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Partnership

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Kudos Price: ₹5498 incl. all
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Government Fee: Included
Complete By*: 15-12-2024

Get your Partnership Register Online in 6 Days with Kudos Startup.
 

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Market Price: ₹5999
Kudos Price: ₹3598 incl. all
You Save: ₹2401
Government Fee: Included
Complete By*: 15-12-2024

Get your Partnership Register Online in 6 Days with Kudos Startup.
 

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Market Price: ₹10748
Kudos Price: ₹7748 incl. all
You Save: ₹3000
Government Fee: Included
Complete By*: 15-12-2024

Get your Partnership Register Online in 6 Days with Kudos Startup.
 

Check Package
Market Price: ₹13499
Kudos Price: ₹9998 incl. all
You Save: ₹3501
Government Fee: Included
Complete By*: 15-12-2024

Get your Partnership Register Online in 6 Days with Kudos Startup.
 

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Partnership Firm Registration

Pool your resources into a partnership with a fairly-budgeted partnership firm registration. Partnership Firm becomes the most favorable business option when it comes to splitting the liability among more than one person. Register your partnership to avail of the perks of this business form.

What is a partnership firm?

Being one of the most vital forms of business organization, the partnership allows two or more individuals to form a venture. This option is well suited to the person looking for easy and cheap business commencement. This is a business structure operated by the two or more partners under the terms covered in a Partnership Deed. The members here are called partners that share profits and losses of the firms in a pre-decided ratio. The liability here is unlimited.

When to go for a partnership formation?

Choose a partnership firm formation for any of the following reasons when:

  • you are more than one individual with the same business goal.
  • you want to split the business liability among others.
  • you want to pool the resources for your small business.
  • you do not want to be the only liable person in your business.
  • you want minimal compliance and cost of registration.
  • you are ready to be unlimited liable.

Registered Partnership Firm

When partnership firm registration becomes necessary?

The Indian Partnership Act, 1932 governs Partnership Firm. Under the act, partnership firm registration is not compulsory but it is advisable for the following reasons:

  • Registration allows Partner(s) to file a case in any court against the firm/ other partners when required.
  • To file a case against the third party on breach of a contract.
  • To claim a set-off in case of a dispute with a third party.
  • The bank provides loans only to registered partnership firms.

What is an unregistered partnership firm?

An unregistered partnership firm lacks the perks of a registered partnership under the Indian Partnership Act. 1932. The partners here can enter the legal allowance of carrying the business on the set terms. However, an unregistered partnership firm cannot file a case against the third party, cannot convert into a company or LLP, or avail the tax benefits unless registered under the ACT. Moreover, unlike a registered partnership, the partners of an unregistered partnership cannot sue the other partners or the firm. Thus, registering your partnership firm is always worthwhile.

Benefits of a Partnership Firm

Minimum Compliance

In the case of a partnership, no auditor is needed to be appointed. There is no need for an annual account filling with the registrar in case of an unregistered firm or process of registration.

Shared compliance

The partners came together in a partnership that shares the work, liability, profit, and losses. In simple terms, the responsibility is distributed among the partners following the partnership deed.

Returns to the partners

Partners enjoy several financial returns for their capital and efforts. In addition to the profit share and interest on capital, the working partners also receive remuneration as agreed in the deed with mutual consent.

Easy to Begin

General Partnerships can be easily started within 2-4 days with an unregistered deed of the partnership. However, the partnership firm registration has its perks and benefits.

Comparatively Economical

A General Partnership is comparatively economical than LLP. The minimal compliances make this choice of business economical even in the long run.

Documents required for partnership firm registration

Documents required for partnership registration:

  • PAN card and photographs of all partners
  • Aadhar card/Driving License/Passport/Voter Id Card of all partners
  • NOC cum consent letter/ Lease agreement/Rent agreement along with electricity bill/Municipal khata copy/house tax receipt/Ownership documents
  • Original copy of Partnership Deed, signed by all partners
  • Email Id and mobile numbers of all partners

Services Covered under the plan:

  • PAN Application
  • Partnership Deed Drafting
  • Filing of the deed and other documents with the Registrar of Firms
  • Issue of Registration Certificate
  • Account opening (if required)

Pricing

Basic

₹5498
  • Partnership Deed
  • Stamp Paper Included
  • MSME registration
  • Bank Account Opening
  • Online Payment Gateway
  • PAN & TAN Card
Get started

Growing

₹3598
  • Partnership Deed
  • Stamp Paper Included
  • GST Registration
  • MSME registration
  • Bank Account Opening
  • Online Payment Gateway
  • PAN & TAN Card
  • Dedicated Tax Professional
Get started

Premium

₹7748
  • Partnership Deed
  • Stamp Paper Included
  • GST Registration
  • MSME registration
  • Bank Account Opening
  • Online Payment Gateway
  • PAN & TAN Card
  • 3 months GST Return
  • 24x7 Tax Professional Support
Get started

Premium

₹9998
  • Partnership Deed
  • Stamp Paper Included
  • GST Registration
  • MSME registration
  • Bank Account Opening
  • Online Payment Gateway
  • PAN & TAN Card
  • 6 months GST Return
  • 24x7 Tax Professional Support
Get started

FAQ's

  • What is a partnership Firm?
    When a two or more person (s) decided to carry on business activities with a common goal in the name of partnership Firm by writing the deed of partnership that may or may not be registered. It is governed under the Partnership Act, 1932.
  • A minimum number of Two person(s) are required to form and start a partnership firm in India who has attained the age of 18 year.
  • Any person which includes an individual, LLP, Company and person having the separate legal entity can become the partners in a partnership firm. An individual must be Indian Citizen and resident in India to become partner in a partnership firm
  • No, a partnership firm is not a separate legal entity. The real owners in a partnership firm are the partners. Partners are jointly and individually liable for any legal issues or loan incurred by the partnership firm or its partners.
  • The liability of Partners are unlimited, jointly and individually toward the loan or debt taken by the partnership firm and its partners. The Personal Assets can also be attached to recover the loan or debt taken by the partnership firm and its partners which is also known as garnishing proceeding.
  • LLP is far better than Partnership Firm as the partners of Limited Liability partnership (LLP) has liability limited to its capital contribution in LLP. Further, LLP has its own separate legal existence from its partner and partners are not liable for any liability unless they had willingly done the fraud.

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