Partnership Firm Registration

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(Takes 10-20 days)

Partnership Firm Registration

What is Partnership Firm Registration

A Partnership is a business structure in which at least two people oversee and operate a business as per the terms and objectives set out in the Partnership Deed. Partnership registration is simply easy and is common among small and medium-sized businesses in the disorderly divisions. Partnership Registration is done by GST SHINE.
For Partnership Registration, you must agree on a firm name and then build up a partnership deed. It is a document expressing particular rights and commitments of the partners and to be substantial it should be written and not oral.
The terms of the Partnership Deed are often varied to suit the interests of the partners and may even be made contrary to the Indian Partnership Act, 1932 however in case, if the Partnership Deed is quiet on any point, then the arrangements of the Act would apply.

GST Registration Image

Documents Required For Partnership Registration

  • Statement in Form 1 with the prescribed fees.
  • 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)
  • 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
  • The duration of the firm
  • Copy of PAN Card of partners
  • Copy of Aadhaar Card/ Voter identity card

Why Partnership Registration ?

  • Relatively Inexpensive
  • Minimal Compliances
  • Easy to establish
  • Audit not required

Steps to form an Partnership Registration

    Step 1:

    All the previously mentioned records must be submitted to the Registrar of firms of the state

    Step 2:

    An authentication of Registration is then given, by the Registrar, and a duplicate should be given to all the accomplices

    Step 3:

    Likewise, a different enrollment with the Income Tax office is to be done to maintain any future problems and should get a PAN card and a bank account under the name of the Partnership firm

Need for Partnership Registration

If you don’t register your Partnership:

  • A partner cannot sue firm: A partner in an unregistered partnership firm can’t sue the firm for upholding any rights under the Indian Partnership Act, 1932
  • Can’t guarantee Set off in a dispute with a third party.
  • The firm cannot sue outsiders would have the option to sue the firm regardless of enrollment.

Minimum Requirements for Partnership Registration

  • Minimum 2 Partners
  • No fixed minimum Capital Requirement

Procedure For LLP Registration

Frequently Asked Questions

At least two partners are required for LLP registration. The maximum partners can be 200. If you are the sole owner, you can register as a One Person Company.