Partnership firm represents a business entity that is formed with a purpose of making a profit from the business. Two or more parties come together with a formal agreement (known as Partnership Deed) to own and manage the business. The risk and responsibilities are shared amongst the partners that shred the burden of an individual partner. Also, when two comes together, more capital and expertise are combined that helps to reach the business goal(s) easily.
Partnership Act, 1932 defines the structure of a Partnership firm by providing all the necessary provisions to run the same. The Act validates both registered and unregistered partnership firms in India. However, an unregistered partnership has few shortcomings that attract partners towards Partnership Firm Registration. But, one can overcome it by registration firm anytime after it is formed.
Advantages of Partnership Firm:
- Shared responsibilities
- Operating flexibility
- Pre-defined object or period
- Various financial returns to the partners
We at Wise Tax Filings make it easy and inexpensive to register your partnership firm. With expert support along with timely and accurate filings, we have made it hassle free for you to get started.
Documents Required for Partnership Registration:
Pan Card
A self-attested copy of PAN Card of all partners
Partners Address Proof
Self- attested copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners.
Business Address Proof
Utility Bill (Electricity Bill) of the place of business.
Rent Agreement
Rent Agreement and NOC from the owner of the place of business, if rented.
How to choose a name:
A unique name helps to recognise the Partnership distinctly and build brand value.
Unique Name
A part of name should suggest the business activity of the firm.
Business Object
Register Partnership in 3 easy steps:
1. Answer quick questions
Pick a package that best fits your requirements. It takes less than 5 minutes to fill our questionnaire. Provide basic details & documents required for registration along with making payment.
2. Experts will be there to help
A relationship manager will be assigned to assist you for reconciliation of the information.
3. Your Partnership is registered.
It only takes 12 working days!
Day 1
- Discussion and collection of basic Information
- Providing Required Documents for Partnership firm registration
Day 2 – 4
- Drafting a Partnership Deed
- Review and confirmation from Partners
Day 5 – 7
- Payment of Stamp Duty on the agreement
- Partnership Deed Notarisation
- Application for allotment of PAN and TAN
Day 8 onwards
- Partnership Deed registration, if subscribed
- Certificate of Registration from RoF*
Frequently Asked Questions:
Whether Partnership Deed registration is compulsory?
The Partnership Act provides that both registered and unregistered partnerships are valid and recognised by law. Partnership registration is not compulsory but is beneficial due to effects of non-registration. Mostly, the businesses at initial level prefer unregistered partnership till they reach stable level. The unregistered partnership can be registered at any time after its formation.
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 contribute in any amount agreed and in any form being tangible (cash, premise) or intangible (goodwill, intellectual property). The Partners can introduce capital in any ratio, equal or uneven.
What are the effects of non-registration of Partnership?
Due to non-registration, the firm cannot file suit against any partner or the third party. A partner also cannot sue the partnership firm for his claim. However, the third parties can sue the firm to enforce their dues or claims. Non-registration does not affect the rights of third parties. Also, the partnership can be registered any time after formation to remove the said effects.
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