Partnership Firm
Register Your Partnership Firm in India
Comprehensive Packages available
Avoid delays and complications! Register your business with India’s leading provider of company incorporation services. We guarantee document uploads to the MCA at the earliest. (*T&C apply).
Why Choose FAST Solutions
1. Professionally Drafted Partnership Deeds
A meticulously crafted partnership deed is essential for clearly defining the rights, responsibilities, profit-sharing, and remuneration of partners. Our dedicated team tailors each deed to meet your unique needs, ensuring precise and compliant drafting.
2. Competitive & Transparent Rates
Our experienced team handles your registration process, which is verified by independent qualified professionals. We adhere to a strict Maker and Checker concept for accuracy and reliability.
3. Legal Compliance Dashboard
Our Legal Compliance Dashboard acts as your personal secretary for legal work, notifying you of upcoming compliances to ensure you never miss any deadlines.
PARTNERSHIP INCORPORATION Registration Process
01 Complete our simple form
Submit our company registration form to start the process.
02 Send the documents to us
Provide scanned copies of the necessary documents.
03
Preparation of Partnership Agreement and Other Documents
We draft the partnership agreement and send it to you for review.
04 Signing and Notarizing the Partnership Deed
Print the final deed on stamp paper and get it notarized by a local notary.
05 Applying for PAN and TAN
Our team will collect the notarized deed and apply for the PAN and TAN numbers.
06 Delivery of Final Output
We provide all deliverables and registrations as stated in the package.
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All fileds are mandatory
Our Comprehensive Services
- Drafting of Partnership Deed
- Applying for the PAN Card of the Firm
- Applying for TAN Card of the Firm
- MSME Certificate
- Bank Account Opening Support
Add-Ons
MSME Registration
What is a
Partnership Firm?
A Partnership Firm is a business structure where two or more individuals join together to share profits and losses. Governed by the Indian Partnership Act of 1932, the partnership agreement can specify a particular task or duration.
Partnership firms can be registered or unregistered. However, unregistered firms cannot take legal action against others due to the lack of formal identity. Establishing a partnership firm is straightforward, though partners have unlimited liability, meaning they are personally responsible for the firm's debts.
Documents Required
For Registration
- PAN Card of all partners
- AADHAR Card and permanent address of each partner
- Name and place of business of the partnership firm
- Address details of the partnership firm
- Nature of the partnership and profit-sharing details
Minimum Requirements
- At least 2 partners
Advantages of File
Partnership Firm
1. Easy to register
Establishing a partnership firm is simple with minimal legal formalities. Registration is not mandatory but recommended for legal and financial advantages. Our team at FAST Solutions ensures organized and efficient registration.
2. Low compliance
Partnership firms do not need to file ROC returns or hold regular board meetings, making them more cost-effective than private limited companies.
3. Easy to Select Name
Partners can choose any name for their firm, provided it does not infringe on existing trademarks or copyrights.
4. No Mandatory Statutory Audits
Partnership firms are not required to file financial statements with the Registrar of Firms, nor are they mandated to have their accounts audited unless turnover exceeds specified limits or profits fall below a certain threshold, necessitating a tax audit under the Income Tax Act.
Frequently Asked Questions
What is partnership ?
When two or more people come together to start a business and share profit for the same is called a partnership. The business in a partnership can be by all the partners or a few of them acting as a representative of other partners.
What is maximum and minimum numbers of partners in a partnership firm ?
As per the Partnership Act in India, a minimum of two partners are required to incorporate a partnership firm. The maximum limit of the members shall not exceed beyond 20 in the case of regular business and 10 for banking business.
Who can become partner in a partnership firm ?
Anyone who fulfills all the criteria given below can become a partner
- (I) Should be a Major (More than 18 years of age)
- (II) should be sane (Not of unsound mind)
- (III) Should not be disqualified by law from entering into a contract by court.
Can a non resident indian become partner in partnership firm?
The Partnership Act does not prohibit a non-resident from joining an Indian partnership firm in
Is there any minimum capital requirement to start a partnership firm ?
No, there is no minimum capital requirement to start a partnership firm. A partnership firm can be started with a capital of INR 5000/- also. Further, the capital in the partnership firm can be introduced in any form that is in cash or kind.
Can I have the contribution of partners and its profit-sharing ratio be different?
In a partnership firm it is not necessary for each partner to contribute capital in the ratio of profit. Contribution is based on the agreement between the partners, and the profit-sharing ratio is indicated in a separate clause.
What are the rights of the partner in a partnership firm ?
A partner has the following rights in the partnership firm:
- (I) To take part in the day to day business of firm.
- (II) To share profit and loss of the firm.
- (III) To inspect and verify the books of firm and contracts.
- (IV) To receive remuneration and Interest on capital as per the partnership deed of the firm.
What is the meaning of partners having a principal and agent relationship ?
In a partnership firm any conduct of one partner applies to all the partners of the partnership firm.
Can a partnership firm become a partner in another firm ?
A partnership firm cannot become a partner of another partnership firm because it is not a legal person. Neither a Partnership firm becomes a partner in an LLP.
How can a partnership firm be dissolved ?
A partnership firm can be dissolved in any of the following manners:
- (I) By agreement of dissolution entered by partners.
- (II) By compulsory dissolution, if specified in the partnership deed.
- (III) On the happenings of certain events specified in the partnership deed.
Can a partner transfer his/her rights to a third party ?
Yes, a new partner can be introduced in the partnership firm with the concern of all the partners. However, the mode of introducing a new partner or successor should be according to the partnership deed. A new partnership deed is required to be executed in aces of change in partners.
Can a new partner be admitted into the partnership firm ?
Yes, a new partner can be introduced in the partnership firm with the concern of all the partners. However, the mode of introducing a new partner or successor is according to the partnership deed. Further, a new partnership deed is required to be executed in aces of change in partners.
What is major drawback of a partnership firm as compared to llp ?
A limited Liability Partnership firm is a much more organized business structure and has a bit more compliance than traditional firms. However, the primary advantage of LLP is that the partners have a limited Liability till the amount of their contribution.
