Partnership Firm Registration in India
What is a Partnership firm?
Partnership firm is a business entity registered under the Partnership Act, 1932 where two or more people join together as partners for running & managing a business while sharing the profits and losses in an agreed ratio. Partnership firms can only be registered when the partnership deed is signed and accepted by all the partners of the firm.
What is a Partnership deed?
Partnership deed is an agreement between the partners in which all the terms and conditions related to business are incorporated. Some of the major terms and conditions mentioned in the deed of a partnership are
Benefits of Proprietorship Firm Registration
Easy to Start and Exit
Minimum requirements for Partnership registration
Time required for Partnership Firm registration
On average, it takes around 10-14 working days for registration of partnership firm in India subject to document verification by the concerned authorities.
It takes around 10-14 working days to register a partnership.
A partnership could be registered by registering a partnership agreement or deed where all the terms and conditions would be incorporated.
Yes, your registration can be cancelled. You’ll have to dissolute the firm for cancellation of partnership registration.
As per the Partnership Act, 1932, it is required to submit a copy of PAN card of all partners and address proof of office for partnership registration.
Note: You can use your residential address as address proof of office.
Basically there are two types of partnership deeds – one is registered and the other one is not registered. Registered partnership is incorporated from the office of registrar where no notarisation is required. In case of unregistered partnership, notary is mandatory.