d5nxst8fruw4z
  • +91-8882-580-580
  • support@registrationwala.com

Turn your business idea into reality

Partnership Firm Registration

#BecomeAnEntrepreneur

Partnership Registration

No Spam. No Sharing. 100% Confidentiality

Partnership Firm Registration

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. The minimum number of partners must be two, while the maximum number can be 20. A partnership is formed by an agreement, which may be either written or oral. When the written agreement is duly stamped and registered, it is known as "Partnership Deed". Ordinarily, the rights, duties and liabilities of partners are laid down in the deed. But in the case where the deed does not specify the rights and obligations, the provisions of The Indian Partnership Act, 1932 will apply.

Benefits of Partnership Firm Registration

Ease of Formation

Ease of Formation

Registration is not compulsory in the case of Partnership firm. It can be formed without any legal formality and expenses. Thus, it is simple and economical to form and operate.
Larger Resources

Larger Resources

Due to the more number of members, the partnership firm has larger resources for the business operations as compared to sole proprietorship.
Flexibility in Operations

Flexibility in Operations

Due to the limited number of partners, there is flexibility in the operations of business as the partners can amend any objectives or change any operations any time by mutual consent.
Better Management

Better Management

Business of a partnership firm is very well managed by all the partners as they take interest in the daily affairs of business because of the ownership, profit and control.
Sharing of Risk

Sharing of Risk

In partnership, every partner bears the risks individually as it is easier compared to sole proprietorship.
Lesser Compliances

Lesser Compliances

Partnership firm are not required to file annual accounts with the registrar unlike LLP or a company.

Frequently Asked Question

WHAT IS THE DIFFERENCE IN DOCUMENTATION FOR REGISTERED PARTNERSHIP FIRM & FOR UNREGISTERED PARTNERSHIP FIRM?

In Registered partnership Firm

Every partner needs to verify and sign the application & ensure that the following documents and prescribed fees are enclosed with the registration application

  • Application for Registration in the prescribed Form – I.
  • Duly filled Specimen of Affidavit.
  • Certified copy of the Partnership deed on appropriate non judicial stamp paper.
  • Proof of ownership of the place of business or the rental/lease agreement thereof.
  • Affix court fee stamp & payment of prescribed fee for registration by demand draft.

And

In Unregistered Partnership Firm

A Partnership deed on appropriate non judicial stamp paper duly signs by every partner required to be notarized by notary is require executing and from that date Partnership Firm deemed to be registered.

WHEN REGISTRAR OF FIRMS ISSUES THE CERTIFICATE OF REGISTRATION?

Once the Registrar of Firms is satisfied that the application procedure has been duly complied with, he shall record an entry of the statement in the Register of Firms and issue a Certificate of Registration.

WHO WILL MANAGED THE BUSINESS OF A PARTNERSHIP FIRM?

In Registered partnership Firm

Every partner needs to verify and sign the application & ensure that the following documents and prescribed fees are enclosed with the registration application

  • Application for Registration in the prescribed Form – I.
  • Duly filled Specimen of Affidavit.
  • Certified copy of the Partnership deed on appropriate non judicial stamp paper.
  • Proof of ownership of the place of business or the rental/lease agreement thereof.
  • Affix court fee stamp & payment of prescribed fee for registration by demand draft.

And

In Unregistered Partnership Firm

A Partnership deed on appropriate non judicial stamp paper duly signs by every partner required to be notarized by notary is require executing and from that date Partnership Firm deemed to be registered.

HOW MUCH TIME WILL IT TAKES TO START A PARTNERSHIP?

In Registered partnership Firm

Every partner needs to verify and sign the application & ensure that the following documents and prescribed fees are enclosed with the registration application

  • Application for Registration in the prescribed Form – I.
  • Duly filled Specimen of Affidavit.
  • Certified copy of the Partnership deed on appropriate non judicial stamp paper.
  • Proof of ownership of the place of business or the rental/lease agreement thereof.
  • Affix court fee stamp & payment of prescribed fee for registration by demand draft.

And

In Unregistered Partnership Firm

A Partnership deed on appropriate non judicial stamp paper duly signs by every partner required to be notarized by notary is require executing and from that date Partnership Firm deemed to be registered.

CAN NAME OF A PARTNERSHIP FIRM BE USED BY OTHER?

In Registered partnership Firm

Every partner needs to verify and sign the application & ensure that the following documents and prescribed fees are enclosed with the registration application

  • Application for Registration in the prescribed Form – I.
  • Duly filled Specimen of Affidavit.
  • Certified copy of the Partnership deed on appropriate non judicial stamp paper.
  • Proof of ownership of the place of business or the rental/lease agreement thereof.
  • Affix court fee stamp & payment of prescribed fee for registration by demand draft.

And

In Unregistered Partnership Firm

A Partnership deed on appropriate non judicial stamp paper duly signs by every partner required to be notarized by notary is require executing and from that date Partnership Firm deemed to be registered.

WHAT IS THE TAX RATE APPLICABLE ON A PARTNERSHIP FIRM?

In Registered partnership Firm

Every partner needs to verify and sign the application & ensure that the following documents and prescribed fees are enclosed with the registration application

  • Application for Registration in the prescribed Form – I.
  • Duly filled Specimen of Affidavit.
  • Certified copy of the Partnership deed on appropriate non judicial stamp paper.
  • Proof of ownership of the place of business or the rental/lease agreement thereof.
  • Affix court fee stamp & payment of prescribed fee for registration by demand draft.

And

In Unregistered Partnership Firm

A Partnership deed on appropriate non judicial stamp paper duly signs by every partner required to be notarized by notary is require executing and from that date Partnership Firm deemed to be registered.

CRIETRIA FOR AUDIT OF A PARTNERSHIP FIRM?

A partnership firm is not required to get statutory audit of their accounts. However tax audit is required is turnover is more than the limit prescribed

WHO CAN BECOME A PARTNR IN A PARTNERSHIP FIRM?
Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.
WHAT ARE THE DOCUMENTS REQUIRED TO START A PARTNERSHIP?
  • Obtaining a PAN card for the society from the Income Tax Department.
  • Opening a Bank account for the society for the regulation of funds of the society.
  • Getting the exemption under Section 80 (G) of the Income Tax Act for exempting the donations from taxation.
  • Getting clearances from RBI for receipt of foreign funds in the society.
HOW MUCH MINIMUM CAPITAL REQUIRED STARTING A PARTNERSHIP?
Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.
WHO WILL REGISTRAR A PARTNERSHIP FIRM?
Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.
IS THE PARTNERSHIP FIRM IS A SEPREATE LEGAL ENTITY?
Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.
CAN A PARTNER TRANSFER ITS OWNERSHIP INTEREST IN THE FIRM?
Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.
CAN AN EXISTING PARTNERSHIP FIRM BE CONVERTED INTO A COMPANY OR A LLP?
Yes, an existing partnership firm can converted into a company or LLP.

About Us

Registrationwala.com is a leading company registration consultant in India having strong client base of 10000+.

We are experts in legal, professional and financial advisory services and help our clients in setting up their business entities and managing various business functions feasibly and effectively.

Member Of

CII

Delhi-NCR

Payment Method
Registrationwala

Search

Registrationwala support@registrationwala.com