Partnership Firm Registration
A partnership is a relationship between two or more persons who carry on a business for profit. These persons are known as partners and they act as agents of each other. A partnership can both registered as well as unregistered.
PocketLawyer is India's leading platform for business registration services and we make the process of Partnership Firm Registration quick, easy and hassle-free for you. In addition to Partnership Firm Registration, PocketLawyer can also help you with registration of One Person Company (OPC), Limited Liability Partnership (LLP), Sole Proprietorship, Private Limited Company, Section 8 Company, Nidhi Company, Producer Company and more.
Features of Partnership Firm
- At least two persons.
- Not more than 10 persons in case of banking business and 20 in the case of any other business.
- Unlimited liability.
- An agreement between these persons.
- Profit making objective.
- No perpetual succession.
- Partners act as agents of each other.
- Every partner contributes to the business in some form or the other. It may be in the form of time, money, skills and/or goodwill.
- A minor cannot be a partner. However, he can share the profits of the business.
- All partners must be competent to contract.
- Partners share the losses in their profit sharing ratio.
Benefits of Partnership
- Ease of Formation because of minimal legal formalities.
- More capital and more resources as two or more than two individuals pool their resources.
- Flexibility of decision making since there is no formal process for it.
Documents for Partnership Firm Registration
Registration of a partnership is not mandatory. Still, it is recommended because of the benefits it provides. Moreover, you will need to draft a partnership deed which defines all the terms for running the business. Therefore, for a seamless process of registration as well as drafting of partnership deed, please keep the following documents and details ready:
- PAN card of all the partners.
- Photographs of all partners.
- Address proof for all partners, such as utility bills, passport, driving license, or voter ID.
- Ratio of profit sharing.
- Details of contribution of each partner.
- Mode of operating the partnership bank account, that is, single or joint.
- Name of the firm.
- Mode of dissolving the firm and the profit sharing ratio in case of dissolution.
- Manner of signing promissory notes such as bills of exchange or hundis. For instance, whether only one partner will sign a bill of exchange or all the partners.
- Duration of partnership, if it is for a fixed time.
Fee for Partnership Firm Registration
The fee starts from Rs. 5500 including government and professional fees.
Timeline for Registration of Partnership Firm
It takes anywhere between 10-15 business days to register a partnership.
Why choose PocketLawyer for Partnership Firm Registration?
- Experienced and qualified professionals with 12 years of average experience.
- Access to highly qualified professionals anytime, anywhere in India.
- Fixed price. No hidden fees or long-term commitment.
- 100% satisfaction guaranteed. Our money back guarantee makes sure that you get complete satisfaction, every time you choose our services.
What is more?
- Our dedicated support team is always there to help you with any query or issue that you may have.
- Choosing PocketLawyer means the best service, at the best price