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Assigned Relationship Manager
Drafting of Partnership Deed
Franking & Notary of Partnership Deed
PAN Card and TAN

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All it takes is 12 working days*
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Best in class customer care support
* Subject to Government processing time

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Our flexible pricing options make it easy to get started.

Business Package

All expenses and notary fee
Drafting of Partnership Deed
Franking & Notary of Partnership Deed
PAN Number
TAN Number
Firm seal

Executive Package

All expenses and notary fee
Drafting of Partnership Deed
Franking & Notary of Partnership Deed
Deed Registration
PAN Number
TAN Number
3 Months Legal Documents Library Subscription
10% Discount on service charges on next order

Premium Package

All expenses and notary fee
Drafting of Partnership Deed
Franking & Notary of Partnership Deed
Deed Registration
PAN Number
TAN Number
Firm seal
100 Letterheads & Envelopes
100 Visiting Cards per partner
Premium Corporate Kit
6 Months Legal Documents Library Subscription
15% Discount on service charges on next order
Free TDS Returns for 1 year

Main Advantages of Registering a Partnership Firm


Distribution of Post Tax profits to partners with no additional tax liability. Hence, creation of Individual Partner's Net Worth is greater

Uneven capital contribution between partners permissible. No predefined partners capital contribution, put in preferable amounts as capital and withdraw as you like

Easy conversion to Corporate Forms such as Private Limited Companies and LLPs

Frequently Asked Questions


What are the pre-requisites for Formation of Partnership in India?

To start with Partnership in India, minimum two persons shall come together to carry on certain activities with the object of earning Profit. Here, a Partnership Firm cannot be formed with charitable object. Further, the Partners shall enter into agreement named Partnership Deed, whether registered or unregistered.

What are the types of Partnership Firm?

A Partnership Firm, under Indian Partnership Act, 1932, is classified under two main heads being Unregistered and Registered Partnership Firm. Both types of firm are legal and valid to carry on the business under the Act.

What amount of capital is required to start a partnership firm?

A Partnership Firm can be started with any amount of capital contribution by the Partners as there is no minimum requirement prescribed in this regard. The Partners can contribute in any amount agreed and in any form being tangible (cash, premise) or intangible (goodwill, intellectual property). The Partners can introduce capital in any ratio, equal or uneven.

What is the number of Partners are required to form a Partnership Firm?

Minimum 2 Partner are required to form a Partnership Firm which shall not exceed 50 number of partners.

What are the requirement to be a Partner in the Partnership Firm?

The Partner to be introduced and appointed in the Firm must Indian Citizen and a resident in India. Non-Resident Indians and Persons of Indian Origin can only invest in a Partnership with prior approval of the Government of India. In addition to above, the individual must be at the age of 18 or above i.e. not a minor and competent to enter into contract. A minor can be introduced to Partnership Firm only for profit.

What are the documents required for Formation and Registration of Partnership Firm in India?

The documents including PAN card and address proof of all Partners will be required to establish a Partnership Firm. Further, for Partnership Firm and deed Registration in India the Address of Business Place such as utility bill and rent agreement, if any will also be required.

What are the advantages of a Registered partnership firm?

Only a Registered partnership firm can claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party. Hence, it is advisable for partnership firms to get itself registered sooner or later. Also, only a registered partnership firm can file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the partnership Act. Hence it is advisable to get a partnership firm registered. An unregistered Partnership Firm can get registered at any point of time after its establishment.

 

Under which Government Authority, the application of Partnership Firm Registration is submitted?

The application for Partnership Firm Registration in India is submitted with the Registrar of Firms (RoF) under whose jurisdiction the Place of Business of Partnership Firm falls. The application of Registration is made in required form along with submitting the Partnership Deed. At the end of registration procedure, the Certificate of Registration is issued by respective RoF.

Which points should be considered by all the Partners while drafting Partnership Deed for formation or registration of Partnership Firm?

The Partners should specifically mention about the main object and activities along with major clauses related to capital contribution, profit sharing ratio of the partners, Management and Administration of Partnership Firm. Further, the Signed Partnership Deed shall be duly stamped and notarised.

