Partnership Firm

Rs. 2499. All Inclusive (may vary from city to city)

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.
There are two types of Partnership firms, registered and un-registered Partnership firm. Registration of Partnership Firms is optional and is entirely at the discretion of the partners. The Partners may or may not register their Partnership Agreement. However, in case the partnership deed is not registered, they may not be able to enjoy the benefits which a registered partnership firm enjoys.

Our Package Includes

Name approval, Partnership deed Drafting, Partnership deed Registration (if required), Government Fees

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Why Partnership Firm ?

Easy to Start

A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.

Any Business Name

Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any name – as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

No Annual Filing required

A Partnership firm is not required to file its annual accounts with the Registrar unlike a Limited Liability Partnership or Company.

Easy profit sharing through Partnership Deed

In a Partnership firm, the partnership deed will determine the ownership of the firm, profit sharing ratio, rights and responsibilities of each of the Partner. A partnership deed can be registered with the Registrar.

Relatively Inexpensive

A General Partnership is cheaper to start than others and even over the long-term, due to minimal compliance requirement, need not to hire an auditor, as an example. This is why, despite its severe shortcoming (unlimited liability), home businesses may opt for it.

Minimum requirement for Partnership Firm Registration

1. Minimum 2 Partners
2. No fixed minimum Capital Requirement

Documents Required For Partnership Firm Registration

1. Application for registration under Partnership Act
2. Original copy of Partnership Deed signed by all partners
3. Affidavit declaring intention to become partner
4. Rental or lease agreement of the property/campus on which the business is set

*Your registered office need not be a commercial space, it can be your residence, too