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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Partnership Firm

A partnership firm is an association of two or more persons who agree to pool their financial resources and managerial abilities for carrying out a business and profession. A sole proprietor being a person cannot exponentially expand his business unless he has a partner who can assist him in having a vision, financial resources, and share managerial roles.

The Indian Partnership Act, 1932 defines partnership as "Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all. The persons who have agreed to join in a partnership are individually called "Partners" and collectively a 'firm'. A partnership firm can be formed with a minimum of two partners and it can have a maximum of twenty partners.

What Is the Procedure for Partnership Firm Registration?

The Following document is required by at least 2 partners to register a partnership firm:

Any one of the below-mentioned documents is required for registered address proof:

CharteredMunshi will assist in registering your partnership firms

What Are the Advantages of Registering a Partnership Firm?

What Are the Disadvantages of Registering a Partnership Firm?

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

Why CharteredMunshi?

We value all our customers and attempt to offer our services as though they were our 'first client'. We ensure that the process is fast and smooth. Unlike others, we do not outsource our work and offer in house services coming through our specialists who are experts in their respective fields. We will assign you a dedicated manager who will support you from the start to the end of the process and address any queries that you might have.

FAQs (Frequently Asked Questions)

What are the different types of partnership?
Different types of partnership are-
  • Partnership at will
  • Particular partnership
  • Partnership for a fixed duration.
What are the type of partners in a partnership firm?
Different type of partners in a partnership firm includes
  • Active partners
  • Sleeping or dormant partners
  • Nominal partners
  • Partners by holding out.
Can a minor become a partner in a partnership firm?

No, a minor cannot become a partner in a partnership firm.

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