Partnership Firm

  • Name of the Firm
  • Date of Commencement
  • Nature of Business
  • Registered Office Address alongwith Proof
  • Capital contribution, if any
  • Profit or Loss Sharing proportion
  • Remuneration to Partners, if any
  • Name of Partners and their Address details
  • KYC of Partners
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WHAT?

Partnership Firm is the most popular form of doing a business in India wherein two or more people in association with each other come together to operate and run a business and share the profits and losses of the firms.

Partnership Firms can be started just by entering into a Partnership Deed wherein all the terms and conditions of doing the business are defined as decided by the mutual consent of the partners. Although the registration of the Partnership Firms is not mandatory, however, if the same gets registered with the Registrar of Firms, Authority for registering the Partnership Firms, some of the rights for e.g, legal identity gets available with such registered Firms which are not available in case of unregistered firms, hence it is always advisable to get the Firm registered with the Registrar of Firms.

WHY?
Easy formation
A partnership firm can be started within 1-2 days by simply entering into a partnership deed between the partners, unless registered with the Registrar of Firms.
Better Decisions
More minds leads to better decisions as against the single mind. Further decisions are faster as no need to pass the resolutions unlike Companies.
No Annual Filings
As against the LLP and Companies, Partnership Firms are not required to do any Annual Filling with any concerned authority.
Risk Sharing
As against the Sole Proprietorship, the Risk of Losses gets shared among all the partners in the ratio as defined in the Partnership Deed.
Name of Business
Since the business of Partnership Firm is not mandatorily required to be registered with any authority, the partners can keep the name of their firm of its own choice.
WHO?

Any two or more individual persons willing to start up their own business in association with each other can enter in a Partnership and start up their own Firm.

HOW?
Basic Registration
  • Step 1: Basic Information: - is required about of the proposed firm viz. Name of the proposed firms, business to be carried out, registered office of the firm, etc. along with the KYCs of all the partners willing to form the Firm.
  • Step 2: Partnership Deed: - A Partnership Deed is executed incorporating all the Basic Information of the Firm and terms and conditions as decided among the partners through mutual consent. The deed is entered on a requisite Stamp Paper and signed by all the partners of the Firm.
  • Step 3: Permanent Account number (PAN): - After the execution of the Partnership Deed, the Firm needs to apply for the PAN with the Income Tax Department in the name of the Firm.
  • Step 4: Opening of the Bank Account: - A current account in the name of the Firm is opened with any Bank for the smooth operations of the business of the Firm.
Advanced Registration
  • Step 5: Registration with Registrar of Firms: - If the Firm wants to avail the legal benefits then it can get itself registered with the Registrar of Firms with payment of nominal fees wherein all the partners are required to visit the Registrar along with their original ID Proofs and two witnesses.
  • Step 6: Verification: - After the visit, the registrar will verify the documents of the firm and the proofs of the partners.
  • Step 7: Registration Certificate: - After verification, if the registrar gets satisfied with the correctness of the particulars of the documents and proofs, he will the issue Certificate of Registration in the name of the Firm which is valid for the lifetime of the Firm unless surrendered.