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Get Online Firm Registration in India anywhere at a click
It is a very easy and entirely online process.
The perfect option for Small-Medium Sized Businesses,
Deed Drafting
Deed Registration
PAN & TAN (If Required)
Legal Expert advice & guidance
Notary and Stamping of Partnership Deed
Firm Registration in India
A Firm Registration is a well-recognized business structure made with the mutual approval of all the partners for a profitable purpose. The firm is managed, owned, and regulated by a set of people that are understood as partners and have some shared capital in the firm.
Partnership firms are marked as registered and non-registered firms. Partnership firm registration is not necessary to register but it is advisable to do so. Online Firm Registration gives many benefits that do not apply to the non-registered ones.
The registration is made under the Partnership Act, 1932 with very limited documentation and formalities. It is an organization of two or more people who have decided to indulge in business activities and are regarded as a partnership firm. Main reason to register these organizations is to make profit. Members who enter into this agreement called as partners.
In a partnership firm, the amount of money given is often huge because every partner can provide the total amount of capital required. The decision-making process in a partnership firm is a common business. Every partner must be on the same path before taking any kind of business decision. Without a partnership firm, registration two partners cannot start their business venture. In a Partnership firm, there are certainly least compliances about other business entities. A “partnership deed” is a legal document that is designed to form a partnership firm.
Requirements for firm registration
- Minimum of 2 people to start a partnership firm and there is no set limit for the maximum.
- In banking firms, there can be 10 partners and 20 or more in case of any other business.
- No minimum capital standards to begin a partnership firm.
- “Partnership Deed” is a mandatory document
- Not a separate legal entity and the liability is unlimited
- Partners who are creating a partnership must qualify in accordance with the provisions given in the Indian contract act.
- All the directors must attain the age of 18 or above
Benefits of Partnership registration in India
| Benefits of Partnership registration | Particular | ||||
|---|---|---|---|---|---|
|
Simple & Easiest Business Structure |
Partnership firms are one of the simplest business structures that can be started by formulating a partnership deed for which partnership firm registration is important. Therefore, it can be started when the partners are ready and with minimum documentation whereas other firms need at least 10-15 days to cover up all the rules like obtaining DSC, DPIN name approval, etc. |
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Ease in Decision Making |
It’s more comfortable and faster to decide on a partnership firm registration as you don’t have to develop regulations to pass a resolution. Partner of firm can take decisions on behalf of the firm by taking authorization. |
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|
Formed business on base of Agreement |
Under the Partnership Firm registration, a deed of partnership need to execute between the partners. This deed of partnership is governing documents contained all terms and conditions for conducting business. You can say this agreement consider as bye law of firm. |
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|
Raising Funds |
Incompetence to other firms such as proprietorship firms, funds can be quickly raised in a partnership firm. Many partners are capable of making a more worthwhile contribution, also banks view a partnership firm more convenient for sanctioning credits and loans. |
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|
Simple Management Without Any Conflicts |
All the partners are specified works and responsibilities as per their skill, as mentioned in the partnership deed. Partnership deed assists in avoiding any type of dispute between the partners. |
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Unlimited Liability of the Partners |
All Partner is personally liable for all losses resulting in the course of the partnership. All assets can be used to pay off the outstanding debts of the partnership firm. |
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Sharing of profit and Loss among Partners |
The Partners to the deed are liable to bear profit and loss if any arise under the business of partnership firm. There is no feature of separate legal entity like Private Limited under the Partnership Firm registration. Due to which partners are liable to all loss or profit arises. |
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What is included in the package?
Free Consultancy & Advice on Partnership Business formation
Partnership Deed Drafting
PAN and TAN Application
Bank Account Opening Support
Certificate of Registration*
Kinds of partner
Under Online Partnership Firm various kind of partners can be there:
Active partner
He/she is the one who is now in the workings of the partnership in all steps. He plays several important roles and is majorly liable for all the workings.
Sleeping partner
Sleeping partner is the partners who do not active participation in the processes of the partnership. They are not associated with the public. They work in the background.
Nominal partner
He/she is a partner by name just. Due to which reason he has no active participation in the firm. He has not active participation in functioning nor he shares the profit.
