- Lawyer Mr. Shaman Jain
- Skills Company Registration
- CATEGORY Business Registration, Intellectual Property
ABOUT THIS PRACTICE
Any business entity which is established with the purpose of earning profit is represented by Partnership. Partnership is a formal agreement between two or more parties who collectively manage and own the business. Since the business is owned by two or more partners, the risk and responsibilities are also shared equally by all the partners. Not to forget, when two or more talented people come together, they bring in more capital and expertise which aids in achieving business goal(s) with ease.
The structure of a partnership firm along with all the essential provisions to run the business is defined under Partnership Act, 1932. Both registered and unregistered partnership firms in India are validated through this act. Although there are few issues with an unregistered partnership, these issues can easily be solved anytime by getting the firm registered.
- At least, 2 persons are required to be partners.
- Responsibilities and duties of the business are shared equally by the partners.
- It brings in more capital into the business.
- There is no limit for the liabilities.
- Disputes could arise between the partners.
- It becomes difficult to raise funds from the investors.
- It has far lesser features in Comparison to LLP Formation though it has same cost of formation.
- PAN Card: A self-attested copy of PAN Card of all partners
- Address Proof: Self- attested copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners
- Business Address Proof: Utility Bill (Electricity Bill) of the place of business
- Rent Agreement: Rent Agreement and NOC from the owner of the place of business, if rented
- Discussion and collection of basic Information
- Providing Required Documents for Partnership firm registration
- Drafting a Partnership Deed
- Review and confirmation from Partners
- Payment of Stamp Duty on the agreement
- Partnership Deed Notarisation
- Application for allotment of PAN and TAN
- Partnership Deed registration, if subscribed
- Certificate of Registration from RoF*