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Best Partnership Firm Registration Service Provider In New Delhi

 

Get Your Partnership Firm Registered By Experts With An All Inclusive Prices.

  • Drafting Of Partnership Deed
  • Notary And Stamping Of Partnership Deed
  • Filling Of Partnership Firm Registration Form
  • Filling Of PAN Application For Partnership Firm

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Partnership Firm Registration

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Partnership Firm is the most suitable type of business structure as it is very easy to form, and a minimum of two people are required to form a Partnership Firm online. In a Partnership firm, there are very minimal compliances in comparison to other business entities.

In simplified language, we can say that partnership creates a relationship between two or more people who have agreed to carry on a business for profit, and these people are known as partners.

LocalVyapar is India's leading platform in providing professional legal services through an online platform, and our team of professionals can make the Partnership Firm Registration process quick and hassle-free.

What is a Partnership Firm Registration?

To set-up, a Partnership Firm in India, partnership firm registration is not necessary however it is always advisable to register a partnership firm to avail the legal benefits which cannot be availed in case the partnership firm is not registered. Partnership Firm registration is the complete discretion of partners.

What are the features of Partnership Firm Registration in India?

It is good to form partnership Firm in India, because of the below-mentioned features:

  1. Minimum two persons are required
  2. Responsibilities and duties are shared among the partners of the Company
  3. Easy to set-up as partnership firm registration is optional
  4. Minimal legal formalities
  5. Fewer Compliances
  6. A minor cannot become a partner
  7. Flexibility in decision making
  8. Inexpensive to establish

What will be the consequences if the Partnership Firm is not registered?

Without Partnership Firm registration, a partner cannot enforce its rights given under the Indian Partnership Act, 1932. In case of dispute with the third party, the firm cannot claim for setoff; however, the third party will be able to sue the Partnership Firm.

What are the documents required for Partnership Firm registration in India?

Following below-mentioned documents will be required for partnership firm registration in India:

  1. Partnership Firm registration application in Form 1
  2. Certified Copy of notarized Partnership Deed on stamp paper
  3. Specimen of Affidavit
  4. Ownership documents in case property are owned.
  5. If the property is on rent then rental agreement as a proof of principal place of Business
  6. ID Proof and address proof of all the partners (PAN/ Aadhar Card/ Driving License/ Copy of voter ID/ Passport)

What is the Procedure for Registration of Partnership Firm in India?

For online registration of Partnership Firm in India, an application form is filed with the registrar of firms of the state where the firm is situated along with the prescribed fees. The partnership firm registration application form must be signed by all partners or their agents. Thereafter Partnership Deed is created on stamp paper and which should be signed by all the partners with notarization.

After verification of the prescribed documents, if the registrar is satisfied, then he will register the partnership firm in Register of Firms and issue a Certificate of Registration. Up to date information of all the firms is contained under the Register of Firms and on the payment of the certain fees it can be viewed by anybody.

What will be the Step by Step Procedure for Online Registration of Partnership Firm in India?

  1. Selection of Partnership Firm Name
  2. Creation of Partnership Deed
  3. Partnership Firm Registration

What are the main components of the Partnership Deed?

Below mentioned components must be considered while drafting a partnership deed:

  1. Detail of the firm and its partners such as name and address
  2. Nature of the Partnership Firm
  3. Detail of capital contributed by each Partner
  4. Profit/loss sharing ratio among the partners
  5. Interest on capital invested
  6. Detail of drawings by partners or loans provided by partners
  7. Salaries, commissions or any other amount to be payable to partners
  8. Rights and duties/obligation of each Partner
  9. A process which will be followed in case of retirement or death of any partner
  10. Other mutually decided clauses

For Partnership registration in India, partnership deed must be duly stamped and notarized. We have a team of professionals who can draft your partnership deed in a very experienced manner.

What are the Tax compliances for Partnership Firm in India?

It is mandatory for partnership firms in India to obtain Permanent Account Number and Tax Deduction Account Number from the Income Tax Department after Partnership Firm Registration.

Partnership Firm has to file a return of income irrespective of the revenue or loss. In the case of a partnership firm, the income tax rate on the total income will be 30% and surcharge on income tax.

What are the Post Partnership Firm Registration Requirements?

Once the Partnership Firm registration is completed, you have to take the necessary steps in order to make a strong place in the industry.

  • Bank Account Opening

First, you have to open a bank account on the name of the partnership firm within 30 days of the partnership firm registration. For bank account opening you would have to submit PAN and other documents as required by the bank.

  • Intellectual Property Registration

Intellectual property registration gives protection to the trademark and patent from infringement and duplication. With this, competitors cannot affect your brand and market value. The logo provides protection under the Trade Marks Act.

  • Drafting Documents

The growth of the firm depends upon standardized policies and procedures. The partnership firm shall set up policies and enter into certain agreements on the basis of its structure.

  • Stationary

The next step is the printing of stationery such as billheads and letterheads, consisting of the name of the firm.

  • GST Registration

GST (Goods and Service Tax) registration is required for Business with annual turnover exceeds Rs. 40 Lakhs (Rs 20 Lakhs for Northeast states).GST registration is mandatory for particular businesses like Export-Import, E-commerce, and Market Place Aggregator.

