Partnership Firm Incorporation in India
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Partnership Firm Details
Partnership firm consists by many people these days for their businesses. Here, we will discuss partnership firm details. Partnership firm is one of the common types of business in the unorganized sectors of India. In a partnership business, two or more people come together and signs the partnership deed thereof, and share the profit in an agreed ratio. Partnership firms are easy to incorporate and the compliance included in this type of business is minimal. Now, the partnership firm registration in india is easy, see below the process:
Partnership firm registration process
1. Submitting the online application to the state Registrar of Firms containing details such as:
a) Partnership Firm’s Name
b) Partner’s name and address
c) Place of business (includes main office and branch offices address)
d) Partnership Duration
e) Date of joining of partners
f) Date of commencement of business
2. The duly signed copy of the Partnership Deed
3. Stamp duties and partnership firm registration fees.
4. Approval and issue of incorporation certificate for partnership firm.
Documents required for partnership firm registration
The partnership firm registration process is quite simple the applicant needs to furnish the application form along with prescribed fees to the Registrar of firms of the state. Now, you can partnership firm registration number check online. In addition to this following documents are also required to be submitted:
i. Application for partnership e firm registration in Form No. 1
ii. Duly signed specimen of affidavit
iii. Original copy of partnership deed
iv. Address proof of firm
- Own office – Copy of any utility bill such as electricity bill/water bill/landline bill and so forth
- Rented office – Rent agreement along with any utility bill and No objection certificate (NOC) from the owner
Advantages of a partnership firm
- Less compliance
- Simple to start
- Comparatively cheaper
Why Masters India Services?
i. Masters India Services will take only 15-20 business days to incorporate your partnership firm
ii. We have active client support that assists you through the partnership firm incorporation process
iii. We provide regular updates about the partnership incorporation process until it is complete
Iv. No physical visit to the office completely online process
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Frequently Asked Questions
Who can be partners in a partnership firm?
As per the Partnership Act, a partner shall be a major i.e., above 18 years of age, must be sane and shall not be disqualified by any law from entering into a contract.
A partnership firm has 10 and the business of the firm is trading goods. However, the partnership built on the basis of oral agreement. Is the firm an illegal entity?
No, this partnership firm is not a legal entity, however it completely a legal partnership. Let us understand how;
a) The number of partners is within the prescribed limit.
b) As per the Partnership Act, there is no such requirement of partnership deed or agreement.
c) There is no such legal requirement to register all partnerships.
Can a Non-Resident Indian be a partner of an India firm?
There is as such no prohibition mentioned in the Partnership Act regarding this matter, however, the Non-Resident Indian citizen needs to take prior approval, clearances, and permission from the concerned authorities.
What does capital mean in a partnership firm?
Any amount contributed either in cash or kind by the partner to start the business is known as capital. Capital contribution ratio can be equal or in any proportion based on the partnership agreement between the partners.
About the Author
I am a content and marketing manager at Masters India. I am also a tax and finance content writer. I also write academic books on accounts and tax. I have an experience of 7+ years in Income Tax Read more...