About


Partnership as such is an agreement between two or more persons to carry on business with profit motive, carried on by all or any one of them acting for all.

There must be at least two persons to form a partnership. The liability of every partner is unlimited, joint and several. Every partner is an agent and can act on behalf of the firm, responsible for his own acts and also for the acts done on behalf of the other partners. A partner can transfer his share of interest to others only with the consent of the other partners.

Registration of partnership firms is optional but advisable to register a Partnership firm.

Benefit


Easy to Start

One can establish a partnership firm easily and less expensively

Least compliance

Partnership is very easy to manage and enjoys freedom from compliances

Firm Registration

Registration of partnership firm is not compulsory as in the case of company or LLP

Control on Business

Since partnership has more than one person, it increases the efficiency in the management

Documents Required


  • Copy of

    PAN Card of partners

  • Copy of

    Electricity Bill/ Water Bill (Business Place)

  • Copy of

    Aadhaar Card/ Voter identity card

Minimum Requirement


  • Partners

    Minimum Two

  • Capital Requirement

    No fixed minimum

Registration Process


  • 6
    Obtain PAN & TAN
    5 to 7 days
  • 5
    Firm Registration (optional)
    3 to 5 Days
  • 4
    Partnership Agreement
    2 to 3 days
  • 3
    Finalize Firm Name
    2 to 3 days
  • 2
    Verification of Information
    2 to 3 days
  • 1
    Collection of Information
    Start

You will get


  • Drafting of

    Partnership Deed

  • Attestation of

    Partnership Deed

  • Name

    Search & Approval

  • TAN of

    Partnership

  • Pan Card of

    Partnership

Partnership as such is an agreement between two or more persons to carry on business with profit motive, carried on by all or any one of them acting for all.

A partnership must have minimum two partners whereas maximum number of partners should not be more than 100.

A Partnership Firm has no separate legal entity distinct from its partners. A Company & LLP, on the other hand, is a separate legal entity different from its members / partners.

Yes, registration of partnership firms is optional but it is advisable to register.

In case of Partnership Firms, audit of accounts is required to be conducted as per the requirement of under Income Tax Act.

There is no minimum prescribed capital in case of a Partnership Firm.

In a partnership firm, the profits are distributed among the partners as per the partnership deed. For income tax purpose, Partnership pays tax on profit and profit share to its partners is exempted from tax.

No, you needn’t to be available in person. A scanned copy of documents can be sent to us via mail, and we will handle the rest.

Compare Your Options


  • Recommended For
  • Limited Liability
  • Accommodate Investment
  • Perpetual Succession
  • Statutory Compliances
  • Tax Advantages
  • Incorporation Document
  • Transferability of Ownership
  • Interest on Capital Contribution
  • Ownership of Assets
  • Maintenance of Accounts and Audit

Partnership Firm

  • Small to medium scale entities
  • No
  • Almost impossible
  • No
  • Minimal
  • Minimal
  • Partnership Deed
  • Not Transferable
  • Allowed
  • Partners have joint ownership
  • Based on Turnover

Limited Liabilty Partnership

  • Professional services
  • Yes
  • Possible, but unlikely
  • Yes
  • Low
  • Most efficient
  • LLP Agreement
  • Possible
  • Allowed
  • Yes
  • Based on Turnover or Capital contribution
Know More »

One Person Company

  • Solo promoters
  • Yes
  • Possible, but severely unlikely
  • Yes
  • High
  • Few
  • MOA & AOA
  • Possible, but unlikely
  • Not allowed
  • Yes
  • Compulsory
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Private Limited Company

  • Start-ups and growing entities
  • Yes
  • Easy to accommodate
  • Yes
  • High
  • Few
  • MOA & AOA
  • Easy to transfer
  • Not allowed
  • Yes
  • Compulsory
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Public Limited Company

  • Medium to large scale entities
  • Yes
  • Easiest to accommodate
  • Yes
  • Very High
  • Few
  • MOA & AOA
  • Easiest to transfer
  • Not allowed
  • Yes
  • Compulsory
Know More »