Incorporate a Partnership Firm to run your business with Partners. Leave your worries to your Teller and just buy this plan to avail end to end services right from registering as a partnership firm to preparation of documents involved.
Partnership Deed Drafting
Filing of deed and other documents with the Registrar of Firms
Issue of Registration Certificate
Affidavit filing with the registrar
Have queries? Talk to an expert
Who Should Buy
At least 2 people wiling to start a business
Scaling up business with funds from more than 1 person
Step 3: Discussion with Teller & Partnership Deed Drafting
Step 4: Filing of application with Registrar
Step 5: Receipt of Registration Certificate
Documents To Be Submitted
Documents To Be Submitted
Address proof of partners (any electricity bill/ bank statement/ landline bill (not older than 1 month)
Photo ID proof of partners (Voter id/ Passport/ Driving License)
No objection certificate from the owner of the property of the property
Ownership proof (e.g. property sale deed)
Rent agreement of your registered office (if rented)
1. What is a Partnership Firm?
Under Partnership two (or more) people join hands to carry out a business for profit. The partners are the joint owners of the business the running of which is governed through a charter document called Partnership Deed. Partnership firm is the simplest form of running business where there is more than 1 owner. Partnership firms are governed by the Indian Partnership Act, 1932
2. What is the liability of Partners in a Partnership Firm?
The drawback is that the partners are jointly and individually liable for debts of the firm. This structure of running business should be adopted if the requirements of funds is low, and there is no or minimum need of third party funding. It is majorly opted by trading businesses or service organisations.
3. Is it compulsory to register Partnership firm with Registrar of firms?
Under Partnership Act, there is no compulsory retirement to register the firm with Registrar but it is always advised due to following reasons:
Partners cannot file a case in any court against the firm/ other partners/ third party unless firm is registered. However, a third party can file a case
In case of a dispute with a third party, the unregistered firm or any of its partners cannot claim a set off (i.e. mutual adjustment of debts)
4. When should we apply for registration of our partnership firm ?
It is always suggested to start your business in a registered partnership firm so that your rights are can be safeguarded from beginning. Hwever, a firm can be registered even subsequently. The application for registration is to be made to the registrar of firms of the region in which the business is situated.
5. How should we choose the name of partnership firm?
The name of partnership firm should not contradict the arrangements of The names and Emblems (Prevention of Improper Use) Act, 1950. It should not contain words like Crown, Emperor, Empress, Empire or any other word indicating government approval. or support of the government except where consent has been obtained from government for using the word. Other considerations:
Name must not be too identical or similar to the name of another existing firm doing similar business.
6. What is the government fee for firm registration?
The government fees applicable varies from state to state based on partner contribution. In most states the fee falls in range of Rs.1000-1500 along with stamp duty. Your Teller will guide on how to pay govt, fee. The payment of govt fee is in addition to amount of package.