Partnership Firms Registration in India

Partnership is a business platform where you can work in agreement with your partners. It’s simple and established based on mutual consent as lawfully settled amongst the partners. Although, such units do not get the provision of Limited Liability, yet they have a fair scope to grow with strong-built group effort. If you wish to start a Partnership, choose our Partnership Registration Package to help us get your registration done fast and with an affordable price. It’s a guaranteed and trusted service like all other packages that we provide. Go through its details and know how it works THE BEST.

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Partnership Firm Registration in India – An Overview

Partnership Firms work on the basis of a legally approved business agreement made between the partners (Minimum 2, Maximum 20) on the concerned commercial activities, responsibilities and share of profit. Partnership Firms and their regulations are prescribed as per the guidelines of the Indian Partnership Act 1932. This Business Agreement is the MANDATORY element for every Partnership Firms more than its Registration and accordingly, these units should be fulfilling the applicable annual compliances. For that reason, Partnership Firms are considered to be unlimited liabilities that include personal assets of partners within business purposes. Therefore, it is essential to have the primary knowledge about the protocols and compliances followed to operate a Partnership Firm.

Annual Compliances of A Partnership Firm After Establishment

Once a Partnership Firm is established, the partner(s) should be agreeing on the following terms to operate the business:

  • Agreement between the Partner(s) on the Terms and Conditions
  • Distribution of Business Profit
  • Business responsibilities should be under control of its partners as per the legal agreement finalized between them.
    Every Partnership Firm is liable to complete these annual compliances within prescribed due date once it is established:
  • Company Registration within 1 year of setup (By filling Form I as per Companies Act, 2013 NOT Compulsory, but Advisable)
  • Making annual Income Tax Return (ITR-5, as per Income Tax Act, 1961)
  • TDS Return Filing
  • In case, the Firm receives annual turnover of over INR 2 Crore, Books of Account should be maintained and audited with practicing Chartered Accountant as per Income Tax Act, 1961
  • GST Compliances
  • VAT/CST Filing
  • Service Tax Filing

Required Documentation For Partnership Firm Registration

  • Address and ID Proof of Partners, such as, Driving License/Passport/Voter ID, etc.
  • Passport size Photograph of Partners
  • PAN details of the Partners
  • Address proof of the business space
    If you own the business space, then provide property papers.
  • Landlord's NOC, if business space is rented
  • Latest Electricity/Water Bills of business space

Benefits of Partnership Firm Establishment

  • Partnership Firms can be established with MINIMAL compliances.
  • It is Easy to Start, once there is a valid AGREEMENT between the partners.
  • ROC Filing is NOT Required.
  • ONLY a registered Partnership Firm can file legal suit against the Firm’s policies/ANY partner(s) in the circumstances of dispute as per the Partnership Act.
  • Although Partnership Registration is NOT mandatory, yet a registered Partnership Firm receives benefits and grants from Government of India.

FAQs of Partnership Firm Registration

The registration process of a partnership firm usually takes 10 to 12 days in India. The time of issuing the certificate depends on the concerned.

If any partner willingly wants to terminate their partnership, he/she can do so by furnishing a notice period. A partnership can be terminated based on its terms and conditions conveyed earlier.

The required fee for the registration of a partnership is around Rs.3000. The registration fee depends on the nature of the business and the profile of the applicants.

No. Getting a firm registered is not mandatory as per the partnership act of 1932.

The following are essential documents for the registration of a partnership firm which are given below- PAN card details of the partners. The NOC of the landlord. Address proof along with ID proof of partners. Electricity or water bills of a business location. Passport-sized photographs.

The registration of the partnership firm can be formed with the two members by signing an agreement of certain conditions such as bearing the loss/profit together.

Yes. As per the regulations, a partnership firm needs to be registered mandatorily. Unregistered partnership firms are susceptible and under the weeker legal security.

Yes. A partnership firm can be registered online with certain necessary documents.

An unregistered firm is valid but does not have the right to take any legal action against the co-partner.

A partnership can be registered with the following easy steps- Applicant needs to fill out Form A for the registration and submit it to the registrar of firms along with the following documents. Essential stamp fee and duties. Certified copy of the partnership deed. Duly signed. After the completion of the process and the registrar’s approval, A certificate is handed and the partnership is added to the records. The registration of a partnership firm is salient for partners. Because If the firm is not registered, you can not file any case related to your partnership firm.

The Income tax rate for a partnership firm is 30% as per the annual year (A.Y.) 2022-23.

The minimum number of people required to form a partnership form is two and the maximum number of people can be 100 as per the companies act of 2013.

No. Getting a firm registered is not mandatory as per the partnership act of 1932.

Yes. You can register your partnership firm via the online method without any hassle and effortlessly.

The registrar of the firm issues a registration certificate to a partnership firm.

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