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Do you have partners to share the profits and losses? Register Partnership Firm at INR 6999/- only.
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What is Partnership Firm?
All you need to know
Partnership firm registration is required when two or more parties sign a formal agreement to manage and operate a business and share both the profits and losses.
Registering a Partnership is the right choice for small enterprises as the formation is straightforward and there are minimal regulatory compliances.
The Partnership Act has been in existence in India since 1932, making partnerships one of the oldest types of business entities in India. A partnership firm can even be registered after it is formed. There are as such no penalties for non Registration of a Partnership firm. But unregistered Partnership firms are denied certain rights under section 69 of the Partnership Act that majorly deals with the effects of non Registration of Partnership firms.
Partnership firms are created by drafting a Partnership deed amongst the Partners and by a registered Partnership deed, ThinkBiz Filings can help you to start a Partnership firm in India.
Wish to start a more formalised Firm? Get to know more on LLP Registration here.
Contents of Partnership Deed:
- The name of the firm
- Name and details of all partners
- Date of commencement of business
- Duration of the firm’s existence
- Capital contributed by each partner
- Profit/loss sharing ratio
- Interest on capital payable to partners
- The extent of borrowings each partner can draw
- Salary payable to partners, if any
- The procedure of admission or retirement of a partner
- The method used for calculating goodwill
- Preparation of accounts of the firm
- Mode of settlement of dues with a deceased partner’s executors
- The procedure to be followed in case disputes arise between partners
ThinkBiz Filings is an eminent business platform and a progressive concept, which helps end-to-end incorporation, compliance, advisory, and management consultancy services to clients in India and abroad. Incorporating a Partnership Firm and registration of Partnership deed is easy, seamless, cheapest and quickest with ThinkBiz Filings! Apart from a Partnership Firm, ThinkBiz Filings also helps entrepreneurs with Private Limited Company Registration, Public Limited Company Registration, LLP Registration, HUF, One Person Company and Proprietorship Firm Registration easily. You may get in touch with our compliance manager on 8977983666 or email info@Thinkbizfilings.com for free consultation.
Partnership Firm Registration Fees
Transparent Pricing | No Hidden Fees
- Drafting of Deed
- Execution of Deed
- PAN And TAN
- Drafting of Deed
- Execution of Deed
- Partnership Firm Registration
- PAN And TAN
- SSI/MSME Registration
- GST Registration
- Drafting of Deed
- Execution of Deed
- Partnership Firm Registration
- PAN And TAN
- SSI/MSME Registration
- GST Registration
- Trademark Application (1 Application 1 Class Small Enterprise)
Compliance Requirements for a Partnership Firm
Documents Required for Partnership Firms
Key Benefits of a Partnership Firm
Points to make your decision easy
Our most honorable clients
- A partnership firm is a business structure where two or more individuals agree to share profits and losses as per a mutual agreement.
- No, registration is not mandatory, but a registered partnership has legal benefits, such as the ability to file suits against third parties.
- A minimum of two partners and a maximum of 50 partners are allowed in a partnership firm.
- Easy to set up with minimal compliance Shared decision-making and responsibilities More capital availability compared to proprietorship Flexibility in business operations
- Unlimited liability of partners (personal assets can be used to cover losses) Risk of disputes between partners Difficult to transfer ownership
- Steps to register: Choose a unique business name Draft a Partnership Deed Pay the required stamp duty Apply for Partnership Registration with the local Registrar of Firms (ROF)
- Partnership Deed PAN cards of partners Address proof of business location Partners' Aadhaar, voter ID, or passport
- A Partnership Deed is a legal agreement that defines the terms, including: Profit-sharing ratio Roles & responsibilities of partners Capital contribution Dispute resolution methods
- Yes, a partnership firm can be converted into: Limited Liability Partnership (LLP) Private Limited Company
- No, a partner cannot transfer their share without the consent of all other partners.
- Don’t worry!! Our expert will help you to choose the best suitable plan for you. Get in touch with our team to get all your queries resolved. Write to us at info@thinkbizfiling.com or call us @+91 970 456 1215
