Partnership Firm Registration
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OVERVIEW
What is Partnership Firm?
A partnership firm is a business entity established with the aim of generating profit. It is formed when two or more individuals join forces through a formal agreement, known as a Partnership Deed, to jointly own and manage the business. The risks and responsibilities are distributed among the partners, which alleviates the burden on any single partner. Additionally, pooling resources and expertise enhances the ability to achieve business objectives more effectively.
The Partnership Act of 1932 outlines the structure and provisions necessary for operating a partnership firm. The Act recognizes both registered and unregistered partnership firms in India. However, unregistered partnerships face certain limitations that often drive partners to seek formal registration. Registration can be pursued at any time after the firm’s establishment to address these issues.
BENEFITS
Benefits of Partnership Firm
Shared Responsibilities
The term "Partnership" inherently refers to individuals joining forces to achieve a shared business objective. Partners collectively share the duties of running and managing the business. Specific roles or tasks can be designated to one or more partners, as outlined in the Partnership Deed.
Pre-defined Object or Period
During the registration of a Partnership firm, the deed outlines the predetermined business goals and activities that define the purpose of starting the business. A partnership may be established for a defined duration or to achieve a specific project or objective. Upon the completion of this purpose, the partnership will automatically dissolve.
Operating Flexibility
A Partnership firm is governed by the Partnership Deed, which is agreed upon by the partners. The partners have the flexibility to determine the operation of the business through mutual consent. Additionally, the Partnership Deed can be amended as needed, even after registration. There are no constraints or restrictions on the partners regarding business management, provided it aligns with the terms of the signed agreement.
Various Financial Returns to the Partners
Partners in the firm receive various types of returns for their invested capital and individual contributions. In addition to earning interest on their capital and a portion of the profits, working partners may also receive remuneration, as agreed upon by the partners. Furthermore, the share of profits received by a partner is exempt from taxation.
ONLINE REGISTRATION
Documents required for formation of a Partnership Firm
PAN Card
A self-attested copy of PAN Card of all partners
Rent Agreement
Rent Agreement and NOC from the owner of the place of business, if rented
Partners Address Proof
Self- attested copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners
Business Address Proof
Utility Bill (Electricity Bill) of the place of business
How to choose a name?
Unique Name
A unique name helps to recognise the Partnership distinctly and build brand value
Business Object
A part of name should suggest the business activity of the firm
Short and Simple
The name should not be unnecessarily long and should be simple to spell and remember.
ONLINE REGISTRATION
Establish Partnership in 3 Easy Steps
1. Answer Quick Questions
- Pick a Package that best fits your requirements
- Fill in our questionnaires that take less than 10 minutes
- Provide basic details & documents required for registration
- Make payment through secured payment gateways for LLP registration fees
- Make payment through secured payment gateways
Experts are Here to Help
- Assigned Relationship Manager
- Drafting a Partnership Deed
- Certificate of LLP Incorporation
- Application for LLP Name Reservation
- Application for Director Identification Number (DIN)
- Application for PAN and TAN
- Drafting of LLP agreement and other required documents
3. Wow! LLP Registration was Easy
- Your business is registered, get-set-grow!
- All it takes is 15 – 18 working days to register and incorporate your LLP in India*
THE PROCESS
Process to establish Partnership Firm
Day 1 - 2
- Application for Digital Signature Certificate
Day 3 - 5
- Checking LLP Name availability
- Application for Name Reservation under “LLP-RUN”
- Reservation of LLP Name
Day 6 - 10
- Drafting the LLP incorporation document
- Filing application for LLP registration
- Application for DIN allotment of Designated Partners
- Certificate of LLP Incorporation
Day 11 - 14
- Application for PAN and TAN of LLP
- Drafting of LLP Agreement
Day 15 - 18
- Payment of Stamp Duty
- Filing of LLP Agreement
- Government processing time