Legal Munshi

Partnership Firm Registration

@ RS. 5,999/- ALL-INCLUSIVE FEE | NO HIDDEN CHARGES

Get your Company Registration within 12 Days of complete documentation. The package of Rs. 5,999/- Includes draft of partnership deed,registered Partnership Deed,Stamp Paper Purchase 1,GST Registration.

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Partnership Firm

A Partnership firm is a business entity created by two or more individuals who have agreed to share profits or loss of the business. The firm is managed, owned and controlled by a set of people that are known as partners and have some shared capital in the firm. Business operates in accordance with the terms and objectives set out in the Partnership Deed. Here, the members are individual partners and share the liabilities as well as profits of the firm in a predetermined ratio. Partnerships are frequently used in India because its easier to form a partnership firm with minimum compliances. Limited Liability Partnership (LLP) is however preferred more over partnership firm because its partners have unlimited liability. A partnership firm registration is done under the Partnership Act, 1932 with very less documentation and formalities.

Need for Partnership Registration

  • • A partner in an unregistered partnership firm cannot sue the firm for enforcing any rights under the Indian Partnership Act, 1932.
  • • If the partnership in unregistered then the individual cannot claim setoff or other proceedings in a dispute with a third party.
  • • The unregistered firm cannot sue third parties whereas the third parties would be able to sue the firm irrespective of registration.

Difference between LLP & Partnership

  • • If the partnership in unregistered then the individual cannot claim setoff or other proceedings in a dispute with a third party.
  • • Partnership firm are registered with the Registrar of Firms which is Controlled by the respective State Government whereas LLPs are registered in India under the Ministry of Corporate Affairs, Central Government.
  • • Cost of LLP registration is higher than partnership registration.
You can check the comparison of the popular types of business entity (i.e. Partnership vs LLP) here.

Minimum Requirements For Partnership Firm Registration

Following are the mandatory requirements to start partnership firm. Check the detailed documents list here

  1. Unique Business Name

  2. Minimum 2 Partners

  3. Proof of place of Business

  4. Partners Details

For further queries kindly refer our FAQ section

Benefits of Partnership Firm

Minimum Compliance:

  The compliance requirement are minimal compared to other business entities. For example there is no need of auditor.

Easy and Simple To Begin:

  Registration is quicker as compared to other business entities.

Comparatively Economical:

  Its cheaper to maintain as the compliance requirements are very minimal.

Ease in Decision making:

  A partner can perform transactions on behalf of the firm without any consent of other designated partners, no resolution is required.

Documents Required For Partnership Firm Registration

Individual Documents (Any 2) Other Document
Aadhaar card of Individual / Designated Partner Sale deed in case one of the property ownership by Partner
PAN card of Individual/ Designated Partner Rental agreement copy if the premises are rented
Driving Liscense of Individual/ Designated Partner Copy of latest electricity bill or water bill or property tax receipt
Passport of Individual/ Designated Partner Form No. 1 (Application for registration under Partnership Act)
Voter ID of Individual/ Designated Partner Original copy of Partnership Deed, signed by all partners
Primary Phone Number and Email ID Affidavit declaring intention to become partner

For further queries kindly refer our FAQ section

Stages For Partnership Registration through Legal Munshi

Img Stage 1.

Identity and Address Proof of Partners :

Arrange for one of each ID and address proof of all the partners. Check the document checklist here

Img Stage 2.

Place of Business Proof :

Arrange for place of business proof along with primary email and phone number for communication purposes. Check the document checklist here

Img Stage 3.

Name Selection :

Select the name of your partnership firm. Kindly keep in mind it should be unique.

Img Stage 4.

Filing of Form 1 :

Based on the documents shared and name selected our expert will file an application with Registrar of Firm of the respective state where the firm is located.

Img Stage 5.

Partnership Deed :

Our expert will then share the copy of partnership deed. Partnership deed is prepared with the consent of all the partners on the stamp paper.

Img Stage 6.

Verification and Submission of the Documents :

Once we receive the signed copy of partnership deed along with all the required documents,we verify and submit it to the respective authorities. Once the registration is done we will inform you and provide the necessary documents.

Procedure for Partnership Registration with Legal Munshi

Step 1 : Complete Our Simple Online form

You have to provide the details in the form.

Step 2 : Expert Guidance

Once you have provided the details, our expert will guide you with the all the documents required for partnership registration.

Step 3 : Return Filing

After submission and upon successful verification of all the required documents, one of our experts will do the partnership registration.

Step 4 : Congratulations!!!

Once the filing is done we will inform you and provide the necessary documents.

Pricing and Packages

Starter

Rs.5999/-

All inclusive Fees

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Draft of partnership deed,registered Partnership Deed,One Stamp Paper Purchase,MSME under Udyog Aadhaar. Inclusive of government fee and GST.

Economy

Rs.7999/-

All inclusive Fees

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Draft of partnership deed,registered Partnership Deed,One Stamp Paper Purchase, MSME under Udyog Aadhaar, GST Registration,. Inclusive of government fee and GST.

Standard

Rs.9999/-

All inclusive Fees

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Draft of partnership deed,registered Partnership Deed,One Stamp Paper Purchase, GST Registration, MSME under Udyog Aadhaar, TAN registration, PAN registration. Inclusive of government fee and GST.

FAQs on Partnership Firm

Who can start a Partnership Firm?

Any Indian citizen with a current account in the name of his/her business can start a sole proprietorship. Registration may or may not be required, depending on the type of business that is planned to be established. However, to open a current account, banks typically require a Shops & Establishments Registration.

How many people are required to start a Partnership firm?

A minimum of two Persons and maximum of 20 partners are required to start a Partnership firm.

How long does it take to start a Partnership Firm Registration?

A Partnership Firm registration takes maximum of 12 days to start functioning.

Aside from a current account, what other registration is required?

This depends on your business and your business requirement. Generically, GST registration, TAN registration, DSC and MSME registration can also be obtain based on business needs.

How long does it take to start a Partnership Firm?

A Partnership Firm takes maximum of 12 days to start functioning.

Will I be able to convert Partnership Firm to partnership or LLP?

Yes, you can! The procedure involved is a little deliberate, but it is possible.