A Unit of Truex Business Consultants Pvt Ltd.

NGO WORLDS is a leading network of NGO registration professionals in India

NGO WORLDS proud on its extensive networking and connections throughout the corporate world And senior government functionaries work towards the achievement of easy and simple ways to serve your demands, making every step in the process or procedure smooth and uncomplicated.

Request A Callback
About Partnership Firm

About Partnership Firm

A Partnership firm is a business entity created by persons who have agreed to share profits or loss of the business. Partnerships are a very good choice of business entity for small enterprises wherein two or more persons decides to contribute to a business and share the profits or losses. In India, Partnerships are widely prevalent because of its ease of formation and minimal regulatory compliance.There are two types of Partnership, registered Partnership and unregistered Partnership. In terms of the Indian Partnership Act, 1932, (Act), the only criterion to commence business as a partnership is the finalisation and execution of a Partnership Deed between the Partners. The Act does not require the Partnership Deed/Partnership Firm to be registered and in other words, does not require the Partnership Firm to be a registered Firm. Therefore various partnership businesses exist as an unregistered firm.

ADVANTAGES

Minimum Compliances

One of the main advantages of a Partnership Firm is that there are very minimal requirements in terms of compliance.

Availability of Resources

Since two or more partners join hands to start a partnership business, it may be possible to pool together more resources as compared to a sole proprietorship. The partners can contribute more capital, more effort and more time for the business.

Better Decision

The partners are the owners of the business. Each of them has equal right to participate in the management of the business. In case of any conflict, they can sit together to solve the problem. Since all partners participate in the decision-making pro

The partners are the owners of the business. Each of them has equal right to participate in the management of the business. In case of any conflict, they can sit together to solve the problem. Since a

In a partnership firm, every partner has an equal right in decision making and the management of the business. If any decision goes against the interest of any partner, he can prevent the decision from being taken.

Content of Partnership Deed

Following details are required in a partnership deed: 

A. General Details:

  1. Name and address of the firm and all the partners
  2. Nature of business
  3. Date of starting of business Capital to be contributed by each partner
  4. Capital to be contributed by each partner
  5. Profit/loss sharing ratio among the partners

B. Specific Details:

Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:

  1. Interest on capital invested, drawings by partners or any loans provided by partners to firm
  2. Salaries, commissions or any other amount to be payable to partners
  3. Rights of each partner, including additional rights to be enjoyed by the active partners
  4. Duties and obligations of all partners
  5. Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm.
  6. Other clauses as partners may decide by mutual discussion

uploads/mainpage//partnership-firm-spe.png
Documents Required for  Registration

Documents Required for Registration

Documents required for partnership Firm registration

Following are the documents required for partnership firm registration in India:

  • Application for partnership firm registration in the prescribed Form – I.
  • Duly filled Specimen of Affidavit.
  • Certified copy of the Partnership deed on appropriate non-judicial stamp paper.
  • Proof of ownership of the place of business or the rental/lease agreement thereof.
  • Affix court fee stamp & payment of prescribed fee for registration by demand draft.

PROCESS

Step-1 : Choose an Appropriate Name for the Partnership Firm

This is the first step in registering the Partnership Firm. Additionally, the name so suggested should not come under the restricted list of names as per the provisions of the Emblems and Names Act, 1950.

Step-2 : Formulate Partnership Deed your Firm

Partnership Deed is legal evidence of your Firm existence and it contains the objectives and rules & regulations of your Firm .

Step-3 : Submit the files to registrar of Firm & Society and signature over the documents

The file has to submit along with the documents like Form-1, Affidavit, NOC and Partnership Deed at the registrar of Firm & society for getting approval of registration.

Obtain the Registration Certificate and Registered Deed

After submitting all the Documents with the registrar of Firm & Societies, the registrar retains one copy and returns the original registered copy of the Deed with certificate of Registration.

PAN, TAN And Bank Account

The final step in the process of registration is to apply for allocation of PAN number and TAN and afterwards apply for a bank account.

What Our Clients Say

Our mission is to provide one-click access to individuals and businesses for all their legal & professional needs. Our vision and mission is to help those who help others for the development of INDIA.

Our Stories & Latest News

We at NGO WORLDS Working an extensive Network and connections in the corporate world

blog-post-image
Pradhan Mantri Garib Kalyan Yojana

Our Prime Minister announced the Pradhan Mantri Garib Kalyan Yojana, which had the value of 2.76 lakh crores under which there were provisions for free cooking gas for 80 million families for months, 800 million people to get free food grain, and the poor and the needy.

By Seema Aggarwal - 2021-2022

Key Highlights of 39th GST Council Meeting
Key Highlights of 39th GST Council Meeting

39th GST Council meeting was held on 14 March 2020, Saturday. The meeting was chaired by Hon’ble Union Finance Minister Nirmala Sitharaman and was conducted in Vigyan Bhawan, New Delhi.

By Shubham Chauhan - 14 March 2020

blog-post-image
The Ministry of Finance, Nirmala Sitharaman parsented Union Budget

The Prime Minister headed Government has made its resources available for the most deprived sections of our society which includes the poorest of the poor, the Dalits, Tribals, the elderly, the migrant workers, and our children.

By Kandarp Vanita - 2021-2022