What is a Partnership Firm?
A partnership firm is an association of a business wherein a business is conducted by more than one individual together, who are also jointly entitled to the profits and liabilities arising out of it. The rights of the partners and their responsibilities are defined in the partnership deed.
Type of Partnership Firms in India
- Registered Partnership Firm:
- Unregistered Partnership Firm
Why Should a Partnership Firm Be Registered?
- Legal Protection
- Credibility
- Flexibility in Management
- Easy to Establish
- Sharing of Profits
Eligibility to Register Partnership Firm in India
1. A minimum of 2 partners is required to constitute a partnership.
2. Partners shall be citizens of India. Artificial persons such as companies and trusts can also be partners of a firm.
3. No minimum requirement for capital
4. Registered Office Address in India
5. PAN Card mandatory for all partners
6. Proof of Address -Aadhar Card, Passport, Voter ID, Driving License
7. Passport-sized Photographs
For the Firm:
1. Partnership Deed to be signed by all the partners
2. Proof of Registered Office Address - Rent Agreement, Electricity Bill etc.
3. NOC from the house owner in case of rented premises
4. Partnership Firm Registration Process in India
Advantages of a Partnership Firm
- Easy Formation
- Minimum Compliance
- Shared Responsibility
- Direct Control and Flexibility
- Taxes
Annual Compliance Requirements for a Partnership Firm.
- Annual Return Filing
- Audit
- GST Registration
Why Choose YKG Global?
We follow a 5-step smooth process to get your partnership firm registered.
- Drafting of Partnership Deed
- Notarization of Partnership Deed
- Application for PAN
- Registration with the Registrar of Firms (Optional but Recommended)
- Opening a Bank Account
