Partnership Firm Registration

Partnership Firm registration requires two or more persons for a common business under the agreement to manage, function and to share the profit and losses with a partners with their contribution or investment. If the number of owners are more than one then the Partnership firm registration is preferred. There is no fixed amount of share capital to start a firm, partners can fix an amount according to their business scale. partnerships should have a written partnership agreement needs to contains the company name, Registered office Address, Nature of business, profit and loss sharing ratio, etc.

Registration

An application should be submitted to the registrar for registering a partnership in the respective jurisdiction. The application and Partnership agreement has to be signed by all partners. The Registrar of the Firms will register the firm in Register and issue Certificate upon satisfaction of all the documents.

Pre Requisites

  • Minimum Pre requisites two or maximum of hundred persons required to commence a partnership firm
  • Partnership deed describes the objective of the business and the details of the partners along with the sharing ratio
  • Minimum share capital of partnership is not fixed

Characteristics

  • The partnership firm register under the partnership act, 1932
  • Partners can share their profit and loss on the agreement basis
  • Liability of the partnership firm will be unlimited
  • Partnership will be created by the agreement which shall be registrar with the registrar
  • Every partner considered as agent to the partnership firm
  • They cannot transfer their share without the consent of other partners
  • The Partnership Deed should be on a stamp paper

Documents required

  • Name of the business firm
  • Address proof of business firm
  • Places and other branches of the business firm
  • Partners name and their permanent address with the letter of joining as partner in the firm
  • PAN Copy of all the partners
  • Address proof of all the partners
  • The main business activity of the firm
  • Rental agreement or EB bill is required, if the business place is rental

FAQ'S


A partnership firm shall be called as registered partnership firm, wherein the partnership deed is registered with a registrar of firms formed under the State government and complied all and necessary procedural formalities such as filing of return etc. as required under law. The partnership deed will not be registered with a registrar of firms in case of unregistered partnership.

Solubilis is the best service provider; we take 5-7 days to register the private limited company.

Capital is the initial amount in cash or kind contributed by the partners to start the business. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties.

Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract.

A minor admitted to the benefits of partnership, has the option to become a partner within six months of attaining majority. He has to give a public notice stating his acceptance or rejection of partnership. In the absence of a notice, it is considered that he has become a partner of the firm.

A Certificate of Partnership is a legal document filed with the state government to register a limited partnership. These vary by state and each has its own requirements, we recommend that you contact your State Department for more information about your State’s requirements.

If a partnership deed does not provide for duration or for dissolving the partnership in any manner, it is a Partnership at will.

Yes, a partner can transfer his interest in the business to an outsider, but only with the consent of all other partners.

A partnership firm cannot become a partner of another firm because it is not a legal person. However the partners may be partners in another firm in their individual capacity

The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm, subject to necessary clearances and permissions from satisfactory authorities in this regard.

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