Company Registration
Partnership Firm Registration
A Partnership Firm remains one of the simplest ways for two or more people to run a business together, governed by a clear deed that sets out how profits, duties and decisions are shared.
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What is a Partnership Firm?
A Partnership Firm is formed when two or more people agree to share the profits of a business carried on by all, or by any of them acting for all, under the Indian Partnership Act, 1932. The relationship between partners, including capital contribution, profit-sharing ratio, roles and responsibilities, is defined through a partnership deed.
Key Features
Minimum Partners
Formed by a minimum of 2 partners under a written partnership deed.
Partnership Deed
Capital contribution, profit sharing and roles are governed by the partnership deed.
Unlimited Liability
Partners have unlimited, joint and several liability for business obligations.
Profit Sharing
Profit distribution is decided according to terms agreed in the partnership deed.
Optional Registration
Registration with Registrar of Firms is optional but provides legal advantages.
Flexible Structure
Easy to manage, restructure and dissolve compared with companies.
Advantages
Easy Setup
Quick and inexpensive to establish compared with companies and LLPs.
Flexible Management
Partners can decide management structure and responsibilities through the partnership deed.
Less Compliance
Requires fewer statutory compliances compared with companies.
Simple Profit Sharing
Profits are shared according to terms agreed between partners.
Flexible Partnership Structure
Partners can define profit sharing, terms according to their mutual agreement.
Documents Required
PAN and Aadhaar of all partners
Partnership deed, stamped and notarised
Proof of the firm's business address
Passport-size photographs of partners
PAN application for the firm