Easily Register a Partnership

Partnership could be registered or unregistered. Partnerships are ideal for small business in the unorganised sector having multiple promoters.

About Partnership

A Partnership firm is a popular form of business entity. Partnership is an arrangement where parties, known as partners agree to working together to share the profit. The term 'partnership' is defined under Indian partnership act 1932 as under "Partnership is an agreement between two or more persons who have agreed to share profits of the business carried on by all or any one of them acting upon all". The persons who have entered such an agreement are called partners and give their collective business a name, which is necessarily their firm name. This relation between partners arises out of a contract or an agreement.

There are two types of Partnership firms, registered and un-registered Partnership firm. Registration is not compulsory for Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by a deed amongst the Partners.

Process to Register Partnership

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    FILL THE ENQUIRY FORM

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    PROVIDE US WITH THE REQUIRED DOCUMENTS

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FEATURES OF A PARTNERSHIP FIRM

Partners

In the Partnership, there should be at least two persons subject to a maximum of ten persons for banking business and twenty for non-banking business to form a partnership firm.

Profit and Loss Sharing

There is an agreement among the partners to share the profits earned and losses incurred in partnership business According to their contribution.

Agreement

Partnership is formed by an agreement it can be oral or written-among the partners. This agreement must be sign by all partners and send to them. It’s also called Partnership deed.

Legally Existence of Business

Partnership is formed to carry on some lawful, legal business and share its profits or losses. If the purpose is to carry some charitable works, for example, it is not regarded as partnership.

Unlimited Liability

Like proprietorship, each partner has unlimited liability in the firm. This means that if the assets of the partnership firm fall short to meet the firm’s obligations, the partners’ private assets will also be used for the purpose.

No Transfer of Share

No partner can transfer his share to any outside person without seeking the consent of all other partners.

Relationship

The partnership firm may be run on by all partners or any one partner may act for all. For dealing with firm’s transactions, each partner is entitled to represent the firm and other partners. In this way, a partner is an agent of the firm and of the other partners.

ADVANTAGES OF PARTNERSHIP FIRM

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Partnership firm is easy to establish.

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With more than one owner, the ability to raise funds may be increased,

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A partnership may benefit from the combination of complementary skills of two or more people. There is a wider pool of knowledge, skills and contacts.

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Availability of large resources.

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In a partnership firm all the partners “share” the business risks.

DISADVANTAGES OF PARTNERSHIP FIRM

Unlimited personal liability for debts, loss other business liability.

Capacity to raise capital is limited.

The business life is limited.

Investors won’t usually invest in sole proprietorships.

FREQUENTLY ASKED QUESTIONS (FAQS)

PAN Card for the Partners along with identity and address proof is required. It is recommended to draft a Partnership deed and have it signed by all the Partners in the firm. 

The Partner must be an Indian citizen and a Resident of India. Non-Resident Indians and Persons of Indian Origin can only invest in partnership.
A minor may not be partner of the firm but with the consent of all the partners he may be admitted to profits of the partnership and such partner will have a share of property and profits as may be agreed upon.
Application for partnership registration should include the following information:
  • A Name of your firm
  • A Name of the place where business is carried on
  • Date of partners joining the firm
  • Full name and permanent address of partners.
  • Duration of the firm
  • Every partner needs to verify and sign the application.
It is relevant to state that for the purpose of levy of taxes; partnership firm is a separate legal entity quite distinct from its partners composing it and is assessable separately. But for all other laws they are treated as the same because a partnership firm does not have a separate legal entity of its own.
As a partner you cannot do the following without the consent of the other partners: 
  • Open a bank account on behalf of the firm in your own name.  
  • Compromise or relinquish any claim of the firm. 
  • Withdraw a suit or proceeding filed on behalf of the firm. 
  • Enter into partnership with an outsider on behalf of the firm. 
  • Acquire or transfer immovable property belonging to the firm. 
  • Admit any liability in a suit or proceeding against the firm.  
An HUF is not a legal person and so cannot enter into partnership with either an individual or another HUF.
The following are the rights of a partner:
  • To take part in the business.
  • To share the profit or loss of the business.
  • To inspect and make copies of the books of the firm.
  • To receive remuneration for taking part in the business if specified in the partnership deed.
  • To receive interest on capital if specified in the partnership deed.
The following information is essential:-
  • Name of the partnership firm.
  • Place of business of the firm.
  • Date of joining of each partner.
  • Name and permanent address of the partners.
  • Duration of the firm. The statement must be signed by all partners or by their agents specially authorised in this behalf.
A partnership firm cannot become a partner of another firm because it is not a legal person.
Partnerships are unique business relationships that do not require a written agreement. However, it will be always safer said to have such a document. Because partners share profits equally in the absence of a written agreement Nobody will have idea about partner’s liabilities it’s always smart to cover major issues related to your business in writing.
Yes, first of all, you should make partnership deed then you can register your partnership firm with partnership deed in Registrar of firm of your state.

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SIMPLE & TRANSPARENT PRICING

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Basic
Rs.3500*/-
all inclusive fees

Basic partnership deed drafting by a Lawyer.

Standard
Rs.9500*/-
all inclusive fees

Partnership deed drafting by a Lawyer along with deed registration.

Premium
Rs.15500*/-
all inclusive fees

Partnership deed drafting by a Lawyer, deed registration and trademark registration.

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