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Partnership Firm Registration

Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. The document in which the respective rights and obligations of the members of a partnership is written called Partnership Deed.

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership. There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and Sudnya Startup Mantra can help start a registered or un-registered Partnership firm in India.



Partnership Firm Advantages

  • Higher capital.
  • Easy to start and dissolve.
  • Reduction of work load.
  • Credit facility.
  • Close supervision.
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Private Limited Company is the most prevalent and popular type of corporate legal entity in India. Private limited company registration is governed by the Companies Act, 2013 and the Companies Incorporation Rules, 2014.

Documents Required For Registration


  1. Address proof (Passport) / Driver’s License / Voter's ID)
  2. Identity proof (PAN card), and in case of a foreign national (passport).
  3. Passport Size Photograph of all partners.
  4. Proof of place of business.
  5. Residential Proof:
    • Bank Statement
    • Electricity Bill
    • Telephone Bill/Mobile Bill
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Partnership Firm Registration Packages

PROFESSIONAL PACKAGE

  1. Company Incorporation Certificate
  2. One Company Name Registration
  3. PAN / TAN
  4. DIN No.
  5. Udyog Aadhaar Certificate
  6. MOA
  7. AOA
  8. Share Certificate
  9. MSME Certificate
  10. GST Certificate
  11. Digital Signature For 2 Year

(No Hidden Charges)
PREMIUM PACKAGE

  1. Company Incorporation Certificate
  2. One Company Name Registration
  3. PAN / TAN, Share Certificate
  4. DIN No., MOA, AOA
  5. Udyog Aadhaar Certificate
  6. MSME Certificate, GST Certificate
  7. Digital Signature For 2 Year
  8. Domain Name
  9. Single Page Website
  10. 1 Year Free Hosting, 1 Buisness Email
  11. Online 1 Year Free GST Software

(No Hidden Charges)


Name given to the Partnership firm


Any name can be given to a partnership firm as long as you fulfill the below-mentioned conditions:

  1. The name shouldn’t be too similar or identical to an existing firm doing the same business,
  2. The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.


How should be the agreement between partners formed?


Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned.

Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future.

Following details are required in a partnership deed:



A. General Details:


  1. Name and address of the firm and all the partners
  2. Nature of business
  3. Date of starting of business Capital to be contributed by each partner
  4. Capital to be contributed by each partner
  5. Profit/loss sharing ratio among the partners


B. Specific Details:


Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:

  1. Interest on capital invested, drawings by partners or any loans provided by partners to firm
  2. Salaries, commissions or any other amount to be payable to partners
  3. Rights of each partner, including additional rights to be enjoyed by the active partners
  4. Duties and obligations of all partners
  5. Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm.
  6. Other clauses as partners may decide by mutual discussion

Is it necessary to register a partnership firm?


Indian Partnership Act, 1932 governs the partnerships. Registration of partnership firm is optional and at the discretion of the partners.

Registration of partnership firm may be done at any time – before starting a business or anytime during the continuation of partnership.

It is always advisable to register the firm since a registered firms enjoy special rights which aren’t available to the unregistered firms.



How to register the partnership firm?


An application form along with fees is to be submitted to Registrar of Firms of the State in which firm is situated. The application has to be signed by all partners or their agents.



Frequently Asked Questions


No, it is not necessary. As the contract act does not makes it necessary to have the agreement in writing. However, it is always prudent to make a partnership deed to produce to the bank, income tax authorities and to clients with whom the partnership firm deals with. Apart from serving as a reference document a written partnership deed also helps in reducing conflict and confusion in due course of time.

Yes. The law presumes that each partner is an agent of the other and while dealing with third parties the partner is representing the partnership firm in good faith. The acts done by one partner is binding on another even if it is not in the knowledge of the other party.

Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.

Three elements are necessary to form a partnership:

  1. There must be an agreement between two or more persons.
  2. The agreement must be to share the profits of the business.
  3. All partners together, or any one, on behalf of the others must carry on the business.

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