Economical Pricing
- Thousands of Happy Customers Across All States of India
- Empowered with Secured Technology
- Avail exclusive partner offers on web hosting, payment gateways, etc.
Process to Establish Partnership Firm
Day 1
- Discussion and collection of basic Information
- Providing Required Documents for Partnership firm registration
Day 2 - 4
- Drafting a Partnership Deed
- Review and confirmation from Partners
Day 5 - 7
- Payment of Stamp Duty on the agreement
- Partnership Deed Notarisation
- Application for allotment of PAN and TAN
Day 8 Onwards
- Partnership Deed registration, if subscribed
- Certificate of Registration from RoF*
*Subject to Govt. processing time
Documents required for formation of a Partnership Firm
01
PAN Card
A self-attested copy of PAN Card of all partners
03
Partners Address Proof
Self- attested copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners
05
Business Address Proof
Utility Bill (Electricity Bill) of the place of business
04
Rent Agreement
Rent Agreement and NOC from the owner of the place of business, if rented
Benefits of a Partnership Firm
Shared Responsibilities
The word Partnership itself describes individuals coming together for some common business object. The partners share the responsibility to work and manage the business together. Responsibilities for a particular field or task can be assigned to one or more partners by indicating the same in a Partnership Deed.
Pre-defined Object or Period
At the time of registering a Partnership firm, the deed enumerates the pre-defined business objectives and activities, which is the main aim to commence business. 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.
Operating Flexibility
A Partnership firm is operated on the basis of the Partnership deed executed by the partners, mutually. The partners can decide how to operate the business with their mutual consent. Also, the Partnership Deed can be changed according to the requirement even after partnership deed registration is completed. 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.
Various Financial Returns to the Partners
Partners involved with the firm get various types of returns for their capital as well as their individual efforts. The working partner also receives remuneration in addition to the interest on capital and share of profit, as may be agreed by the partners. Also, the share of profit from partnership firm is exempt for the partner receiving it.