This document provides information about partnership firm registration in India through Enterslice, a leading online platform for legal services. A partnership firm is the most suitable business structure as only two people are required and there are minimal compliance requirements compared to other entities. The document outlines the features and benefits of a partnership, the documents required for registration, including a partnership deed and identity proofs of partners. It also describes the registration process, post-registration requirements, and how Enterslice can help make the process quick and hassle-free.
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Overview
Partnership Firm is the most
suitable type of business structure
as it is very easy to form, and a
minimum of two people are
required to form a Partnership Firm
online. In a Partnership firm, there
are very minimal compliances in
comparison to other business
entities.
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In simplified language, we can say that partnership
creates a relationship between two or more people who
have agreed to carry on a business for profit, and
these people are known as partners.
Enterslice is India's leading platform in providing
professional legal services through an online platform,
and our team of professionals can make the Partnership
Firm Registration process quick and hassle-free.
4. Fewer Compliances
minor cannot become
a partner
Flexibility in decision
making
Inexpensive to
establish
Minimum two
persons
Responsibilities &
duties are shared
Easy to set-up
Minimal legal
formalities
FEATURES
Essential Points to Choose it
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Consequences
Without Partnership Firm
registration, a partner cannot
enforce its rights given under the
Indian Partnership Act, 1932. In
case of dispute with the third party,
the firm cannot claim for setoff;
however, the third party will be able
to sue the Partnership Firm.
6. OWNERSHIP
Ownership
documents in case
property are
owned.
FORM 1
Partnership Firm
registration
application in Form
1
DEED
Certified Copy of
notarized
Partnership Deed
on stamp paper
AFFIDAVIT
Specimen of
Affidavit
RENTAL
If the property is
on rent then rental
agreement as a
proof of principal
place of Business
ID PROOF
ID Proof and
address proof of all
the partners (PAN/
Aadhar Card/
Driving License/
Copy of voter ID/
Passport)
DOCUMENTS FOR REGISTRATION
7. Process for Partnership Firm
Registration
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STEP
CREATION OF
PARTNERSHIP DEED
02
STEP
PARTNERSHIP FIRM
REGISTRATION
03
STEP
SELECTION OF
PARTNERSHIP FIRM
NAME
01
8. 1
Detail of the firm and its partners
such as name and address
3
Detail of capital contributed by
each Partner
5
Interest on capital invested
2
Nature of the Partnership Firm
4
Profit/loss sharing ratio among
the partners
COMPONENTS OF THE
PARTNERSHIP DEED
9. COMPONENTS OF THE PARTNERSHIP DEED
1
Detail of drawings
by partners or loans
provided by
partners
2
Salaries,
commissions or any
other amount to be
payable to partners
3
Rights and
duties/obligation of
each Partner
4
A process which will
be followed in case
of retirement or
death of any partner
5
Other mutually
decided clauses
10. ArchitecturePresentation
It is mandatory for partnership firms in India to
obtain Permanent Account Number and Tax
Deduction Account Number from the Income Tax
Department after Partnership Firm Registration.
TAX COMPLIANCES FOR FIRM
Partnership Firm has to file a return of income
irrespective of the revenue or loss. In the case of a
partnership firm, the income tax rate on the total
income will be 30% and surcharge on income tax.
11. Post Partnership Firm
Registration Requirements
you have to open a bank account
on the name of the partnership
firm within 30 days of the
partnership firm registration.
01
02
03
04
05
BANK ACCOUNT
OPENING
Intellectual property registration gives
protection to the trademark and patent from
infringement and duplication.
The partnership firm shall set up policies and
enter into certain agreements on the basis of
its structure.
The next step is the printing of stationery such as
billheads and letterheads, consisting of the name of the
firm.
GST Registration is required for Business with annual turnover
exceeds Rs. 40 Lakhs (Rs 20 Lakhs for Northeast states).
12. Fill The Form
1
Get a Callback Submit Document
3
Get Deliverables
5
Track Progress
2 4
Partnership Firm Registration
HOW ENTERSLICE HELPS YOU TO GET