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About Partnership Registration
A Partnership business is a kind of business structure where two or more individuals manage and operate a business by sharing profit and losses in the prescribed ratio. Such kind of partnership business is most favourable among small and mid-sized businesses. However, registering a partnership is not necessary but legal experts always advice the applicants to obtain the registration before they start their business. Also, in case the partnership is registered, it will be easy for it to get converted into other entities like LLP, Company etc. in future.
A Partnership firm can be registered by at least two persons and such firm is governed under the rules and regulations framed as per Partnership Act, 1932. As per the Act, “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
For the registration of Partnership, you must decide upon a name and must execute a Partnership Deed which states respective rights and obligations of the partners. A Partnership deed to be valid must be written and not oral. The terms and conditions of the Partnership Deed may vary as per the interest of the parties but must not be contradictory to any provision of Indian Partnership Act, 1932.
Get your partnership deed drafted and registered with the help of legal experts at Registration SEVA now.
Types of Partnership Firm
In India, there are two types of partnership firms which may be:
A Registered Partnership firm is such kind of a firm which is registered with the Registrar of Firm having the jurisdiction as per the state. A registered firm gets a legal status in the eyes of law and is legally recognized.
An Unregistered Partnership Firm is such kind of partnership which is merely formed by executing a partnership deed and the partner’s rights and obligations are defined as per the partnership deed, however it is not registered with the Registrar of Firm.
There are several reasons and advantages because of which you should choose Partnership firm:
Frequently Asked Questions (FAQs)
01. How we help with Partnership firm Registration?
Registrationseva can help in Partnership firm Registration in 3 to 5 days, subject to Govt. processing time.
02. What is Partnership firm?
Partnership firm is that form of business entity which can formed by entering into the deed. Low cost, minimum compliance and easy setting up is the quality feature that makes it a better option of business specially for startups. Partnership firm could be registered or unregistered. It is always advisable to register the partnership firm in order to avail advantages available to registered firms.
03. How many Partners are required to Register Partnership firm?
Minimum of two member required to register a Partnership firm.
04. How much money do I need to start a Partnership firm?
There is no limit on the minimum capital to start a Partnership firm. Therefore, a Partnership firm can be started with any amount of capital.
05. What a partnership Deed should contain?
Partnership deed should contain names of the partners and their addresses, partnership name, the date of commencement of operation of the firm along with rules and regulations to be followed for addition of partners or removal.
06. Documents required to process?
For Directors And Shareholders (In Scan only) :
1. PAN Card
2. Identity Proof – Anyone (Election ID/Passport/Driving License/Aadhar Card)
4. Address Proof – Anyone and Latest by One Month (Bank Statement/Mobile Bill/Telephone Bill/Electricity Bill)
5. Declaration Certificate from Gram Panchayat that individual is producer.
NOTE: AADHAR CARD/DL/PASSPORT/VOTER-ID WILL NOT BE ACCEPTED AS ADDRESS PROOF.
For Registered Office (In Scan only) :
In case the premises are Rented
In case the premises are Owned by any Director or any Relative
Registry Proof or House tax receipts + Latest Electricity bill + NOC from the Owner on the name of any Director
07. Information Required?
Information Required (Only information NO Documents Required)1. Education Qualification of all the persons Involved
2. Any Landline number
3. Place of birth of all the persons
4. Mobile Numbers of Directors
5. Email IDs of Directors
08. Company related Information:
1. State in which company will be registered
2. Complete Registered office address along with PIN Code
3. Proposed business of the partnership firm in brief
4. Proposed Name of the partnership firm