PARTNERSHIP FIRM

Partnership Firm is the most common business structure to start a new business in India. It is an unregistered form of business entity and is created through a Partnership Deed where two or more persons come together to form a business and distribute profits in an agreed ratio. The compliance in Partnership Firm is less as compared to corporate business structures. Certain relevant queries in connection with the same have been dealt below.

Minimum 2 persons are required to form a Partnership Firm and there is an upper cap of 20 persons.
A Partnership Firm is very easy to form due to its minimal registration requirement and it requires only a Partnership deed to incorporate.
In India a Partnership Firm can be formed through a Partnership Deep duly notarised by a Notary Public.
The Partnership deed needs to be executed with Rs. 200/- Stamp Paper in India.
The partners can choose any business name as per their wish to create a Partnership Firm. However, the business name should not be same as of a registered trade mark.
No, the Partnership Firm cannot restrict any other person to use its business name, unless it gets its name registered under Trade Mark.
Income earned by the Partnership firm is taxed in the hands of the firm itself at a flat rate of 30% (surcharge and cess to be charged extra). However, the partner’s share of profit is exempt from tax and interest on capital is exempt to a certain limit.
The liability of a Partnership Firm and its Partners are unlimited in the eyes of Law.
The broad process of registering a Partnership Firm involves following steps:
  • STEP 1 : Provision of requisite mentioned documents/information to us
  • STEP 2 : Validating the documents/ information and processing the same
  • STEP 3 : Filing of application and submission of the same
  • STEP 4 : Payment of appropriate government fee as applicable
  • STEP 5 : Processing of the application and issuance of registration certificate
The process of formation of a Partnership Firm can take anywhere between 5 to 7 working days, subject to submission of correct information and complete documentation.
Legal Terminus can help you with registration of a Partnership Firm for you, as and when required, in a hassle-free manner within a reasonable time span and for competitive professional fee. To know more, please book a telephonic appointment with one of our consultants free of charge.

* Terms & Conditions

1) The above fees includes only preparation and Noterisation of Partnership Deed and does not include the Stamp Duty

2) The registration of Partnership Deed with the Registrar of Firms is not mandatory and in case you want us to register the same with the Registrar of Firms additional fee shall be chargeable which varies from State to State

3)  In case the above plan does not qualify your requirements, kindly contact our executive, we shall be happy to customise a plan for you