Partnership

If you want to start a business with one or more persons where you will be sharing the responsibilities and ownership of the company with one or more than one partners, you can opt for registering your business as a partnership firm. A partnership firm includes businesses which have two or more than two people sharing the responsibilities and ownership of the business and its operations.

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What is

Partnership?

Partnership is an agreement in which entities, known as business partners, agree to collaborate in order to advance their mutual interests. All partnerships were established in India under the Indian Partnership Act, 1932. If your company is owned and managed by a few people, you want to take a look at formulating your business as a partnership.

There are two types of Partnership Firms, Registered and Un-registered Partnership Firm. It is not mandatory to register a partnership firm but it is always advisable to register it. A partner in an unregistered firm cannot file a suit against said firm or his/her partners to enforce any rights arising from the contract. But on the other hand, if the partnership firm is registered then every partner must have right to sue against said firm or his/her partner.

For the best consultant for start-up registration in India, contact us at CharteredMunshi.com

Essential elements of a business partnership

Five essential elements of a business partnership are stated as follows:

Documents required for Partnership Registration

Documents of All Partners

PAN Card
Aadhaar Card
Driving License/ Passport/ Voter's Identity Proof
E-mail Id
Phone Number
Residential Address Proof

Bank statement/Electricity Bill/Mobile Bill

Documents of Partnership Firm

Registered office Address Proof

Rented- Rent Agreement
Own- Electricity Bill

Partnership Deed

What is a

Partnership Deed?

A partnership deed is a written agreement among all partners specifying rules and regulations and is signed by all partners who are willing to engage in business jointly to prevent possible disputes and disagreements among partners in future.

It comprises of the following:

For the best consultant in Noida for partnership registration, contact us at CharteredMunshi.com

Difference between Proprietor/Partnership/LLP/Private Limited Company/OPC

Partnership Proprietorship Limited Liability Partnership Private Limited Companies One Person Company
Registration Optional No formal Registration Registered with MCA Registered with MCA Registered with MCA
Minimum Members Two person One person Two person Two person Two person - One Director, One Nominee
Maximum members Twenty One person Unlimited Two Hundred Two person - One Director, One Nominee
Foreign Ownership Not allowed Not allowed Allowed Allowed Not allowed
Perpetual Existence No No Yes Yes Yes
Statutory Compliances Minimal Minimal Low High High
Know More Know More Know More Know More

FAQs (Frequently Asked Questions)

How many people are required to start a partnership firm?

The Partnership Act does not state anything about the total number of persons who may be partners in a partnership company. Section 11 of the Companies Act, 1956 states that a partnership formed of more than 10 people for banking business and 20 individuals for any other business would be unlawful.

What are the advantages of a registered partnership firm?

Where a conflict occurs between the partners or between the partner and the company or between the partner and the ex-partner, and the dispute is based on the rights arising from the contract (i.e. the partnership act) or the rights granted by the Partnership Act, the registered partner may always bring a case before the court. That authority is not available to a partner of an unregistered company.

What are the annual compliances for the partnership Firm in India?

Annual compliance for a collaboration company requires, in general, the reporting and auditing of the income tax return. Certain compliances include TDS Regulations ,GST filings and others.

Will my partnership firm have a separate legal entity?

No, a partnership company does not have a separate legal entity, as the private property of the partners may be used to subtract the liability of the firm in accordance with the law.

Is a written Partnership Deed necessary to form a partnership Firm?

The partnership agreement may be published orally. Registration is not compulsory. Partnership is therefore very easy to establish. Nevertheless, the terms and conditions of business or regulations may compel the partnership to be formed by means of a partnership document in writing.

What are the requirements to become a partner in partnership Firm?

A person who is qualified to enter into a contract may become a partner in a partnership corporation. When there are more than two partners in a company, an individual may be a partner in either his or her person capacity and representative ability.

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