How to Start a Partnership Firm in India
If you are looking forward to starting up your business in partnership, it is always best to get the Partnership firm registered. And partnership firm registration is not a lengthy procedure. In India, the partnership firms are regulated by the Indian Partnership Act, 1932. A partnership firm can be formed with a minimum of 2 partners. According to Section 4 of The Partnership Act, 1932, “An agreement between persons who have agreed to share profits of the business carried on by all or any one of them acting for all.”
Just with a few clicks online, your firm can have its corporate and legal identity. And the benefit of Online Registration of Partnership Firm is that the procedure gets done at a quicker pace where manual registration can take even up to and sometimes more than 1 month.
Partnership Firm Registration online in India is under the authority of the Registrar of Firms. No single portal can get your firm registered. It is under the State Government. And each state has its own procedure of registration.
Here are a few steps to follow for Partnership Firm Registration Online India:
- Deciding the partners: After having decided that you will be entering a business with a partnership firm, next is the decision of the number and who all are going to be the partners. Whatever agreement amongst the partners is made regarding the name and location of the firm, profits, losses, capital share, salaries to be drawn, roles and responsibilities, policies to be followed while choosing vendors and regarding business-related decisions and considerations to be made in case of dissolution of the partnership are done in writing through a Partnership Deed. There is no laid down format for the partnership deed, but it should contain the necessary elements like the ones mentioned afore. It is written on a non-judicial stamp paper of required value, signed by all partners and get notarized. It serves as the Blueprint of the firm.
- Collection of documents: You will have to upload all the requisite documents on the government portal and for that, you need to keep them handy. Here’s a checklist of all the documents that you’ll be needing for Online Registration of Partnership Firm.
- Address proof of the firm: It can be a current account detail or any license issued in the name of the firm before starting the business. If the firm is located on rented premises, the rent agreement will have to be attached.
- Identity proofs of all the partners: These can be Passport, Aadhar card, voter ID, Ration card, Driving license, PAN card.
- Address proofs of all the partners: These can be Passport, Aadhar card, voter ID, Ration card, electricity bill, postpaid phone or any landline bill. The latest copies of the bills have to be attached.
- Attested Partnership Deed duly signed and stamped.
- Passport size photographs of all the partners.
- Affidavits from all the partners stating that they are entering into this mutual agreement with their will. This is done on a stamp paper of INR 10/-.
3. Visit the government registrar website: Go to the website link of the state in which you are applying for your firm’s registration and submit the application form. Upload all the requisite documents. Pay registration fees. Different states have different slabs. So, the fees vary accordingly but is around INR 1100/-.
After the completion of the procedure, your firm name will be entered in the register and the Registrar will issue your firm a Certificate of Registration.
To get entitled to the legal benefits of a partnership firm following the guidelines of the Indian Partnership Act, 1932, it is essential that you get your partnership firm registered and Partnership Firm Registration has made the procedure much easier. We at Neusource startup mind India Limited, providing all the services for partnership registration in India.
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