Partnership Firm

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About Partnership Firm

A partnership is a formal arrangement between two or more persons to manage and operate a business and share its profits by entering into a partnership agreement which can be registered with the Firm registration department. Registered partnership has more benefits and safety with the prosecution when compared to unregistered partnership deed.

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Advantages of a Partnership Firm

With many partners, a business has a much richer source of capital
With multiple people with diverse skill sets to. run a business, which can enhance its overall performance
partnership firm exercise joint responsibility and meet frequently. This enables them to take decisions promptly, which is conducive to taking advantage of sudden opportunities
Minimal registration costs
Few business compliance requirements

Disadvantages of Partnership Firm

Unlimited Liability
Limited Business expansion
Difficulty in large scale Capital raising

Documents Required

It is very easy to register this type of business as very few documents are needed. The required documents include:

PAN card (Copy) of all the partners
Adhaar card (Copy) of all the partners
Partnership Deed
Passport size photo of all the partners
Proof of Address(Power bill, Municipal tax bill, Sale deed copy)
Rental Agreement or NOC

Registration Duration

Registration of Partnership firm takes the shortest time and can be completed within a min. of 3-4 days. Despite registration taking the shortest time possible, this solely depends on government procedures and approvals during the time of your registration.

Registration Fee

The Government’s registration fee starts at Rs.900 while professional fees start at Rs.3500 and the variance would depend based on the type of business, number of employees and location of the business and even the requirements to be met while registering your particular business.

Free Zone

Mainland