Form Your Partnership Company with Ease!
Are you looking to register your partnership firm? Here you have it: simple setup, minimal expenses, painless processing, quick updates, and more. To get started, pay only ₹499*/- now, and the remaining later when processing begins.
*Govt. and affiliate fees vary from state to state
Register Your Partnership Firm Online
One of the easiest ways to start a business with someone is to establish a general partnership firm. We help you with your general partnership registration in India in the following ways.
Step 1
Gathering Details
We study your business requirements
Step 2
Drafting
We prepare the first draft and share with you within 4 working days.
Step 3
Placing an Emphasis on Perfection
We do up to two rounds of iterations, if necessary, at no extra cost.
Overview
An Overview:
A general partnership is a corporate structure in which two or more people manage and operate a company in accordance with the partnership deed’s provisions and objectives. This structure is thought to have lost its relevance since the introduction of the limited liability partnership (LLP) because the partners in a general partnership firm have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up, and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for general partnerships. Contact our SPSI experts now to know the recent partnership deed format.
Timeframe
The partnership firm registration process takes about 10 to 12 working days, depending on departmental approval and reverts from each department.
Name of the Partnership Firm
Name of the Partnership Firm
Any name can be given to a partnership firm as long as you fulfil the following conditions:
- The name shouldn’t be too similar or identical to another company in the same industry
- It also shouldn’t contain words like emperor, crown, empress, empire, or any other phrases that imply official authorisation or permission.
Checklist
Checklist for Partnership Firm Registration
- Drafting of partnership deed
- Minimum two members as partners
- Maximum number of partners equal to or less than 20
- Selection of appropriate names
- Principal place of business
- PAN card and bank account of the firm
- Initial investment to start the firm.
Documents Required
Documents Required for the Registration of a Partnership
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- Application for registration of partnership (Form 1)
- Certified original copy of partnership deed
- Specimen of an affidavit certifying all the details mentioned in the partnership deed and documents are correct
- PAN card and address proof of the partners
- Proof of principal place of business of the firm.
If the documents satisfy the registrar, the firm will be entered into the register of firms and a certificate of registration will be issued.
Benefits of a Partnership
Benefits of a Partnership
Minimum Compliance
For general partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or is still unregistered, annual accounts filing with the registrar is not necessary either. Annual compliances are also lower when compared to an LLP.
Simple To Begin
A general partnership can be formed within 2-4 business days, with an unregistered deed of partnership. However, registering for the event offers its own set of benefits.
Comparatively Economical
A general partnership is substantially less expensive to start than an LLP. It will still be cost effective in the long term because the compliance needs are minor.
How to Register
How to Register Partnership Firms in India
- Step 1: First, a member of our SPSI team will give you an overview of the process and present you with a list of essential documents for registration
- Step 2:Â Documents can be submitted electronically via our mobile application or our website
- Step 3:Â After the documents have been verified, a partnership deed is prepared and given to the partners for signatures
- Step 4:Â All partners must sign the contracts on stamp paper and upload a copy to our systems
- Step 5:Â Once the signed partnership deed is available, it is registered with the appropriate registrar of firms, and the partner is given a certificate of registration.
FAQs
FAQs on Register Your PC With SPSI
A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a partnership deed that may or may not be registered.
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 registration of a partnership firm in India can take up to 10 to 12 working days. However, the time taken to issue a certificate of incorporation may vary as per the regulations of the concerned state. The registration of a partnership firm is subject to government processing time which varies for each state.
Minimum of 2 persons and maximum of 20 is required for the formation of a partnership firm.
The individuals who are residing in India can only become partners or members in a partnership firm. Foreign individuals who want to form their business in India can choose private limited companies.
There is no minimum capital requirement for the registration of a partnership firm in India.
The Glossary
The Glossary
Acknowledgment
A statement, written or oral, made before a person authorised by law to administer oaths (such as a notary public).
Employment agreement
An agreement between an employer and an employee. This differs from other agreements, in that it is governed by employment law, which may take precedence over standard contract law.
Dissolution
The termination of a partnership.
General partner
A partner in a limited partnership who has authority to engage in operating the business.
Instrument
A legal term for a document.
Partnership at will
A partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.
Registered office
The official address of the company, as designated with the secretary of state. Any documents delivered to this address are considered to be legally served by the company.
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