Partnership Firm Registration

The partnership is the simplest form of business for more than one owner. You can start functioning as a partnership firm within the same day.

Get Started @ ₹1,999/-

Partnership Firm Registration

What is Partnership?

A partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. A partnership is easy to form since no complex business formalities are required to be fulfilled.

Incorporating your business is the one step in helping it become a legal entity in India. Doing so not only provides a slew of benefits, but it also ensures that you stay protected from legal hassles later on. Moreover, the most crucial step in incorporating your business is understanding which business structure to register as.

Types Of Registration

Partnership registration is not compulsory and in at the discretion of the partners whether they want to register the partnership firm or not. But a partnership firm cannot avail legal benefits if it is not registered, hence it is always advisable to register it. Documents required for partnership formation (whether registered or not) are mentioned below.

Registered

Get Started @ ₹1,999/-

Unregistered

Get Started @ ₹1,999/-


Documents Required

for Registration of partnership




Advantages of a Partnership Firm Registration

Process & Time Line for Partnership Firm Registration

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Frequently Asked Questions

Q: What are the pre-requisites for Starting a Partnership Firm in India?

Ans: To start a partnership firm, the minimum number of partners is two, whereas the maximum number of partners can be 20. The partners must come together to carry on any legal business with the motive of earning profits.

Q: What are the types of Partnership Firm?

Ans: The partnership business is regulated under Indian Partnership Act, 1932. Which prescribes possibility of two types of the firm, unregistered firm, and registered firm. An unregistered firm is formed by entering into an agreement between two competent persons, known as partners, where the firm is not registered with the registrar of firms. Whereas the firms which subsequently get registered with the registrar of firms by submitting the copy of partnership deed and KYC of partners and the registered office is known as the Registered Partnership Firm.

Q: Under which Government Authority, the application of Partnership Firm Registration is submitted?

Ans: The application for registration of partnership firm is filed with the Registrar of Firms having jurisdiction over the place of business of the partnership firm. The registrar of firms after receipt of the application complete in all aspects with all required documents registers the firm within 1-2 weeks and issues the Certificate of Registration of Firm.

Q: How to apply and get the PAN and TAN of the Partnership Firm?

Ans: The PAN is a ten-digit alphanumeric number allotted by the Income Tax Department, the application for pan card is filed in Form No 49A. The TAN is a number allotted for TDS Compliance, the application for TAN is filed in Form No 49B. Normally it takes around 6-10 days in PAN allotment and Pan Card Delivery.

Q: Do I have to file an annual return to the registrar of firms?

Ans: Unlike Limited Company or LLP, there is no need to file the annual return for a partnership firm. However, income Tax Return shall be necessary to be submitted at the end of the financial year and within Due Date of filing. There is no provision of audit under the partnership, Act hence a firm does not require to get its books audited. However, if the turnover crosses 2 Crore, then tax audit is mandatory.

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