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Partnership Firm

Partnership Firm

A partnership firm is a business wherein two or more people share ownership and each contributes financial resources, property, labor and skill, as well as shares profits and losses of the business. It is relatively easy to form and it is mostly preferred by small and medium size business. Although it is not mandatory to register partnership firm but it is always advisable to get register your firm for taking benefits which are available to registered firm.

Features

Instability

Unlimited Liability

Simple and inexpensive to form

Ease of capital acquisition due to shared financial commitments

Each partner contributes an ideally unique skill set

Flexibility in Operation

Partnership firm is not required to file Annual accounts with Registrar as like Company and LLP

Partnerships have a unique ability to offer employees the incentive of becoming a Partner

Registered Firm has more value than unregistered firm

Registered Firm enjoys more benefits at time of contract with Government or other agencies

Sharing of Risk

Lack of Harmony

Limited Capital

Steps for Partnership Firm Registration

Draft Partnership Deed

Obtain Stamp Paper in the Name of Firm

Apply for the PAN Number and open a current bank account

Issuance of Registration Certification

Apply for Registration with Department through Form-1 with Deed and other documents

Apply for other Licenses as required

Documents Required

Name of the Firm

ID Proof of All Partners (Election Voter ID, PAN Card, Aadhar Card & Passport)

Latest Two Passport size Photos of All Partners

Business Place ownership proof as latest utility bill (electricity bill/Telephone bill)

Detailed Description about objective of firm

Address Proof of All Partners (BANK Statement, Telephone Bill, Electricity Bill etc.)

Rent Agreement and NOC/ Sale Deed

Start-UpE-commerceCorporate & Others