About Partnership Firm
A Partnership Firm is formed when two or more people agree to run a business together and share profits. A well drafted partnership deed sets out how the firm will work and protects every partner.
We draft the deed, arrange stamping and complete the firm registration and related tax registrations.
Key benefits
- Easy and low cost to start
- Simple structure with fewer compliances
- Flexible profit sharing as agreed in the deed
- Partnership deed gives legal clarity to every partner
Who needs Partnership Firm?
- Two or more people who want to start a business together
- Small businesses and family firms
- Partners share unlimited liability, so the deed should be drafted carefully
Documents required
- PAN card of all partners
- Aadhaar card or other address proof of partners
- Passport size photographs
- Business address proof with rent agreement and NOC if rented
- Proposed firm name and details of capital contribution
Exact requirements can vary by state and case. We confirm your list in the free consultation.
Our process
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1
Deed drafting
We draft a partnership deed covering capital, profit sharing, roles and exit terms.
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2
Stamping and signing
The deed is printed on stamp paper and signed by all partners.
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3
PAN and registration
We apply for the firm PAN and file for registration with the Registrar of Firms.
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4
Bank account and tax set-up
We guide you on opening a current account and getting GST or other registrations if needed.
Frequently asked questions
Is registration of a partnership firm compulsory?
Registration is optional, but an unregistered firm has limits on enforcing its rights in court, so registration is strongly recommended.
What is the liability of partners?
Partners are personally liable for the debts of the firm. If you want limited liability, consider an LLP or a company.