Partner in profits
He/she is when a partner is allowed to only the profits as accepted by all the other partners. He is not liable for losses.
Minor partner
He/she is one who is under 18 years of age and is labeled for the advantages of the partnership only. There are limitations like he/she cannot participate or intervene in the functioning of the firm.
Documents required for Partnership registration
For online registration of partnership firm candidate need submit the following documents:
- Application for registration under Partnership Act
- Address proofs of all partners (PAN/Aadhaar/ Driving License/ Voter ID/ Passport)
- Telephone bill, Electricity Bill, Water Bill address proof of the registered office of Partnership.
- Original copy of Partnership Deed, signed by all partners
- An Affidavit which declare that you are willing to become a partner
- Rent agreement of premise
Partnership registration process
the partnership registration process firm is simple and easy:
- Step 1: Fill up the application
In this form, you have to discuss the details of the business and partners’ personal details. Plus you have to consider the Name of your partnership firm along with “Co.” affix at the end of the name.
- Step 2: Name approval
Name approval of any firm is important task. Name should be in such manner which is acceptable by the Registrar of Firm. We at ApkaaCA.com will assist you for formulation of your partnership firm.
- Step 3: Submission of documents online
Our expert team drafts a partnership agreement for you wherein all the terms by the partners are specified. After all the arrangements the final application is forward to the registrar of firms. Along with other documents. Also registered office proof.
- Step 4: Partnership firm registration certificate
Following are the guidelines of the Indian Partnership Act, 1932. A certificate of Registration is then circulated, by the registrar of firms and a copy must be given to all the partners. Along with PAN & TAN of the Partnership firm will help you in opening of a bank account.
Partnership Deed
A partnership is a deliberate association of people who come together for a common purpose. An agreement is formed among partners that define rules and regulations, profit sharing ratio so that there is no confusion later among the partners. The agreement can be verbal or written. The signed agreement is called the partnership deed.
Compare Chart: How partnership is different from others
Basis of difference | Private Limited Company | One Person Company | Limited Liability Partnership | Partnership Firm | Proprietorship Firm |
Act | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Indian Partnership Act, 1932 | No specified Act |
Registration Requirement | Mandatory | Mandatory | Mandatory | Optional | No |
Number of members | 2 – 200 | Only 1 | 2 – Unlimited | 2 – 50 | Only 1 |
Separate Legal Entity | Yes | Yes | Yes | No | No |
Liability Protection | Limited | Limited | Limited | Unlimited | Unlimited |
Statutory Audit | Mandatory | Mandatory | Dependent | Not mandatory | Not mandatory |
Ownership Transferability | Restricted | No | Yes | No | No |
Uninterrupted Existence | Yes | Yes | Yes | No | No |
Foreign Participation | Applicable | Not Applicable | Applicable | Not Applicable | Not Applicable |
Tax Rates | Moderate | Moderate | High | High | Low |
Statutory Compliances | High | Moderate | Moderate | Less | Less |
Tax compliances for Partnership Firm in India
Partnership firms in India must get Permanent Account Number and Tax Deduction Account Number. Both of those problems from the Income Tax Department after Partnership Firm Registration.
Every Partnership Firm need to file return of income irrespective of the profits or losses every year. Partnership firms need to pay taxes 30% plus surcharge on income tax generated during the year.
How ApkaaCA.com help?
Partnership firm registration fees start Rs. 3,000/- all depending on the procedure. For simplifying the registration process there are several online portals. But we do provide better services amongst them with following support-
- Registrar Guidelines follow-up
- Complete online process
- Submission of all documents online’
- 24/7 services available
But our portal ApkaaCA.com offers the most budgeted price for partnership registration online. Our CA Services are affordable, best and competing with different businesses under the same industry.
FAQs
What is partnership firm Registration?
The partnership firm registration is a method of registering business with two or more persons. It is registered with Registrar situated under the district of jurisdiction.
How to register under Partnership Act?
For registering under Partnership Firm Act, 1932, you need to introduce at least two partners. Some basic documents such as Adhaar, PAN, office address, Business name and other information is required to draft the Partnership Agreement. Once draft ready submit it with Registrar of Firm situated in local jurisdiction.
Can a single person register Partnership firm?
No, atleast two persons are required to start a partnership Firm online in India.
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