In India, establishing a general partnership firm is a simple and popular way of starting a business. Such a business can be formed by two or more people who work in tandem and are called partners. All partners in a partnership firm own the business, manage it, and also share their income as well as liabilities amongst each other.
It is easy to set up a partnership firm but each partner holds innumerable liabilities. Liabilities of partners are unlimited, even the personal properties of the partner shall be used to settle the liabilities of the firm. For a partnership firm registration process, partners must collectively decide upon a firm name. They must create a partnership deed that includes the rights and responsibilities of each of the partners.
Any area that is not covered under the partnership deed comes under the regulations of the provisions of the Indian Partnership Act 1932. A partnership firm registration is not obligatory in India except that in Maharashtra. However, a registered partnership firm can enjoy many benefits compared to an unregistered one. Hence, it is advisable to get your partnership firm registered.
You and your partners can choose any name for your firm. However, you need to be vigilant so that your chosen name is unique enough so as not to infringe on the copyright of any other person or any trademark. You should also get a trademark of your chosen name for the partnership firm so that no other people can use the same name for their business.
Partners manage their business very well in a partnership firm as they show interest in the day-to-day affairs of their business because of ownership control and profits.
As per the act, all the partners of a partnership firm have the same managerial rights. But as per your convenience, you can have some partners as managing partners while others can willingly give in their managerial rights to the managing partners. The partners have shared and numerous other responsibilities.
As compared to a company or an LLP, a partnership firm does not have too many annual or event-based compliances and regulations to follow.
you can select your desired plan and fill an inquiry form for the same.
We share the first draft of the deed with you within four working days after understanding your partnership structure, your business requirements, and all the other terms and conditions.
if necessary, help you with up to two rounds of alterations. We then prepare the final partnership deed
If you want to register your partnership firm, you have to get it done with the Registrar of Firms (ROF).
We will apply for Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) of your partnership firm.
You can immediately begin working as a partnership firm!
We offer consulting, advisory, secretarial, governance, compliance, and representation services to companies in India and abroad.
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