PARTNERSHIP FIRM REGISTRATION

REGISTER A PARTNERSHIP FIRM

Keynotes on Partnership Firm Registration

• It takes 10 to 15 days for Partnership Firm Registration
• Completely online service – No physical presence required
• No minimum capital requirement

A partnership is a business structure where two or more individuals operate a business based on the terms and objectives outlined in a Partnership Deed. Partnership registration is straightforward and commonly utilized by small and medium-sized enterprises in the unorganized sector. At Law Sarathi, we provide Partnership Registration services with a fast turnaround time.

To register a partnership, it is essential to agree on a name for the partnership and create a partnership deed. This deed is a written document that outlines the specific rights and responsibilities of the partners. The terms of the Partnership Deed can be tailored to meet the partners’ interests and may differ from the Indian Partnership Act, 1932; however, any provisions not covered in the deed will still be governed by the Act.

Choose Partnership because it offers:

• A cost-effective registration process compared to LLPs
• A straightforward registration procedure
• Minimal compliance requirements

Aspects of Partnership Firm Registration in India

• Duties and responsibilities are distributed among the partners.
• A minimum of two individuals is required to form a partnership.
• There are minimal legal formalities involved.
• It is easy to start a partnership, and registration is optional.
• Minors are not permitted to be partners.
• Compliance requirements are lower.
• It is cost-effective to establish.
• Offers flexibility in decision-making.

What documents are needed for Partnership Firm registration in India?

• A certified copy of the notarized partnership deed on stamp paper.
• An application for partnership business registration in Form 1.
• Ownership documents if the property is owned.
• A specimen affidavit.
• Address proof and ID proof for all partners, which may include:
  • Aadhaar Card
  • PAN Card
  • Voter ID
  • Driving License
  • Passport
• If the property is rented, a rental agreement must be provided as evidence of the business location.

What is the registration procedure of partnership firm in India?

To register a partnership business online in India, the following steps should be followed:

1. Application Submission: Submit an application form to the registrar of businesses in the state where the partnership will be registered, along with the required fees.

2. Signature Requirement: The application form for partnership registration must be signed by all partners or their authorized agents.

3. Partnership Deed: Draft the partnership deed on stamp paper, ensuring it is signed by all partners and notarized.

Once the registrar verifies the necessary documents and is satisfied with the application, the partnership business will be registered in the Register of Firms. Subsequently, a certificate of registration will be issued. The Register of Firms contains the latest information about all registered businesses and is accessible to the public for a fee.

Steps of online registration process of partnership in India

Step 1: Choose a name for the partnership.

Step 2: Create the partnership deed.

Step 3: Register the partnership.

The main ingredients of partnership deed

Nature of the Partnership

• Description of the partnership and details of the partners, including names and addresses.
• Ratio for sharing profits or losses among the partners.
• Capital contributions made by each partner.
• Details regarding drawings by partners or loans provided by them.
• Interest on capital invested.
• Responsibilities and rights of each partner.
• Procedures to be followed in the event of a partner’s retirement or death.
• Commissions, salaries, or any other amounts payable to partners.
• Other mutually agreed-upon clauses.

The partnership deed must be properly stamped and notarized. At Law Sarathi, our team of professionals is dedicated to preparing your partnership deed with expertise.