Partnership Firm

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnerships firms are relatively easy to start and are prevalent amongst small and medium sized businesses in the unorganized sectors.

There are two types of Partnership firms, registered and un-registered Partnership firm. While it is not compulsory to register your partnership firm as there are no penalties for non-registration, it is advisable to do so for the smooth functioning of a Partnership firm.

A registered partnership firm enjoys:

Ability to sue firm

It is specifically mentioned that if a firm is not registered then any of its partner can’t sue firm or other co-partner.

Ability of firm to sue 3rd party

Partners of Unregistered firm can’t sue any third-party for enforcing a contract. However 3rd party can sue the firm for enforcement of right.

Ability of firm to sue 3rd party

If any 3rd party sue the unregistered firm then the unregistered firm can’t claim set-off of the amount which it owed by 3rd party to it.

Procedure For Partnership Registration

What you do

Just fill our Simple Questionnaire so that we can understand your business requirements and provide the KYC of all the Partners.

What We do

We will draft and submit the Partnership Deed for registration of your partnership firm.

What you get

You will receive the Registered Partnership Deed along with PAN Card.

Package

Basic Pack
₹4,999

Select this plan

(Basic partnership deed drafting + PAN Card)

Standard Pack
₹11,999

Select this Plan

(Basic Pack + ITR Filing)

Premium Pack
₹14,999

Select this Plan

(Standard pack + Accounting & Tax Consultancy of the Firm)

Advantages Of Partnership Firm

  • With more than one owner, the ability to raise funds may be increased, both because two or more partners may be able to contribute more funds and because their borrowing capacity may be greater.
  • Prospective employees may be attracted to the business if given the incentive to become a partner.
  • A partnership may benefit from the combination of complementary skills of two or more people. There is a wider pool of knowledge, skills and contacts.
  • Partnerships can be cost-effective as each partner specializes in certain aspects of their business.
  • Partnerships provide moral support and will allow for more creative brainstorming.

Frequently Asked Questions

Can a Non-Citizen be a partner in an Indian firm?

The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm, subject to necessary clearances and permissions from satisfactory authorities in this regard.

Is a deed of partnership necessary?

Partnership Deed can be written or in oral. But, it is always advisable to have a written partnership deed.

Can a Hindu Undivided Family become a partner of a firm?

A HUF is not a legal person and so cannot enter into partnership with either an individual or another HUF.

What are the requirements for registration of a partnership firm?

The following information is essential:

  • Name of the partnership firm.
  • Place of business of the firm.
  • Names of any other places where the firm carries on business.
  • Date of joining of each partner.
  • Name and permanent address of the partners.
  • Duration of the firm.

The statement must be signed by all partners or by their agents specially authorised in this behalf.

What is the maximum number of partners in a banking and non banking partnership firm as per new companies act, 2013?

Earlier the Maximum Limit of Partners/Members was:-

In case of banking business – 10

In case of any other business – 20

Now the same has been simplified and the limit has been raised to 50 Partners/Members for any business.

WHO MUST OBTAIN VAT REGISTRATIONS??

In Delhi VAT Registration mandatory for Manufacturers/Traders/Exporters/Dealers and also for Online traders.

WHEN SHOULD VAT RETURN BE FILED?

Sales Tax Returns are to be filed Quarterly by the 20 th July, October, January and April for the quarter ending June, September, December and March, respectively. However hard copy of vat return is required to be filled on or before 27 th of relevant quarter.

HOW DO I SEND THE DOCUMENTS FOR RETURN FILING?

You can scan and upload your documents to the My Account page.

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