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Partnership Firm Registration


Professional Charges 9999/-



  • Drafting and Vetting of Partnership Deed
  • Witnessing and Notarization of Partnership Deed
  • Allotment of PAN & TAN
  • Registration of Partnership firm with Registrar of Firms
  • Registration under GST Act

Partnership Firm Registration



It is basically a relation between two or more persons who join hands to form a business organization with the objective of earning profit. The persons who join hands are individually known as ‘Partner’ and collectively a ‘Firm’.
To expand business, more capital and better managerial skills are required. A proprietor may find himself unable to fulfill them.

Actually, when such group of persons decides to start a business, they should decide
• the amount of capital to be contributed by each one of the partner
• who will manage the business
• how will the profits and losses be shared

Thus, there must be some agreement between the partners before they actually start the business. This agreement is termed as ‘Partnership Deed’. The agreement must state the ratio in which profits and liabilities are to be shared.
Therefore, it is always better to insist on a written agreement among partners in order to avoid future controversies. A partnership firm is governed by the provisions of the Indian Partnership Act, 1932. Section 4 of the Indian Partnership Act, 1932, defines partnership as “a relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.

  • Application for Registration of Partnership Firm in Form No. 1
  • Duly Filled specimen of Affidavit
  • Partnership Deed (on the Stamp Paper) – Original and Signed
  • Copy of PAN card of all Partners with address proof
  • The date when each partner joined the firm
  • Address Proof of Place of Business – Ration Card/Voter ID/Driving License
  • Registered Power of Attorney of the premises where Firm is to be registered
  • If rented, Rent Deed, Rent Receipt
  • NOC from Landlord

FAQ



As per Income Tax Act, interest payable to partners shall be in accordance with the terms of the partnership deed; however, it shall not exceed 12% per annum.
Remuneration payable to partners shall be in accordance with the terms of the partnership deed, however, it shall not exceed the following limit:
• On first Rs. 3 Lakhs of book profit or in case of loss - Rs. 1,50,000 or 90% of book profit, whichever is more
• On the balance of the book profit - 60% of book profit

The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm, subject to necessary clearances and permissions from satisfactory authorities in this regard.

This agreement may be oral or written. But, due to legal requirements, an oral partnership deed is not practicable. Therefore, the deed or agreement should be in writing.

A minor admitted to the partnership firm, has the option to become a partner within six months of attaining majority. He has to give a public notice stating his acceptance or rejection of partnership. In the absence of a notice, it is considered that he has become a partner of the firm.

A partnership firm cannot become a partner of another firm because it is not a legal person. However, the partners may be partners in another firm in their individual capacity.

Partnership can be dissolved according to the contract between the partners. The partnership deed should contain the provision of dissolution. The consent of all the partners is not necessary.

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