A partnership firm is set up under the Governance of Partnership Act 1932 which states that a partnership firm is a collaboration of two or more people, who came together to share profit and losses and form the structure of the business. A formal agreement known as a partnership deed bound all the members which are not compulsory to make but is advised to do so. You can start a registered or unregistered partnership firm but registration is always a good way to protect the right of all the members and the firm itself. Registration of a partnership firm is not an easy process but to make it more convenient for you legal24by7 is here.Take your first step with us. Get started just in a few clicks!. Hassel Free Online Partnership Firm Registration.
Who should start their corporate journey by establishing a Private Limited Company?
A partnership business is a joint agreement of all the partners to work in a team and enjoy all the benefits in a decided ratio. A partnership firm is governed by the Indian Partnership Act 1932 and is bounded by a partnership deed. To resolve your confusion regarding the compliance for registration and information Legal24by7 has developed a one-stop station for all your needs. Registration of a partnership firm is not necessary but it is advised to do so in case of any unforeseen grievance. To help you reach your goal Legal24by7 ensures to start your business within 7 to 10 days and help you throughout the process.
1. Convenient to start
A partnership firm is very easy to start because there is less legal compliance that you have to go with. with Legal24by7 it will be a more smooth and more efficient process.
2. Flexibility
Company incorporation with a partnership firm is easy to manage because there are lesser compliances and is quite popular because more people are doing it so it is flexible
3. Centralized Capital Structure
All the partners have to decide what amount of money is to be put in as capital and when exactly it is going to happen because in a partnership firm the owner of the companies is liable to fund the startup on their own
4. Efficient Decision-Making
All the partners have to take all the decisions by discussing with themselves which is better than having big meetings
• PAN of the company
• Other Identity Proof like Aadhar Card/ Passport / Driving License / Voter Identity Card
• List of partners (Minimum 2 members who are not minors or more)
• Identity proof of partners
• Address proof of partners
• Passport Sized Photographs of all the Partners
Additional Documents
• No-Objection letter by the owner of the address company is using
• Supporting documents to be signed by the owner to verify the address like Electricity Bill / Telephone Bill / Gas Bill / Water Bill
1. Select Package
Your journey starts with the package selection. Our team of professionals is here to assist you & solve your doubts accordingly.
2. Filling Form No.1
Legal24by7 is responsible to fill the form and register it under Partnership Act
3. Drafting the partnership deed
It is advised to draft a partnership deed by us to make things clearer.
4. Partnership Deed Registration
It takes around 7 to 10 working days to get the deed registered
Legal25by7 is here for you on every step of your Partnership Firm Registration. If you have any doubt about whether to go for any other type of company, we are here to resolve this confusion for you. We will enlighten you about what are the different ways you can set up your dream organizations and what benefits you get from each one of them. Your dream is to start your journey and our aim is to see you do it smoothly.
For convenient registration of a Partnership Firm, we have a team of highly skilled professionals and a large network of people who can assist you with every service that you will need. We are ready to play the role of facilitator and see you climb the ladder of success; all you need to do is to take the first step and connect with us.
Yes, you can register your partnership firm online. The government has made a registration portal under the Companies Act 2013. You can conduct the registration process virtually and can also track every step thoroughly
A partnership is an agreement between two or more people to share profit and loss in a business & they have all decision-making powers.
A partnership firm enjoys this leverage that they don't have to abide by any particular rules or regulations. They can make their own and work accordingly with the consent of each other.
No, it is not necessary to have a partnership deed if you want to come under a partnership, but it is advised to do so because it will make things clearer and in case of any dispute it can work as a guideline or proof.
Partnership firms do not have to pay any income tax however whatever the profit they generate they have to report separately for the filing of tax.
The main difference between the both is that in the partnership firm the liability of the partners is not limited so they have to pay the liabilities through their assets if they are unable to pay it through the profit while the liability of a limited liability partnership is limited.
No, in the partnership firm the partners are the ultimate owners of the business and do not have the leverage of having a separate legal entity from the form which means if there is any legal notice against the form then the partners have to face the consequences of it.
There should be a minimum of two partners in a partnership firm to form an agreement and share the profit and losses. A maximum of 20 partners can make a partnership firm.
