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Partnership Firm Registration

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Overview of Partnership Firm Registration

  • Partnership registration is a two or more persons decide to set up the business and form a relationship to share the profits of the business which is governed and regulated by agreement formed between them.
  • It is one of the most popular business structures in India with the legal agreement between the partners.
  • Partnership firms are governed by the Indian Partnership Act, 1932. Rights and duties of partners are governed by this Act.
  • The partnership agreement is also called as partnership deed, which contains names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, any capital invested by each partner and profit-sharing matrix, rules and regulations to be followed for intake of partners or removal.
  • A partnership firm must have minimum two partners, we can include up to 10 partners in the banking business, while those engaged in any other business can include up to 50 partners.

Partnership Firm registration can be done in 2 ways in India

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Notarized registration

You will get the notarized sign from any legal adviser in the partnership deed form.

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Register in sub registrar office

You will go to nearby sub registrar office and register your partnership firm.

Documents needed for Partnership Firm registration

2991108

All partners Aadhaar card

2991108

All partners Pan card

2991108

All partners Passport size photo

2991108

Latest company located rental or lease agreement and eb bill (For rental place), or Eb bill and property tax receipt (For own place)

Benefits of Partnership Firm registration

  • As comparison to other business form, cost of registering partnership firm is very low.
  • Forming a partnership firm is easy and less complicated as compared to companies.
  • Any name can be chosen for a Partnership firm as long as it does not infringe on any registered trademark.
  • If any dispute arises among the partners, the dispute is based upon the rights arising from agreement (i.e. partnership deed).
  • A Partnership firm is not required to file its annual accounts for each year unlike a LLP or companies (OPC, pvt ltd).

Different types of Company Business Structures

Proprietorship Firm
Number of Members/Shareholders
Only 1
Number of Directors/Partners
-
Act
No specified Act
Registration
MSME/Udyam, GST, FSSAI, Shop and Establishment Act License, Trade License
Liability Protection
No
Capital Amount
Not specific amount
Foreigners
Not Allowed
Ownership Transferability
Not Allowed
Incometax Filing Forms
ITR-3 or ITR-4
Compliance
Less
Partnership Firm
Number of Members/Shareholders
2-50
Number of Directors/Partners
2-50
Act
Indian Partnership Act, 1932
Registration
Get the Notarized sign or registered in Sub-Registered office
Liability Protection
No
Capital Amount
Not specific amount
Foreigners
Not Allowed
Ownership Transferability
Allowed
Incometax Filing Forms
ITR-5
Compliance
Less
Limited Liability Partnership (LLP)
Number of Members/Shareholders
2-Unlimited
Number of Directors/Partners
2-Unlimited
Act
Limited Liability Partnership Act, 2008
Registration
Register under MCA
Liability Protection
Yes
Capital Amount
Minimum 1 lakh
Foreigners
Allowed
Ownership Transferability
Allowed
Incometax Filing Forms
ITR-5
Compliance
Moderate
One Person Company (OPC)
Number of Members/Shareholders
Only 1
Number of Directors/Partners
Only 1
Act
Companies Act, 2013
Registration
Register under MCA
Liability Protection
Yes
Capital Amount
Minimum 1 lakh
Foreigners
Not Allowed
Ownership Transferability
Allowed
Incometax Filing Forms
ITR-6
Compliance
Moderate
Private Limited Company
Number of Members/Shareholders
2-200
Number of Directors/Partners
2-15
Act
Companies Act, 2013
Registration
Register under MCA
Liability Protection
Yes
Capital Amount
Minimum 1 lakh
Foreigners
Allowed
Ownership Transferability
Allowed
Incometax Filing Forms
ITR-6
Compliance
High
Public Limited Company
Number of Members/Shareholders
7-unlimited
Number of Directors/Partners
3-15
Act
Companies Act, 2013
Registration
Register under MCA
Liability Protection
Yes
Capital Amount
Minimum 5 lakh
Foreigners
Allowed
Ownership Transferability
Allowed
Incometax Filing Forms
ITR-6
Compliance
High

Frequently Asked Questions

01. Can the name of the partnership firm be changed later?

Yes, a name can be changed by sending a new application form along with a prescribed fee, duly signed and verified by all partners.

02. What is the minimum capital requirement to start a Partnership Firm?

Formation of partnership firm does not require any minimum amount. It can be started with any amount of capital contribution by the partners. The partners can introduce capital in any ratio, equal or uneven.

03. What is the amount of Stamp duty payable on Partnership Deed?

The amount of stamp duty payable depends on the amount of capital contribution by partners. The rate of duty is prescribed under State Stamp Act and which is different for each and every state in India.

04. Whether the notarization of the Partnership Deed is necessary?

Yes, notary on Partnership Deed is necessary in every case for a partnership firm.

05. Is that FDI allows in partnership registration?

Foreign Investment or FDI is not allowed in a Partnership Registration.

06. How many days takes to register a partnership firm in registrationshops ?

It will take minimum 8 to 15 days to register a partnership firm in registrationshops and also it depends on documents submitted by the partners, the processing time required for filing forms, the time is taken by the concerned government authorities to may range from one to two weeks.

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