What is the requirement of Stamp Duty and Notary on Partnership Deed?
While formation or Registration of Partnership Firm in India, the stamp duty on the Deed according to the capital contribution of the Partners in the partnership Firm. The rate of Stamp Duty varies based on State where the Business Place of Partnership Firm is situated. Further the Notary on the Deed is a must requirement.
When can I get the PAN and TAN of the Partnership Firm?

The PAN and TAN in the name of Partnership Firm can be applied either after entering into Agreement or after registration of Partnership frim with respected RoF. The physical copy of the PAN will be received at the Business Place only after being dispatched by the Income Tax Department.

How long will it take to Register a Partnership Firm in India?

The registration of Partnership Firm in India can take 12 to 14 working days. However, the issuance of Registration Certificate can take place as per the regulations of concerned state. The time period for registration of Partnership Firm is subject to Government processing time.

What are the compliance requirements for Partnership Firm?
The Partnership Firm shall maintain the Books of Accounts and Financial Statement. The Income Tax Return shall be filed for the respective financial year before the due date as per Income Tax Act.
Whether audit is required for Partnership Firm?
Partnership firms do not need to prepare audited statements for each year. However depending on the turnover and  a few other criteria, a tax audit statement might be necessary.
Whether GST Registration is required for the Partnership Firm Registration in India?

Alike every other entity, there are certain criteria laid down for mandatory registration under GST. Following are few general criteria for mandatory registration:

An aggregate turnover exceeding Rs. 20 lakh in a financial year mandates registration for a dealer or service provider under this law. However, for dealers conducting business in north-eastern states of India, an aggregate turnover exceeding Rs. 10 lakh mandates a registration.
Any online platform operator.
Partnership Firm engaged in inter-state supply of Goods or Services. 

Whether a Trademark shall be applied for the name of Partnership after Partnership firm Registration?
The Trademark Registration in not mandatory however beneficial for Partnership Firm. The name of the Partnership Firm is not protected under the Indian Partnership Act, 1932. Any other firm or organisation can use the name of Partnership Firm. Hence, to protect the name and brand value of the firm, one can voluntarily apply for Trademark
Can a Partnership Firm be converted into Private Limited Company or LLP?
A partnership firm can be converted to a Private Limited Company or a LLP considering its requirements. However, the procedures to convert a Partnership firm into a Company or LLP are cumbersome, expensive and time-consuming. Thus, it is wise for many entrepreneurs to consider and start a LLP or Company instead of a Partnership firm.
What comes as a part of the Legal Documents Library?
Legal documents like Employment Letter, Legal Notice, Non Disclosure Agreement, Terms of Service and Privacy Policy and many more are a part of the Legal Documents Library.

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Partnership Firm is the form of Business where two or more promoters come together for common goal of earning Profit out of Business Activities. Considering flexibility granted by the Law and minimal compliance requirement, Partnership Firm is best option for small and unorganised Businesses. LegalWiz.in is leading online service provider, experts of LegalWiz.in can help you to set up your Business by establishment of Partnership Firm being unregistered or registered at affordable prices with no hassle and quick turn around time. At LegalWiz.in, we cater to customers who are looking for a better, faster and affordable online LLP Registration Services. We guarantee highest quality standard backed by 100% customer satisfaction. Our team of expert chartered accountants, company secretaries and a network of qualified professionals take care of the procedure for online Partnership Firm Registration in India as per Indian Partnership Act, 1932. To establish your Partnership Firm online, you need to spare only 15 minutes to provide details of your proposed business activities and requirements. All you need to do is answer few simple questions and share documents related to your business and rest will be taken care by the experienced team of LegalWiz.in. Experts on subject matter are available on call or via email to answer your queries. We also provide a full spectrum of post online  Registration Services including Accounting and Bookkeeping Services, GST Registration, Tax Registration and filings, Changes in Partnership deed and change in Business, Conversion of Partnership Firm into Private Limited Company or LLP, Trademark Registration, Copyright Registration, Personalized Legal Document Drafting and more. We offer services through an online model and a network of trusted affiliates across all major cities in India including Mumbai, Delhi, Ahmedabad, Rajkot, Surat, Pune, Bangalore, Hyderabad, Vadodara, Kolkata, Chennai, Noida, Gurgaon and others.

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