What is a Partnership Firm?

A partnership firm is a firm in which two or more individuals agreed to do business as per terms and objectives mentioned in the partnership deed. In order to start a partnership firm, all the partners need to sign a partnership deed. Partners running the business are solely responsible for the profits & losses of the firm. Therefore, the partners have unlimited liability. Registration is not mandatory for the partnership firms. It has low setting up cost and minimal compliance requirements. It is considered suitable for home businesses and has no perpetual existence.


What Is Included In Our Package?

Eligibility Consultation

Document Preparation

Application Drafting

Government Fees

Documents Required for Partnership Firm Registration in India

Documents required for partnership firm registration are as follows –

  1. Identity proof of all partners.
  2. Address proof of partners.
  3. PAN card in the name of partnership firm
  4. Registered address proof of the firm.
  5. Partnership deed signed by the partners

Advantages of Partnership Firm Registration

  • Easy to begin – Partnership firm can be easily open within a few days with an unregistered deed but it is better to register your partnership deed in order to obtain benefits like booking a case in a court room opposing another business or associates working in a firm for control of rights as per partnership act.
  • Minimum compliance – A partnership has minimum compliance requirements and many individuals consider it as an better option as in this form of business - there is no necessity of –
    1. Appointing an auditor
    2. Filing annual accounts with the registrar.

    Compliance requirements are very few in a partnership firm in case we compare it to LLP. In addition to it, there is no need to file taxes depending on turnover, service & sales tax in the partnership firm.

  • Comparatively economical – Partnership firm is very economical to start in comparison to LLP. It is economical due to its minimum compliance requirements. It is inexpensive in the long run too. This form of business is mainly opted by home businesses.

How Finacbooks help in registering a partnership firm in India?

Finacbooks is a leading Indian portal providing accounting, finance & taxation services to small businesses. We are having more than 10 years of experience helping individuals in registering their partnership firms at a least possible price. We will guide you through the entire process of partnership firm registration. To avail the best deals on partnership firm, kindly call us at 8800221252 or you can also e-mail us at info@finacbooks.com

Partnership Firm FAQ’S

No, it is not compulsory to register a partnership firm but it is recommended for all partners to register a partnership firm as unregistered firm will not be able to recover its cost in case of any dispute.
Yes, a partnership firm can sue or be sued in the name of the firm as it is treated as separate legal entity i.e. firm separate from its partners.
No, it is not compulsory for partnership deed to be in written form. It can be oral too.
Any individual after attaining 18 years of age can become a partner in an Indian firm. He should be perfectly fine as per medical records and should not be disqualified by law from entering into an agreement.
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