Partnership firm

A Partnership Firm is the entity comprising of 2 or more persons, desirous of working under one name, with the objective of sharing profits earned. Persons who come together or join to form the firm are known as Partners and the entity is termed as Partnership Firm.

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Service Overview

A Partnership Firm is the entity comprising of 2 or more persons, desirous of working under one name, with the objective of sharing profits earned. Persons who come together or join to form the firm are known as Partners and the entity is termed as Partnership Firm. The contract between the partners is termed as Partnership Deed. It is not legally recognized entity like Private Limited Companies, LLPs or Public Limited Companies. However, in terms of taxation, the firm is considered as a separate entity from its partners.

Cost of Digital Signature, Government Fees and Stamp Duty, if any, is payable by the client in addition to the Professional Fee being charged by indian MSME Helpline.

Our Package includes the followings:
  • Drafting of Partnership Deed
  • PAN Number
  • GST Registration
  • MSME Registration (Complimentary)

Brief Process

  • Step-1: Drafting and notarizing the Partnership Agreement based on information as collected from persons desirous of forming partnership on stamp paper of respective state. This document is termed as Partnership Deed.
  • Step-2: Apply for PAN and TAN. 
  • Step-3: Apply for GST Registration.

 

FAQ

A Partnership Firm is the entity comprising 2 or more persons, desirous of working under one name, with the objective of sharing profits earned. Persons who come together or join to form the firm are known as Partners and the entity is termed as Partnership Firm. The contract between the partners is termed as Partnership Deed.


It is preferable to form the partnership agreement in writing. Also it is a mandatory requirement to be submitted as proof while applying for PAN and TAN.

Yes. The firm and all the partners are liable for the wrongful act or fraud which causes loss or injury to any third parties.

ThePartnership deed can be amended with time to time upon occurrence of following events:

  • Change in Profit Sharing Ratio amongst the partners

  • Admission of new partner(s)

  • Removal/ Resignation/ Death of existing partner(s)

  • Change in terms of the agreement

  • Change in Business activities

Advantages:

  • Since it is not governed under any laws, it is easier to incorporate. Firms can be incorporated simply by drafting the Partnership Deed and entering into the agreement as mentioned therein.

  • The process of registration is cheaper as comparative to incorporation of Private Limited Companies, LLPs or Public Limited Companies.  

  • Because of not being a legally recognized entity, the compliances are very few, even after its formation. 

  • Any changes to the agreement viz; Partnership Deed can be done easily without any hassle of legal formalities.

Like the process of registration, the process of dissolution is also very cost effective and does not involve many legal formalities.

Disadvantages:

  • The biggest disadvantage is that the partners have unlimited liability. This means that the partners may have to bear the loss of the firm, even out of their personal expenses.

  • Liability created by any one of the partners is to be borne by all partners.

  •  There is no perpetual succession like in case of Private Limited Companies, LLPs or Public Limited Companies.  

  • Following Documents/ information are required to initiate the registration process:
  • PAN of the partners.
  • Aadhaar of the partners.
  • Nature of business.
  • Name of the firm.
  • Address proof of Office of the proposed firm.
  • Capital Contribution by partners.
  • Share of partners in profits and losses.
  • Duration of partnership.

The procedure is as follows:

  • Step-1: Drafting and notarizing the Partnership Agreement based on information as collected from persons desirous of forming partnership on stamp paper of respective state. This document is termed as Partnership Deed.

  • Step-2: Apply for PAN and TAN. 

  • Step-3: Apply for GST Registration.

Since it is not regulated by any laws, it is only governed under Income Tax Act. Therefore, the income tax provisions have to be complied with.

Documents Required

  • Duration of partnership
  • Address proof of Office of the proposed firm.
  • Name of the firm
  • Nature of business
  • Share of partners in profits and losses
  • PAN of the partners
  • Aadhaar of the partners
  • Capital Contribution by partners
Partnership firm
Price

5850

Discounted Price

₹ 4500

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