Partnership Firm Registration
Partnership Firm Registration refers to the legal process of registering a partnership business entity under the relevant laws and regulations of the country where the partnership operates. A partnership firm is a popular form of business structure where two or more individuals join hands to carry on a business with a common goal of making a profit. Partnership firms are governed by the Indian Partnership Act, 1932, in India. You can choose My All Business consultant as top partnership firm registration consultant.
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What Is Partnership Firm Registration?
Partnership Firm Registration refers to the legal process of registering a partnership business entity under the relevant laws and regulations of the country where the partnership operates. A partnership firm is a popular form of business structure where two or more individuals join hands to carry on a business with a common goal of making a profit. Partnership firms are governed by the Indian Partnership Act, 1932, in India. You can choose My All Business Consultant as top partnership firm registration consultant.
Who Needs Partnership Firm Registration?
- Entrepreneurs and Business Owners
- Professionals
- Small and Medium Enterprises (SMEs)
- Family Businesses
- Startups
- Joint Ventures
- Service Providers
- Trading and Merchandising Businesses
- Investment Groups
- Social Enterprises and NGOs
Types Of Partnership Firm Registration
- General Partnership (GP)
- Limited Partnership (LP)
- Limited Liability Partnership (LLP)
- Partnership at Will
- Registered Limited Liability Partnership (RLLP)
- Professional Partnership
- Partnership with Sleeping Partners
- Partnership by Estoppel
Documents Required For Registration
- Partnership Deed
- Identity Proof of Partners
- Address Proof of Partners
- Proof of Registered Office Address
- Specimen Signature
- Registration Application
- Stamp Duty Payment Receipt
- Additional Documents (if applicable)
Benefits Of Partnership Firm Registration
- Ease of Formation
- Shared Decision Making
- Flexibility in Operations
- Pooling of Resources
- Tax Benefits
- Limited Regulatory Compliance
- Privacy and Confidentiality
- Shared Risk and Liability
- Ease of Dissolution
Stepwise Process Of Partnership Firm Registration
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Partnership Deed Preparation:
Draft a Partnership Deed outlining the terms and conditions of the partnership, including the names and addresses of partners, profit-sharing ratio, capital contributions, roles and responsibilities of partners, decision-making procedures, and other relevant provisions. It’s advisable to seek legal assistance in drafting the Partnership Deed to ensure compliance with legal requirements and clarity of terms. -
Partnership Deed Execution:
Execute the Partnership Deed by obtaining signatures of all partners on non-judicial stamp paper of appropriate value, as per the Stamp Act applicable in the state where the partnership firm is registered. Each partner should keep a copy of the executed Partnership Deed for their records. -
Verification of Document:
Get the Partnership Deed verified from a Notary Public or an authorized person to authenticate the signatures of the partners on the document. This step helps validate the authenticity of the Partnership Deed.
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Application for PAN:
Apply for a Permanent Account Number (PAN) for the partnership firm from the Income Tax Department. PAN is necessary for various tax-related purposes, including opening a bank account and filing income tax returns. -
Registration Application:
Prepare the application for registration of the partnership firm in the prescribed format, including details such as the name and address of the firm, names and addresses of partners, date of commencement of business, and other relevant information. -
Submission of Documents:
Compile the necessary documents, including the Partnership Deed, PAN card application, identity and address proofs of partners, and address proof of the partnership firm. Submit the registration application along with the required documents to the Registrar of Firms in the respective state or jurisdiction. -
Payment of Fees:
Pay the prescribed registration fees for partnership firm registration as per the fee schedule specified by the Registrar of Firms. The fees may vary depending on factors such as the capital contribution and jurisdiction.
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Verification and Approval:
The Registrar of Firms will verify the registration application and documents submitted. Upon successful verification and compliance with legal requirements, the Registrar will issue a Certificate of Registration for the partnership firm. -
Obtain TAN:
Apply for a Tax Deduction and Collection Account Number (TAN) for the partnership firm from the Income Tax Department. TAN is required for deducting and remitting tax deducted at source (TDS) on payments made by the partnership firm. -
Opening Bank Account:
Open a bank account in the name of the partnership firm with the Certificate of Registration and other necessary documents. The bank account will be used for conducting business transactions and managing finances of the partnership firm. -
Compliance Requirements:
Ensure compliance with various regulatory and tax requirements applicable to partnership firms, including filing of income tax returns, maintaining proper books of accounts, obtaining necessary licenses and permits, and adhering to statutory obligations.
Frequently Asked Questions
Pricing Plans
Basic Package
9999/-
- PARTNERSHIP DEED DRAFTING
- PARTNERSHIP DEED NOTARIZATION
- PAN NUMBER
- TAN NUMBER
- MSME REGISTRATION
- GST Registration
Super Package
19999/-
- PARTNERSHIP DEED DRAFTING
- PARTNERSHIP DEED NOTARIZATION
- PAN NUMBER
- TAN NUMBER
- MSME REGISTRATION
- GST REGISTRATION
- 12 Months GST Return Filling
*MSME Package*
39999/-
- PARTNERSHIP DEED DRAFTING
- PARTNERSHIP DEED NOTARIZATION
- PAN NUMBER
- TAN NUMBER
- MSME REGISTRATION
- GST REGISTRATION
- 12 Months GST Return Filling
- 1 Year Income Tax Return
- 12 Months Accounting in Tallyprime
- Balance Sheet and Profit & Loss
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