How LocalVyapar Will Help in Hassle-free Partnership Firm Registration?

  1. Fill The Form
  2. Get a Callback
  3. Submit Document
  4. Track Progress
  5. Get Deliverables

How it works?

 

Q. How to hire a professional from Local Vyapar?

Since we connect you with the best service professional, we need your requirements in a detailed manner. So first you insert your search in the search bar and fill up the details asked in the form. You need to fill up your location so that we can match with the best service professional near by you. After submitting the details, matched professionals will get in touch with you and you can check, compare their ratings, reviews, quotes and hire the right professional.

Q. Why LocalVyapar?

- We follow certain parameters and process to onboard service professionals on our platform which includes not only their portfolio, document verification but also their background checks to ensure the best quality for our customer.

- We make sure about delivering services with in your budget and that's why keep the affordablity factor in mind while onboarding the professionals and designing the further process.

- Customers are the top most priority for LocalVyapar and we make sure about 100% customer satisfaction and assist our customers personally if required anytime.

- We closely monitor all our service professionals and the services delivered by them. We have strict guidelines for them to follow and to maintain the quality standard we take strong actions against like blacklist, refund, penalty on them.

Frequently Asked Questions

 

Q. How the payments will be done for service?

The service professional will send you the link via sms or email where from you can pay the amount through credit card, debit card, netbanking and you can also pay by cash when service professional come to your doorstep. 

Q. Will I be able to see the portfolio and discuss with the professional before hiring?

Yes. You can check their portfolio or even can ask them to share more work once you get the contact details of service professional. You can have a detailed discussion before hiring any service professional.

Q. How to register the name of the Partnership Firm in India?

There is no particular process of protecting the name of the Partnership Firm, however, for name protection, you can go with the Trademark registration.

Q. How many partners are required to form a Partnership Firm in India?

To setup Partnership Firm in India, there is a requirement of minimum two persons and maximum 20 who come together with the motive of earning profits.

Q. How much capital is required for Partnership Firm registration in India?

For Partnership Firm in India, there is no minimum capital requirement, unlike Private Limited Company. You just need capital to maintain a current bank account balance.

Q. Is it mandatory to register a Partnership Firm?

It is not mandatory to apply for a partnership firm in India however it is always advised to get it registered with the Registrar of firms as it gives the legal status to the firm.

Q. What are the disadvantages of unregistered Partnership Firm in India?

In case Partnership Firm is not registered then it cannot file a case against any partner or firm/ any other third party. Without partnership firm registration, Partnership Firm is not eligible to avail the power to claim the set-off.

Q. Describe the partnership Firm registration under MSME Act, 2006?

One can skip the Partnership Firm registration and can apply under MSME. One can file an application for MSME Registration Certificate and current bank account can be opened.

Q. Can a foreigner become a partner in a Partnership Firm?

No, Partnership Firm can only be carried by the partners' resident in India. For setting up a business entity with foreigner one can go with the Private Limited Company registration.

Q. What are the basic annual compliances for the partnership firm in India?

Partnership firm needs to file an income tax return on time. Besides this, personal income tax returns of all the partners in the partnership firm. Other than that, GST returns filing is mandatory.

Q. Can Partnership Firm be converted into a Private Limited Company or Limited Liability Partnership (LLP)?

Yes, one can convert Partnership Firm into a Private Limited Company by filing a prescribed form with the authority. We always recommend setup business as Private Limited Company as Partnership Firm is an old method.

Q. What will be the procedure of the current bank account opening in Partnership Firm?

To open a current bank account of a partnership firm in India, banks will ask for partnership deed and KYC documents of partners such as ID and address proof as per RBI guidelines, PAN of the partnership firm will also be required by the banks.

Q. How to apply for the PAN of my Partnership Firm?

Once the partnership deed is notarized, the firm can apply for the PAN. We can also file PAN application on your behalf.

Q. Can investments be made in Partnership Firm?

Yes, investments can be made in Partnership Firm, but there is no limited liability of partners unlike LLP or Private Limited Company. In Partnership Firm in India, an Indian resident person can make the investment.

Q. Would it be required to visit any government department for my Partnership Firm registration?

No, you would not be required to visit any department, all the process shall be done online. You would only be required to be physically present to notarize the partnership deed.

Q. With which government authority Partnership Firm registration application is submitted?

The Partnership Firm registration application is submitted with the Registrar of Firms who has the jurisdiction over the place of business of the partnership firm. On the receipt of the application registrar, the firm will scrutinize the documents issues the Certificate of Registration of Partnership Firm.

Q. Is it required for partnership firms to file an annual return to the registrar of firms?

No, it is not required for Partnership Firms in India to file annual return unlike Limited Liability Partnership (LLP) while it is mandatory for partnership firms to file Income Tax Return before the due date. In partnership Act, 1932 there is no such provision of audit, therefore, it is not required for partnership firm to get its books of accounts audited. However, the tax audit is mandatory if the turnover is more than Rs. 2 Crore.

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