Partnership Firm Registration

A firm or company established between two or more partners with the goal of earning a profit is called as a Partnership Firm. It is not compulsory to register a partnership firm but there are added advantages if a partnership firm is registered. Partnership deed is the legal document which is created to form a partnership firm.

Indian Partnership Act 1932 is the governing law which regulates the partnership firms in India. As per the act “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”. The maximum number of members in a partnership is 10 for banking business and 20 for other businesses to enter into a partnership firm.

Partnership firms are not separate legal entity while the partners are. A partnership firm cannot be debtor or creditor and can not own property. The property, debit or credit of a partnership firm is actually for the partners in the eyes of law. The manner in which profits or losses are to be shared amongst partners must be explicitly mentioned in the partnership deed to avoid any confusions in the future. Every partner can carry on business on behalf of others.

A partnership firm would be dissolved if the number of partners reduces below 2 in case of death, incapacitation or resignation of a partner.

How it's Done

Purchase of Plan


Session with our CA Experts


Receipt of Registration Certificate


Partnership FIRM Features

Easy to Start

A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.

Annual Filing not Required

A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership's and Company's are required to file their annual accounts with Registrar of Companies each year.

No Restriction For Business Name

Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

Bank Account Flexibility

Bank account can be opened in the name of a Partnership firm. To open bank account, the partnership deed copy and KYC documents of the Partner must be submitted along with any other document as required by the Bank.

Partnership Deed

In a Partnership firm, the partnership deed will determine the ownership of the firm, profit sharing ratio, rights and responsibilities of each of the Partner. A partnership deed can be registered with the Registrar.

Information Guide

    • PAN Application
    • Partnership Deed Drafting
    • Filing of the deed and other documents with the Registrar of Firms
    • The issue of Registration Certificate
    • Affidavit filing with the registrar

    Address proof of partners
    Photo ID proof of partners
    No objection certificate from the owner of the property of the property
    Ownership proof
    Rent agreement of your registered office

    • A group of at least 2 people having a business idea
    • Small businesses looking to using the pool of resources contributed by multiple people
    • Any existing unregistered Partnership Firm

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