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Partnership Business Registration Service

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Partnership

Partnership Business Registration

What is a Partnership Firm?

When two or more persons enter in to a formal legal agreement to run a business/profession then such entity is called a Partnership Firm. Partnership Firms are governed by the Indian Partnership Act 1932. Although registration of a partnership firm is not mandatory under law but still in order to avail legal benefits, such entities can get themselves registered. Partnership Deed is prepared on the basis of KYC of all the partners along with other terms and conditions mutually agreed to between the partners like Profit/Loss Sharing Ratio, Salary/Remuneration to partners, Intt. On partners capital and Initial Capital Contribution etc.

Our Pricing

  • Basic

  • Market Price : 5,000.00

    Our Price : 4,499.00

    Your Saving : 501

  • Basic Package of Partnership Startup Business Registration Service
  • Completed By : 02/01/2025

  • What you Get:-

    Partnership Deed duly Notarized (With all the terms & Conditions)

    PAN (In the name of Partnership Firm)

    Stamp Duty Included

     

  • Standard

  • Market Price : 7,500.00

    Our Price : 6,499.00

    Your Saving : 1001

  • Standard Package of Partnership Startup Business Registration Service
  • Completed By : 02/01/2025

  • What you Get:-

    Partnership Deed duly Notarized (With all the terms & Conditions)

    PAN (In the name of Partnership Firm)

    TAN (If Applicable)

    One Partnership Firm Official Rubber Stamp

    Stamp Duty Included

     

  • Premium

  • Market Price : 10,000.00

    Our Price : 8,499.00

    Your Saving : 1501

  • Premium Package of Partnership Startup Business Registration Service
  • Completed By : 02/01/2025

  • What you Get:-

    Partnership Deed duly Notarized (With all the terms & Conditions)

    PAN (In the name of Partnership Firm)

    TAN (If Applicable)

    One Partnership Firm Official Rubber Stamp

    GST Registration Certificate

    Current Account Opening Support

Documents Required for Partnership Business Registration

Aadhar Card
Aadhar Card of All the Partners
PAN Card of all the Partners
Photo of All the Partners
Nature of Business
Profit Sharing Ratio & Capital Contribution
Remuneration & Interest on Capital to Partners
Business Address Proof (Rent Agreement/Electricity Bill)

FAQ on Partnership Business Registration

Q.1 How many persons are required to startup a Partnership Firm?

A.1 Minimum two persons are required to start a Partnership Business. The Maximum Limit is 20.

Q.2 Is it Mandatory to register a Partnership Firm?

A.2 Registration of a Partnership Firm is not Mandatory as per the provisions of Indian Partnership Act 1932. However, it is advisable that a partnership firm is registered in order to safeguard the interest of partners and also to avail any legal benefits provided under the Partnership Act, 1932.

Q.3 Is it Mandatory to Continue with the same partners with which the Partnership Firm is Registered?

A.3 No, A partner may retire and new partner may be admitted to partnership firm and this can be done any no. of times. There is no such restriction under law. Even a Minor can be a Partner.

Q.4 Is there any Minimum Capital Requirement to Start a Partnership Firm?

A.4 No, There is no such minimum capital requirement to commence a Partnership Firm.

Q.5 How long does it take to startup a business with Partnership Firm?

A.5 It normally takes around 7-10 working days to get your business up and running.

Q.6 What is the Income Tax Rate Charged on Profits of Partnership Firm?

A.6 Partnership Firms have to pay Income Tax at the rate of 30% of their profits. However, the same profits are exempt in the hands of the partners.

Q.7 What basic information do i need to share for starting up my partnership business?

A. 7 Following details would be required:-

a) Name of your Partnership Firm (We will apply PAN with that firm name)

b) Place of Business (This is that space from where you will operate your business, Need a Rent Agreement, if the space is rented)

c) KYC Details of all the Partners 

d) Profit & Loss Sharing Ratio (%age at which profits/losses will be divided amongst the partners)

e) Capital Contribution by each partner (Although its not mandatory, but to run any business, one needs to infuse the initial funds in to business)

f) Rate at which interest would be provided to partners on their capital contributions.<

Q.8 Are the Partners required to file their Income Tax Return?

A.8 Yes, In addition to the ITR of Partnership Firm, the Partners are also required to file their personal Income Tax Return separately. Their Salary/Remuneration, Profits from Firm, Interest on Partner's Capital and income from any other sources becomes their income for the purpose of filing of ITR. Further they are also eligible to claim various income tax deductions under chapter VIA from their Incomes.

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