Even God needed a Partner to Create this world, in the same way to Create a Partnership firm you required a partner to start your business. A Partnership is a type of Business Entity in which minimum 2 partners and maximum 10 partners for Banking Business and 20 partners for Non Banking Business are allowed to be partner. Partners introduce the capital as contribution to the business and in the same way they share profit & Loss of Business as they have agreed. And there is no restriction on minimum share capital contribution.
To start partnership firm, partners agree to enter into an agreement is called partnership deed. Partnership deed determines the Roles, Rights, Duties and Liabilities of the Partners.
If you want to Start your Partnership Firm than HMJG LEGAL E-SERVICE INDIA PVT LTD will help you in Registration and in all the Compliance after Registration.
There are two types of Partnership Firm
1st Registered Partnership Firm
2nd Unregistered Partnership Firm
Advantages of Partnership Firm
Partnership Firm begins with simple entering into agreement with the partners and it is not Compulsory to be registered as it is optional but it is advisable to register it as it has some advantage over unregistered firm.
NO RESTRICTION IN NAME RESERVATION
A Partnership Firm can be started with Any name by mentioning same in the agreement. However while designing the name, caution should be taken that no trademark has been registered done by other person.
More capital can be brought to the firm as number of person involvement increases.
MORE TALENTS, IDEAS & SKILL
Partner brings new skill & ideas to expand business to take it at a global level.
Effective Decision making can be made as more brain are introduce to think about a problem.
Firm need not required to file annual accounts with registrar as compare to the Corporate entity.
Document Required for Partnership Registration
Identity and Address Proof
Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.
Registered Office Proof
All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.
REGISTERED PARTNERSHIP Rs 15000/- onwards
Frequently Ask Questions on Partnership:
What are the important points to be included in the Partnership Deed?
- Main object / Activity of the firm.
- Profit / Loss Sharing Ratio.
- Effective date of the firm.
- Capital contribution.
- Name of the firm.
- Address of the firm.
- How to Resolve Dispute.
How to start a Partnership Business?
How many people are required to start a Partnership Firm?
What are the requirements to be a Partner in a Partnership Firm?
- Passport/ driving license / voter ID
- Pan Card
- Photo Passport size
- Utility bill such as Telephone bill/Gas Bill etc
- Sale / Purchase Agreement