Partnership Incorporation
Partnership Firm
A Partnership Firm refers to the collaboration of two or more individuals who join forces to establish a business and collectively bear its financial gains and losses. In India, the operations of a partnership firm are regulated by the Indian Partnership Act of 1932. The partnership agreement may pertain to a particular project or assignment, and it can be time-bound or continue as a general partnership until termination occurs.
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Why Need LLP Registration?
In India, a partnership firm can be categorized as either registered or unregistered under the Partnership Act. It is important to note that an unregistered partnership firm lacks legal standing and therefore cannot initiate legal proceedings against others due to its absence of recognized identity.
Establishing a partnership firm in India involves a straightforward procedure, which includes fulfilling certain compliance requirements similar to other types of organizations. However, it is important to note that unlike companies or limited liability partnerships (LLPs), partners in an Indian partnership firm assume unlimited liability towards the firm’s creditors and debts. All partners collectively share the responsibility for the firm’s financial obligations and losses. Additionally, the partners operate within a principal and agent relationship framework among themselves, further defining their roles and responsibilities within the partnership.
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Documents Required..
Services Covered
- Drafting of Partnership deed
- Applying for the PAN card of the firm
- Applying for TAN card of the firm
- MSME Certificate
- Bank account opening support
- Documents required
Proof For Registration
- PAN Card of all the partners.
- AADHAR CARD and Permanent address of each partner.
- Name of the partnership firm and place of business.
- Address detail of partnership firm intending to be incorporated.
- Details nature of partnership and share in revenue by each partner.
Minimum Requirements
- Minimum 2 partners required.
How To Do It?
Process of Limited Liability Partnership Registration
Please complete our company registration form to initiate the next steps of the procedure.
Send us the scanned copies of the required documents and necessary details for the registration process.
We will prepare a Partnership Agreement and provide it to you for your review and approval.
Once you have reviewed the final deed, print it on stamp paper and have it notarized by the nearest notary in your area.