Register yourPartnership Firm in
3 simple steps @ 4,999
- Incorporation Master file
- Partnership Deed
- Document Proof of Firm
- TAN/TDS of Firm
We're ready to help start your Partnership Firm today!
Introduction
In India, Partnership firm registration involves an arrangement between two or more individuals to conduct business operations together with an aim of generating a profit. There are notable benefits to registering a partnership firm. The legal document governing the terms of the partnership is known as a partnership deed.
A Partnership firm is one of the fundamental structures for conducting business. This form of partnership distributes profits and liabilities among its members based on a pre-agreed ratio, making it a popular choice for small businesses and entrepreneurs.
Bright Accounts is committed to offering comprehensive assistance in Partnership Firm Registration, simplifying the complex process for you. Our experienced team provides expert guidance, aids in document preparation, assists with name selection, and ensures full legal compliance.
Documents Checklist
Bright Accounts has compiled a detailed list of documents that are required to register a Partnership Firm. Speak to our experts for any queries.
Identity Proof
- Document Proof of Partners
- Notarized Documents (for Foreign Nationals)
- Utility Bill or Bank Statement
Address Proof
- Utility Bill or Bank Statement
Proof of Registered Office
- Ownership of Property- Any utility bill like an electricity bill or corporation tax receipt not later than 30 days.
- Right to use the Property - Rental Agreement or No Objection Certificate (NOC) from the owner.
Other Documents
- Passport Size Photographs
- Affidavit
- Power of Attorney
process
Registration Process
in 3 Simple Steps
At Bright Accounts, we have simplified the entire registration process of a Partnership Firm into 3 simple steps. This makes your journey smooth, structured and easy.
- Pre-application
- We collect basic information
- Gather required documents
- Drafting & Application
- Drafting of Partnership Deed
- Review and Finalization of Partnership Deed
- Apply for Registration
- Apply for PAN
- Apply for GSTIN, if required
- Approval
- Obtain Registered Partnerhips Deed
Following the successful verification of documents, Bright Accounts ensures a seamless process for the registration of your Partnership. Once registered you can begin doing business and open bank account with the PAN.
benefits
What's Good
about a Partnership Firm
Simplicity of Setup
A partnership is indeed one of the simplest business structures, especially in India. In many cases, the only requirement for registering a partnership firm is the preparation and execution of a partnership deed. This simplicity allows for the quick establishment of a partnership, making it a viable and accessible option for entrepreneurs who wish to start their business promptly.
Sharing of Profits
Partners in a partnership firm share profits and losses equally.Partners have the flexibility to determine the profit and loss-sharing ratio. In the event of a loss, partners bear the burden jointly. Since the firm's success is directly tied to the efforts and contributions of the partners, they naturally develop a sense of ownership and accountability for the business's performance.
Minimal Compliance
Partnership firms generally have fewer compliance obligations compared to companies or LLPs, making it a simpler structure to manage.There is no requirement of DIN and DSC.Changes can be made very easily.Partnerships have fewer legal restrictions on their activities compared to companies or LLPs.
Confidentiality
Partnership affairs are often private, providing a level of confidentiality in business operations.Internal business operations and decisions within the partnership firm are private.The details of profit-sharing, roles and responsibilities, and other internal workings of the partnership are kept confidential among the partners.
Shared Burden
Having a partner in a business can offer significant financial benefits, and the shared financial burden is one of the key advantages. It allows for the sharing of financial responsibilities. With multiple partners contributing financially, the business may have the capacity to afford more resources, equipment, and infrastructure upfront.
Ease of Dissolution
Dissolving a partnership is simpler than winding up other forms of business structures. If partners wish to end the business, they can do so with relative ease.After the death or resignation of one partner,the number of partners are less than two,then the partnership firm will be dissolved.
What do you get
when you register with our help
Ready to Register your Partnership Firm?
When you register your business with the help of Bright Accounts, you not only get the items mentioned on the side, you also get a friend who advices, guides and helps you grow into a great business.
- PAN of Firm
- TAN/TDS of Firm
- Partnership Deed
- Incorporation Master File
- Our full support on opening Bank Accounts
- Expert advice you can count on
- Our bright support on every thing needed to complete the registration.
testimonials
What our clients say
Why Bright Accounts
There are many reasons why clients choose Bright Accounts, but from our experience we have listed the four main reason why you should go with us.
Bright & Knowledgeable
Bright Accounts delivers high quality financial services by a team of bright and knowledgeable experts.
Always happy to help
Bright Accounts commit to provide dedicated support and assistance to our clients.
Professional & Approachable
We maintain a high level of professionalism while being easily approachable for our clients.
Easy & Quick
We focus on streamlining and simplifying the complex processes for our clients.
Checklist for Registration
This checklist includes everything that you would need to start a Partnership Firm. These are mandatory requirements.
- At least 2 Partners
- Nature of the Business
- Partnership Sharing Ratio
- Partnership Deed
- Affidavit
- Power of Attorney
- PAN of Partners
- Aadhaar of Partners
- Proof of Registered Office
Timeline
After review of documents by Bright Accounts, the registration process takes between 7 to 10 working days.
Confused between Partnership or Company? Speak with an expert.
Frequently Asked Questions
A Partnership firm can be started with any amount of capital. There is no minimum requirement as such.
The Partnership firm and the partners are the same in the eyes of the law. In Partnership firms, the liability of the Partners is also unlimited and all the Partners are said to be jointly and severally liable for the liabilities of the firm. Hence, No Partnership firm doesn’t have separate legal existence of its own.
A Partnership Firm must file the returns of Income irrespective of the number of profits or losses made by the Partners.
There are restrictions on the Transfer of ownership interest in a Partnership Firm. A Partner cannot transfer his or her interest in the firm to any person without the consent of all other partners.
In the case of Partnerships, it is not necessary to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criteria.
Yes, there’s a specified procedure for converting a Partnership firm into a Company or LLP. However, the procedure is very cumbersome and time-consuming. It will be wise if an entrepreneur considers starting an LLP or a Company instead of a Partnership firm.
Bought Together
There are many reasons why clients choose Bright Accounts, but from our experience we have listed the four main reason why you should go with us.
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