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Partnership Registration

  • Gainme helps you to get online partnership firm registration in India with less paperwork undertaking.
  • Completely online service - No physical presence required
  • 100% Fast and Secure Online Process

Required Documents

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Self Attested PAN Card & Aadhar Card Copy of all partners

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Self attested address proof of all partners (Utility Bill/ Bank Statement/ Bank passbook copy/ Driving License/Passport)

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Passport size color photo of all partners in JPEG Format

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Proof of office address (Rent deed/ lease deed or Copy of Registry if owned premises)

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Mobile No. and email id of partners

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Notarized Partnership deed in original

Features & Restrictions of Partnership Registration:

  • Easy to Form & Dissolve: A partnership firm can be formed easily by the partners simply putting conditions of the partnership in partnership deed and getting it notarized. Even, it is not necessary to register the partnership deed. Similarly, it is quite easy to dissolve the operations of a partnership firm as compared to other business forms.
  • Unlimited Liability of Partners: Each and every partner of the partnership firm is jointly as well as severally liable for the acts of other partners. In case of losses, the partners are liable to contribute the same out of their personal assets.
  • Lesser Compliance: A partnership firm need not be compulsorily registered under any law. As such, the operational and statutory compliances in relation to a partnership are lesser as compared to LLP and companies.

Required Documents

Self Attested PAN Card & Aadhar Card Copy of all partners

Self attested address proof of all partners (Utility Bill/ Bank Statement/ Bank passbook copy/ Driving License/Passport)

Passport size color photo of all partners in JPEG Format

Proof of office address (Rent deed/ lease deed or Copy of Registry if owned premises)

Mobile No. and email id of partners

Notarized Partnership deed in original

Step by Step Procedure of Partnership Registration

STEP 1

Document Verification

STEP 2

Name Selection: - The name of the firm should not be identical or similar to the name of already registered firms. The name should not contain any words which reflect state patronage

STEP 3

Partnership Deed Drafting

STEP 4

Submission of application for registration with Registrar of Firms (ROF) with necessary forms and prescribed fees:- (a) Application in Form-1; (b) Duly filled specimen of affidavit; (c) Certified original partnership deed; (d) Proof of address of firm (Lease deed/ Rent deed if rented or copy of registry if owned)

STEP 5

Scrutinizing of the documents by ROF

STEP 6

Issuance of Registration Certificate

Frequently Asked Question

What is the minimum number of partners to initiate a partnership firm?

At least 2 partners are required to form a partnership firm

Can a minor become partner in a partnership firm?

Under the Indian Partnership Act, 1932, a minor cannot become a partner but can be admitted to the benefits of the partnership firm. With the consent of other partners, he can share profits of the firm and also have access to the books of accounts of the firm.

Is registration of a partnership firm is compulsory in India?

In order to form a partnership firm, a written partnership deed is not compulsory. Even, a verbal/oral agreement to carry on the business under partnership is suffice. But it is better to have a formally documented partnership deed to avoid future disputes

Further, registration of firm is also not compulsory. However, registration of partnership firm with Registrar of Firms (ROF) is advisable

What are the effects of non-registration of partnership firm with ROF?

The effects of non-registration of a partnership firm are as follows:

  • A partner of unregistered firm cannot sue the firm or his partners in case of any mutual disputes. Similarly, the firm can also not sue the partners
  • An unregistered partnership firm cannot file a suit against third party for breach of a contract. However, the third party can sue the firm to enforce their dues or claims
  • As part of an unregistered firm, you, your partners or the firm cannot claim a set-off (mutual adjustment of debts owed) in a dispute with a third party

Who are eligible to become partner in a partnership firm?

Eligibility to enter into partnership is as below:-

  • Individual: Any individual who is competent to enter into a contract (Person of sound mind& major & solvent) can become a partner of a partnership firm
  • Partnership Firm: A partnership firm cannot be the partner of any firm but its partner can enter into a partnership with any other person
  • Hindu Undivided Family: A karta of the HUF can become a member of a partnership firm in his individual capacity
  • Company: A private or public limited company can be a partner in a partnership firm if it is allow to do so by the Articles of Association

 

What are the main contents of a partnership deed?

Partnership can be formed orally but it is advisable to get the terms & conditions of the partnership well documented to avoid future disputes. Following are the major points covered in a partnership:-

  • Full details of partners namely name, address and age
  • Name of the firm and proposed office address
  • Nature of the business to be conducted
  • Date of commencement of partnership
  • Duration of partnership
  • Capital to be contributed
  • Ratio of sharing profit & loss
  • Management of the firm
  • Manner of distribution of remuneration
  • Rate of Interest on capital & loans contributed by partners
  • Interest on drawings by partners
  • Retirement & Admission of partners
  • Dissolution clause
  • Duties and obligations of partners
  • Arbitration clause

What is the minimum capital required for initiating a partnership firm?

A partnership firm can be initiated with any amount of capital contribution. There is no minimum capital condition for a partnership firm. The partners have to contribute their share in capital as agreed in any form whether tangible/ intangible asset

Is it mandatory to get partnership deed notarized?

Yes, it is necessary to notarize the partnership deed if it is documented in a written form

What is the scope of liability of partners in case of a partnership firm?

Every partner is jointly liable with all the other partners and also severally liable for all the acts of the firm, during the course of business while he/she is a partner

How is the application for registration for a partnership firm made?

The application for registering a partnership firm is submitted with Registrar of Firms (ROF) under whose jurisdiction the place of business of the firm falls. The application is made in prescribed firm (Form-1) along with other requisite documents and fees

How can the partner end the partnership?

If the partnership is for duration, the partnership gets automatically dissolved as the duration elapses. But if partnership is at will, the partners of firm can dissolve the partnership by mutual consent of all partners in accordance with the terms laid out in the deed