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PARTNERSHIP FIRM REGISTRATION

2 or more persons can join together as partner for running a business and enter into a partnership deed. The partnership deed read with partnership act governs the partnership firm.

Stamp duty for registration of partnership deed varies from one state to another. Registration of partnership firm with Registrar of Firms is not mandatory. However, it is suggested to register with Registrar of firms since section 60 of the partnership act states that unregistered firms shall not be able to recover any sum more than Rs. 100.

Partners are jointly and severally liable for all debts ( loans)/ Liability of partnership. Hence, people generally consider LLP / Private limited company.

However, this is suitable for small business with easy framework.

Documents Required

Copy of PAN and Aadhar Card of all Partners
Copy of Address Proof ( Voter Id, Passport, Driving License, Aadhar Card) of all partners
Latest passport size Photographs of all partners
Registered Office Address Proof - Electricty Bill along with Rent Agreement / ownership proof of proposed registered office.
Copy of Mobile bill, telephone bill, electricity bill or Bank Statement of all directors / promoters with Present address
Registered Office Address Proof Electricity Bill along with Rent Agreement plus NOC (if Rented)/ Ownership proof (if Owned)
Passport size photographs of Applicant

Package Includes

Setting up consultancy for Partnership Firm
Advisory on setup of partnership
Drafting of Partnership deed
Application for PAN and TAN
Apply GST
Deed Registration and Registration with Registrar of the firms are responsibility of the client

Frequently Asked Questions

How many people are required to start a Partnership firm?

What are the requirements to be a Partner in a Partnership firm

Will my Partnership firm have a separate legal identity?

No, a Partnership firm has no separate legal existence of its own i.e., the Partnership firm and the partners are one and the same in the eyes of law. Liability of the Partners is also unlimited, and the partners are said to be jointly and severally liable for the liabilities of the firm. This means that if the assets and property of the firm is insufficient to meet the debts of the firm, the creditors can recover their loans from the personal property of the individual partners.

How can I transfer my Partnership firm

There are restrictions on the transfer of ownership interest in a Partnership firm. A Partner cannot transfer his/her interest in the firm to any person (except to the existing partners) without the unanimous consent of all other partners.

What are the annual compliance requirements for a Partnership?

Partnership firm will have to file their annual tax return with the Income Tax Department. Other tax filings like service tax filing or VAT/CST filing may be necessary from time to time, based on the business activity performed. However, annual report or accounts need not be filed with the Ministry or Corporate Affairs, which is required for Limited Liability Partnerships and Companies.

Can I later convert my Partnership firm into a Company or LLP?

Yes, there are procedures for converting a Partnership business into a Company or a LLP at a later date. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Therefore, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.

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