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Partnership Firm

A Partnership Firm in India is governed by the Indian Partnership Act, 1932.A
Partnership is a business structure in which two or more individuals manage and
operate a business in accordance with the terms and goals set out in the Partnership
Deed. Partnership registration is relatively easy and is prevalent among small and
medium sized businesses in the unorganized sectors.

For Partnership Registration, you must agree on a firm name and then establish a
partnership deed. It is a document stating respective rights and obligations of the
partners and to be valid it should be written and not oral. The terms of the
Partnership Deed can be varied to suit the interests of the partners and can even be
made contrary to the Indian Partnership Act, 1932 but if the Partnership Deed is
silent on any point, then the provisions of the Act would apply.
The partners relationship is of mutual agents to each other and they carry unlimited
liability towards business risk. Partners carry on business in the name of firm. Profit
and loss is shared by them as per partnership deed/agreement.

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Why Partnership Registration ?

Relatively Inexpensive
Minimal Compliances
Easy to establish
No Statutory Audit

The following documents are required for the registration of a Partnership firm:

  • Notarised True copy of the Partnership Deed stating the following :

    • The firm-name

    • The nature of business of the firm

    • The place or principal place of business of the firm

    • The names of any other places where the firm carries on business

    • The date when each partner joined the firm

    • The names in full and permanent addresses of the partners

    • Other terms of partnership as decided mutually between the partners

  • Proof of ownership or rent/lease of the location of your business.(e.g. Electricity Bill/ Water Bill or Rent/Lease/Leave and Licence Agreement of Business Place)

  • Copy of PAN Card of partners

  • Copy of Aadhaar Card/ Voter identity card