Partnership is an association two or more persons who have mutually decided to carry out business activities jointly and to share its profits as well as losses.
Minimum Requirement for Partnership firm:A minimum number of two partners who are adults.
One of the partners of a Partnership firm has to be an Indian Citizen and Indian Resident.
The other partner(s) can be a Foreign National.
It is voluntary to register a partnership firm in the Indian Partnership Act, 1930
Formation of Partnership is easy. Even the registration of Partnership is optional, hence no legal formalities are required.
Partnership business is flexible, as suitable changes can be easily introduced whenever necessary.
The Statement of accounts of form need not to published and this ensures Secrecy.
As the liability of partner is unlimited, severally and jointly, careful management of the business and this ensures the Credit-worthiness of the firm which in turn enables obtain credit form third parties easily.
Permanent Account Number (PAN) Card
Aadhaar Card / Passport / Driving License / Voter Identity Card
Passport size PhotographsNotes:
All the Copies of documents must be Self-Attested by the applicant.
In case of NRI or Foreign National, documents of director (s) must be apostilled.
Provide information about the address where the office of partnership firm shall be situated.
Select a suitable package.
Provide basic details & documents required for registration.
Make Payment through Secured Payment Gateway
RegistrationDrafting of Partnership deed
Payment of stamp duty on deed
Notary of partnership deed
Registered in Indian Partnership ActApplication for PAN.
*Partnership deed will be registered with 10-12 working days subject to the government processing and approval.
Provide basic details & documents required for registration.
Day 4-5:Drafting of partnership deed
Payment of stamp duty on deed
Notary of partnership deed
Application for Allotment of PAN.
| Particulars | Sole Proprietorship | Partnership Firm | Private Company | Public Company | Limited Liability Partnership | One Person Company |
|---|---|---|---|---|---|---|
| Act | No specified Act | Indian Partnership Act, 1932 | Companies Act, 2013 | Companies Act, 2013 | Limited Liability Partnership Act, 2008 | Companies Act, 2013 |
| No. of Members | Only one | Minimum 2 to Maximum 50 | Minimum 2 to Maximum 50 | Minimum 7 to Unlimited | Minimum 2 to Unlimited | Only One |
| Registration | NO | Optional | Mandatory | Mandatory | Mandatory | Mandatory |
| Perpetual Succession | NO | No, if less than 2 partner | Yes | Yes | Yes | Yes |
| Management Control | Sole owner | Active Partners | Board of Directors | Board of Directors | Designated Partners | Sole member |
| Distribution of Profits | Profit of owner | Distributable as per deed | As per subscribed capital proportion | Distributable as dividend to Members | Distributable as deed | Profit of Sole owner |
| Liability | Unlimited | Unlimited | Limited | Limited | Limited | Limited |
| Minimum Capital Requirement | Not specified | Not specified | No minimum capital is required | 5 Lakhs | Rs. 1/- | No minimum capital is required |
| Taxation | Slab Rates | 30% | 22% | 22% | 30% | 22% |
| Compliances | Less Compliance | Moderate | Moderate | High | Moderate | Moderate |
| Formation Process | Easy to Form | Easy to Form | Moderate | Complex | Moderate | Moderate |
| Foreign Direct Investment | Not allowed | Not allowed | Allowed | Allowed | Allowed | Allowed |
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