Register Your Partnership Firm Online
One of the easiest ways to start a business with someone is to establish a general partnership firm. We help you with your general partnership registration in India in the following ways.
We study your business requirements.
We prepare the first draft and share with you within 4 working days.
We do up to two rounds of iterations, if necessary, at no extra cost.
Partnership Company Overview
A general partnership is a corporate structure in which two or more people manage and operate a company in accordance with the partnership deed's provisions and objectives. This structure is thought to have lost its relevance since the introduction of the limited liability partnership (LLP) because the partners in a general partnership firm have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up, and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for general partnerships. Contact our Vakilsearch experts now to know the recent partnership deed format.
Timeframe
The partnership firm registration process takes about 10 to 12 working days, depending on departmental approval and reverts from each department.
Name of the Partnership Firm
Any name can be given to a partnership firm as long as you fulfil the following conditions:
- The name shouldn't be too similar or identical to another company in the same industry
- It also shouldn't contain words like emperor, crown, empress, empire, or any other phrases that imply official authorisation or permission.
Checklist for Partnership Firm Registration
- Drafting of partnership deed
- Minimum two members as partners
- Maximum number of partners equal to or less than 20
- Selection of appropriate names
- Principal place of business
- PAN card and bank account of the firm
- Initial investment to start the firm.
Documents Required for the Registration of a Partnership
- Application for registration of partnership (Form 1)
- Certified original copy of partnership deed
- Specimen of an affidavit certifying all the details mentioned in the partnership deed and documents are correct
- PAN card and address proof of the partners
- Proof of principal place of business of the firm.
If the documents satisfy the registrar, the firm will be entered into the register of firms and a certificate of registration will be issued.
Benefits of a Partnership
Minimum Compliance
For general partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or is still unregistered, annual accounts filing with the registrar is not necessary either. Annual compliances are also lower when compared to an LLP.
Simple To Begin
A general partnership can be formed within 2-4 business days, with an unregistered deed of partnership. However, registering for the event offers its own set of benefits.
Comparatively Economical
A general partnership is substantially less expensive to start than an LLP. It will still be cost effective in the long term because the compliance needs are minor.
How to Register Partnership Firms in India
- Step 1: First, a member of our Vakilsearch team will give you an overview of the process and present you with a list of essential documents for registration
- Step 2: Documents can be submitted electronically via our mobile application or our website
- Step 3: After the documents have been verified, a partnership deed is prepared and given to the partners for signatures
- Step 4: All partners must sign the contracts on stamp paper and upload a copy to our systems
- Step 5: Once the signed partnership deed is available, it is registered with the appropriate registrar of firms, and the partner is given a certificate of registration.
Why Get a Partnership Deed made with Vakilsearch?
- Vakilsearch can help you start a partnership firm from start to finish
- We are capable of advising and serving you, even as your company grows and expands
- You can reach us at any time. You can contact us via text, whatsapp, email, or phone
- We place a great value on ethical business operations
- We believe that flexibility leads to greatness, so we customise all of our services to each client's individual needs.
The Glossary
Acknowledgment
A statement, written or oral, made before a person authorised by law to administer oaths (such as a notary public).
Employment agreement
An agreement between an employer and an employee. This differs from other agreements, in that it is governed by employment law, which may take precedence over standard contract law.
Dissolution
The termination of a partnership.
General partner
A partner in a limited partnership who has authority to engage in operating the business.
Instrument
A legal term for a document.
Partnership at will
A partnership in which the partners have not agreed to remain partners until the expiration of a definite term or the completion of a particular undertaking.
Registered office
The official address of the company, as designated with the secretary of state. Any documents delivered to this address are considered to be legally served by the company.
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