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Partnership Firm Registration

₹ 7500 all-inclusive

Partnership Deed, PAN, TAN, Post Incorporation Support

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5
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2
Partners Min.
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Partnership Firm

When two or more people start a business or carry on a trade together to turn a profit, the result can often be a strong union that blends complementary skills, financial resources, customers and connections to help the venture succeed. This is the essence of Partnership.

Partnership firms in India are governed by the Indian Partnership Act, 1932. Partnership firms are either registered or unregistered. It is not compulsory to register your partnership firm, although it is advisable to do so. It can be registered either at the time of its formation or even subsequently.

Advantages

Easy Formation

Partnership is a contractual agreement between the partners to run an enterprise. Hence, it is relatively ease to form. Legal formalities associated with formation are minimal. Though, the registration of a partnership is desirable, but not obligatory.

Minimum Legal Restriction

A Partnership firm is not subject to excessive legal restrictions; therefore it enjoys freedom in administration. It is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company.

Simple Dissolution

It can be easily dissolved. Any partner can give 14 days' notice to other partners and dissolve the firm with the consent of other partners.

No Audit

There is no requirement for audit of the accounts of a partnership firm annually as a Partnership firm is not required to file audited financial statements with the Ministry of Corporate Affairs each year. However, tax audit may be required for a Partnership firm if the turnover exceeds prescribed limits.

Partnership Registration Process

The General Partnership process is straightforward and, if you're prompt with your submissions, can be completed in five days. This is, however, dependent on a few things, such as whether or not you want your business registered and availability of stamp.

1

Drafting Partnership Deed

2-7 working days

2

Deed Registration (Optional)

1-2 working days

3

PAN & TAN Applications

1-3 working days