Partnership Registration : All you need to know

A partnership firm serves as a business entity that is established with the purpose of making a gain from the business. Two or more parties get together with a formal agreement(known as Partnership Deed) to own and manage the business.
Partnership Act, 1932 describes the structure of a Partnership firm by giving all the necessary provisions to run the same. The Act allows both registered and unregistered partnership firms in India. Nonetheless, an unregistered partnership has some shortcomings that attract partners towards Partnership Firm Registration. But, one can defeat it by online registration of a partnership firm anytime after it is created.

Partnership Firm Based On Group Of Partners in a Company

Get Partnership Registration in 7 days.

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ABOUT

Why should you register as a Partnership Firm?

A partnership is defined as an agreement between two individuals to reach a common goal. A partnership agreement assures that all partners are held responsible for fulfilling their end of the bargain. We'll tell you everything you need to understand about India's company registration as a partnership firm through this page.

There are two main kinds of partnership firms, registered and unregistered partnership firm. It is always recommended to register a company as a partnership firm, as it grants various benefits to the owners. At PareekG, we assure quick company registration and promise that your company can be registered as a partnership firm within 7-10 working days. 

Advantages of a Partnership Firm

Registering your business as a private limited company holds many advantages, some of which are as follows:

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Easy to start

As there is next to know legal compliance needed, a partnership firm is very to start.

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Flexibility

Company incorporation as a partnership firm is quite popular as its easy to manage and scale up.

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Scalable capital

Company owners must fund the start-up on their own, which means they can decide how much money to put in, and when. 

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Easy decision-making

Partners can rely on each other to make decision and grow their business at an organic pace.

Registration Process Flow

With Pareek G, it is refreshingly simple to register your company online. Here’s what you need to do:

1-2 HOURS
Select Package

Start by selecting the appropriate one, fill out the required forms, or simply speak to our experts online for assistance.

2 WORKING DAYS
Fill Form No.1

We help you to fill Form No.1 for Partnership Registration under the Partnership Act. 

 
2 WORKING DAYS
Draft the partnership deed

We help you draft a partnership deed and get it notarized.

1-2 HOURS
Partnership deed registration

It takes around 7-10 working days to get the deed registered with the concerned Registrar of Firms.

DOCUMENTS REQUIRED

Minimum criteria

  • A minimum of two partners
  • No minimum share capital needed

Documents for Directors

  • Self-Attested Copy of the Pan Card
  • Self Attested copy of Aadhaar Card / Passport / Driving License / Voter Identity Card
  • Passport size photographs
  • Self Attested Copy of Bank Statement /Telephone Bill / Mobile Bill

Document For Registered Office

  • Electricity/Water bill pertaining to the proposed registered office
  • Copy of rent agreement (if chosen a rented property) or property papers (if owned property)

PRICING

Basic Package

Save upto-10% cost on this package

₹ 3,999

(Inclusive All)

  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
  • Msme Registration
  • Share Certificate (Soft Copy)
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Growth Package

Save upto-20% cost on this package

₹ 5,999

(Inclusive All)

  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
  • Msme Registration
  • Share Certificate (Soft Copy)
  • GST Registration
  • Stamp and Company Seal
  • Bank – Current Account Opening
  • 10% Discount on Future Service
BUY NOW

Premium

Save upto-30% cost on this package

₹ 11,999

(Inclusive All)

  • Name Search Report
  • Name approval in RUN (Reserve Your Unique Name)
  • DSC(2no) (Extra Dsc Per Director – Rs-1000)
  • Filing Spice Form
  • Issue of Incorporation certificate along with PAN & TAN
  • Include Government Fees & Stamp Duty for Authorized Capital Upto -1 Lakh except for the state of Punjab, MP and Kerala.
  • Msme Registration
  • Share Certificate (Soft Copy)
  • GST Registration
  • Trademark Registration
  • 1month free GST filing
  • NDA
  • Guideline for Startup India Registration.
  • Stamp and Company Seal
  • Bank – Current Account Opening
  • 10% Discount on Future Service
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FAQ's on Partnership Firm

Below the Indian Partnership Act 1932, The government has formed an online application for firm registration online. This Portal supports the partnership firms to apply the online application form, Tracking of application, Online payment, and the online final certificate. This portal includes the application process workflow which benefits both the applicant and the department officials to utilize and process the application online.
A partnership is a legal agreement wherein two or more individuals give their consent to work towards a common goal, such as building a business.
A partnership firm has an informal structure, which is why partners are not allowed to follow any specific rules. This makes this type of company incorporation quite common in the start-up world.
It is not compulsory, but it is definitely recommended as you can then enjoy a range of benefits. Speak to our team at PareekG to know more
A partnership does not pay any income taxes. Instead, the profits that are generated pass through the business to the partners who are involved. Each person then reports his or her share of the business profits individually while filing taxes.
The main difference between an LLP and partnership firm is that the partners are personally liable for any business debts in the latter. This means creditors can go after the partner’ personal assets, if needed.
If you are facing a dispute, you can try solutions such as mediation and arbitration. However, if these don’t work, then you can take the matter to court
It is generally recommended to have all essential documents pertaining to your business notarized. This is because it provides an acknowledgment that the signature appearing on the document is that of the person whose signature it purports to be. As a result, if you face a dispute with your partner in the future, the matter can be settled in court, with the notarized document proving that the partner is defaulting on the agreement.
Some of the drawbacks of going ahead with the company registration as a partnership firm cover :
  • • Partners are personally responsible for business debts.
  • • Partners are subservient to the actions of other partners.
  • • If one partner leaves, the partnership can terminate.
  • • Shared decision making indicates you do not always have complete authority over internal matters. This can lead to conflicts or paralysis of the partnership.
The partners in a partnership firm are the owners, and thus, are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners.
A partnership must have at least two partners. A partnership firm in the banking business can have up to 10 partners, while those engaged in any other business can have 20 partners. These partners can divide profits and losses equally or unequally.
The deed should contain the names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, any capital invested by each partner, the type of partnership and profit-sharing matrix, rules and regulations to be followed for the intake of partners or removal.