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Partnership Firm Registration in India
Hassle free partnership firm registration with expert support- Partnership deed drafting done by senior experts
- Complete guidance & filing support for partnership deed registration
Partnership Firm Registration
- A partnership firm is a popular business structure commonly chosen by newly established businesses in India. It requires a minimum of two partners to be formed. The formalization of a partnership firm is done through a partnership deed an important document that outlines the terms and conditions agreed upon by the partners. This deed serves as a guide for managing the firm’s operational and financial arrangements, ensuring clarity and mutual understanding among the partners.
DOCUMENTS REQUIRED FOR COMPANY REGISTRATION
- Partnership Deed
- Proof of Identity
- Proof of Address (Partners)
- Photographs
- Business Address Proof
- Additional Documentation
- PAN/TAN
Why RC Dave Groupcould be the right fit? Here's a closer look at what we bring to the table:
Get comprehensive, step-by-step support from experienced industry pros who truly understand all the ins and outs of partnership firm registration.
Expect a smooth, efficient, and timely experience without unnecessary headaches.
Enjoy clear and upfront pricing with absolutely no hidden costs or surprises along the way.
We prioritize quick application processing and keep you informed with regular updates on exactly where your registration stands.
We provide ongoing support with renewals, legal compliance, and tax filings
Partnership Deed
- The partnership deed is an agreement outlining the terms and conditions of a business operated by a partnership of two or more people. It defines how the profit will be shared, the responsibilities assigned to each other, rules, and so forth. It is also called the partnership agreement. It is, however, a document that holds a legal importance with it and might be presented in court cases. It also provides some practical benefits, for instance, PAN eligibility, ability to open a bank account, and getting GST registration or FSSAI license for the business. To establish and operate the partnerships, knowledge about the partnership deed is essential.
Key Characteristics of a Partnership Firm
Partners
The least number of partners under a partnership firm is two. The partners must be of sound mind and not disqualified by law unless he is minor or of unsound mind. According to the Companies Rules, 2014, Rule 10, no more than 50 persons can form partners of a partnership firm
Deed of Partnership Agreement
It is an agreement/deed between partners that partners sign in order to constitute the terms and conditions of this partnership
Lawful Business
Partners are entered into the partnership to carry out lawful business, such as trade, vocation, or profession. Non-profit-generating charitable organisations cannot be considered a firm
Profit-Sharing
The terms of the profit-sharing percentage among partners are agreed upon while drafting the partnership deed
Mutual Agency
Both partners will act as agents and principals whereby all or any one partner can conduct the business on behalf of others
No transfer of interest without consent
One partner cannot transfer his interest in the firm without all other co-owners' consent.
FAQs on Partnership Firm Registration
In India, any individual, including minors (with certain limitations), as well as companies and LLPs, can become partners in a Partnership Firm, subject to the provisions of the Partnership Deed and the Indian Partnership Act, 1932.
A Partnership Firm can be dissolved voluntarily by mutual agreement among the partners, by a court order, or due to the insolvency or retirement of a partner, in accordance with the Partnership Deed and the Indian Partnership Act, 1932.
A registered Partnership Firm is treated as a separate legal entity for tax purposes, with profits taxed at a flat rate, while individual partners are taxed on their respective shares of profits.
Partners have the right to participate in management, share in the profits, and access the firm’s accounts. Their duties include acting in good faith, sharing losses, and refraining from competing with the firm.
A Partnership Firm can engage in multiple business activities, provided these are outlined in the Partnership Deed and adhere to applicable legal regulations.
To voluntarily dissolve a Partnership Firm, all partners must agree, settle liabilities, distribute any remaining assets, and inform the Registrar of Firms.
Partners cannot transfer their interest in the firm without the unanimous consent of all other partners, as stipulated in the Partnership Deed.
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