Partnership Firm Registration

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Overview

A partnership firm is a business structure where two or more individuals collaborate to run a business with the aim of generating profit. This form of business is regulated by the Indian Partnership Act of 1932

In a partnership, profits and losses are divided among the partners based on a mutually agreed ratio. The responsibility for managing the firm typically lies with all partners, and key decisions are usually made through collective agreement.

This business model is ideal for ventures that do not demand large capital investments. It is particularly well-suited to service-oriented fields such as legal services, consulting, accounting, or healthcare, where partners can utilize their professional skills and personal networks to expand the business.

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Basic Requirements

Partnership Deed

The partnership deed is a crucial document that outlines the terms and conditions governing the partnership. In India, registering a partnership deed is not compulsory

Partners Limit

Minimum Partners - 2 Maximum Partners - 20

Business Address

Company Premises can either be owned or rented

Capital Requirement

There are no minimum capital requirements, apart from a nominal fee needed to open a current account.

Documents Required

Required in Soft Copy Only

Documents of Directors

PAN & AadharCard
Other ID Proof Driving License, Voter Id or Passport
Address Proof Bank Statement or Utility Bills - [E.g.- Electricity Bill / Water Bill / Property Tax]
Colour Photo

Soft Copy Only

Business Address Proof

If Premises is Owned :- Sale Deed/Electricity Bill/ Property Tax
If Premises is Rented :- Rent Agreement or Electricity bill along with NOC from Owner of the premises
( Formate will be provided )

Advantages

Shared management and decision-making

Partners have the ability to divide the management and decision-making duties of the business, potentially resulting in smoother and more effective operations.

Shared Financial Risk

Partners can distribute the financial risks of the business, this can be advantageous for partners who have limited financial capacity.

Shared expertise

Partnerships allow individuals with diverse skills and expertise to collaborate, leading to better decision-making and more effective problem-solving.

Shared Profit

The profits are distributed based on the terms agreed upon by the partners, which can motivate them to contribute more effectively to the business’s growth and success.