Name of the Firm
Date of Commencement
Registered Office Address + Proof
Capital Contribution (if any)
Profit / Loss Sharing Proportion
Remuneration to Partners
Name & Address of Partners
KYC of All Partners
A Partnership Firm is the most popular form of doing business in India, wherein two or more persons come together to operate and run a business, sharing profits and losses of the firm in agreed proportions.
Partnership Firms can be started simply by entering into a Partnership Deed that defines all terms and conditions through mutual consent of the partners. Although registration with the Registrar of Firms is not mandatory, doing so grants legal identity and important rights not available to unregistered firms — making registration highly advisable.
A partnership firm can be started within 1–2 days by simply entering into a partnership deed between the partners, unless registered with the Registrar of Firms.
More minds leads to better decisions as against a single mind. Further, decisions are faster as there is no need to pass resolutions unlike Companies.
Unlike LLPs and Companies, Partnership Firms are not required to do any Annual Filing with any concerned authority — reducing compliance burden significantly.
Unlike Sole Proprietorship, the risk of losses gets shared among all the partners in the ratio defined in the Partnership Deed.
Since registration is not mandatory, partners have full freedom to choose the name of their firm without approval from any authority.
2 or more individuals
ready to start together
Any two or more individual persons willing to start up their own business in association with each other can enter into a Partnership and start up their own Firm. There are no complex eligibility requirements — if you have a business idea and a partner, you're ready to begin.
Gather basic details about the proposed firm — name, nature of business, registered office address, and KYCs of all the partners willing to form the Firm.
A Partnership Deed is executed incorporating all basic information and terms decided among the partners through mutual consent. It is executed on a requisite Stamp Paper and signed by all partners.
After execution of the Partnership Deed, the Firm applies for a PAN with the Income Tax Department in the name of the Firm.
A current account in the name of the Firm is opened with any Bank for smooth operations of the business of the Firm.
To avail legal benefits, the Firm registers with the Registrar of Firms with a nominal fee. All partners are required to visit the Registrar with original ID Proofs and two witnesses.
After the visit, the Registrar verifies all documents of the firm and the identity proofs of all the partners thoroughly before proceeding.
After verification, if the Registrar is satisfied with the correctness of all documents, a Certificate of Registration is issued in the name of the Firm — valid for the lifetime of the Firm unless surrendered.
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