Register Partnership

Quickly Start Your Partnership Firm

Do you have partners to share the profits and losses? Register Partnership Firm at INR 1599/- only.
Start With Confidence

Partnership Firm Registration Fees

ESSENTIAL

₹1599/-

(All Inclusive)

Drafting of deed

Execution of Deed

PAN

TAN

ENHANCED

₹ 3399/-

(All Inclusive)

Drafting of deed

Execution of Deed

GST Registration

PAN

TAN

ULTIMATE

₹ 10799/-

Drafting of deed

Execution of Deed

Trademark Application (1 Application 1 Class Small Enterprise)

GST Registration

SSI/MSME Registration

PAN

TAN

Overview of Partnership Firm Registration

Partnership Firm Registration

Do you know that a General Partnership consists of a minimum of two people who agrees to manage a business based on the terms and conditions set in a Partnership Deed? What are you waiting for!

Start your Partnership Firm swiftly with our experience of 6+ years of delivering quality professional services in the Legal Fraternity.

We will extend our support to register your partnership firm across India along with Documentation, Preparation, filing, and subsequent Follow-up with the registrar of firms.

ENTITY COMPARISON GUIDE

TYPE PROPRIETORSHIP PARTNERSHIP LLP PVT OPC
Members Maximum 1 2-20 2- Unlimited 2-200 1
Legal Status of Entity Not Considered as separate Legal entity Not Considered as separate Legal entity Considered as separate Legal entity Considered as separate Legal entity Considered as separate Legal entity
Members Liability Unlimited Liability Unlimited Liability Liability of its members is limited Limited to the extent of share capital Limited to the extent of share capital
Registration Not Compulsory Optional / Can be Registered under partnership Act 1932 Registered Under MCA Registered Under MCA Registered Under MCA and Companies Act 2013
Transferability Option Not Allowed Not Allowed Can Be Transferred Can Be Transferred Allowed to only one person
Taxation As in Individual 30% of Company Profit 30% of Profit Plus CESS and Surcharges applicable 30% of Profit Plus CESS and Surcharges applicable 30% of Profit Plus CESS and Surcharges applicable
Annual Filings Income Tax Returns with the Registrar of companies Income Tax Returns with the Registrar of companies Filed with the registrar of the company Filed with the registrar of the company Filed with the registrar of the company

Compliance required by Partnership Firm

GST Registration

Partnership firms in India requires GST registration. GST Registration Process is 100% online and there is no requirement of submission of physical documents to GST Department. GST registration must be obtained within 30 days of business incorporation, otherwise, the business will be subject to heavy penalties.

GST Return

Under the Goods & Service Tax regime which apparently rolled out in 2017, partnership firms having GST registration would be required to file GST returns. GST Returns can be filed monthly, quarterly and annual GST returns. As filing of GST returns is mandatory for all the registered Taxpayers including Partnership firms.

Accounting

The accounting for a partnership firm is essential compliance. Every Partnership firm shall maintain proper books of accounts which shall represent an accurate and fair view of the state of affairs of the Firm. In essence, a separate account tracks each partner’s investment, distributions etc.

Tax audit

The Income Tax audit would be needed for a partnership firm if the total sales turnover is more than Rs.1 crore during the financial year. In case of a professional firm, the tax audit would be necessary if total gross receipts exceed Rs.50 lakhs throughout the financial year under assessment

IT Return

Income tax filing must be filed by all partnership firms. The income tax return of a partnership firm that doesn’t need an audit is due on the 31st of July. If the income tax return of a partnership firm is to be audited according to the Income Tax Act, then the return would be unpaid on the 30th of September.

TDS Return

Quarterly TDS returns must be filed by partnership firms that have TAN and are required to deduct tax at source as per TDS rules. A TDS Return is a quarterly statement which has to be submitted to the IT Department of India. It should contain all details of TDS deducted and deposited by you for a particular quarter.

Benefits of Partnership Firm

No Minimum Capital

There are no restrictions as such with respect to the minimum capital requirement in case of partnership firm. The Partnership firm can be registered even with Rs. 10,000 as total capital.

Easy To Form

Partnership Firm is very easy to form. It comes into existence merely by a Partnership Deed. Its registration is not mandatory. Even after formation, there are no annual filings to be done except Income tax returns.

Large Resources

As a partnership firm requires a minimum of two partners, there’s an availability of larger resources be it financial resources or managerial resources as compared to a proprietorship firm.

Scalability

Its operations are scalable. Any new partner can be introduced only by executing a supplementary partnership deed. A partner can retire or can be removed by executing a similar deed.

Sharing Risks

On account of its very nature, Partnership firm enables sharing of risks by more than 1 person as the profit and losses are shared by all the partners. This ensures diversified financial risks.

Better Tax Planning

Partnership firm is a legal tool for better tax planning. The partnership firm is a separate entity and its tax is calculated separately so it can offer remuneration and interest to working partners.

Step-by-Step procedure of registering a Partnership firm in India

Following is the detailed procedure of legalizing a partnership firm in India:

Step 1: Application for Registration

An application form must be filed to the ROFs of the respective state in which the Firm is situated and the standard fees. The registration form should enclose the signature of the proposed partners. Usually, an applicant can send the application form to the ROFs via registered post. Refer to the below checklist before dispatching the application to the said authority. The checklist encloses the mandatory details that should be enclosed in the application form.

• Proposed Firm’s name• The principal Place of business

• The principal Place of business

• Address of the ancillary unit, if any

• Address of the ancillary unit, if any

• The date of joining of each partner

• The names & addresses of the proposed partners

• Year of the establishment of the Firm

Step 2: Choose the legalized name of the Firm

Keep the following points in mind for selecting a suitable name for the proposed Firm;

• The name should not create a conflict of interest with any third parties or the existing Firm.

• The name should be distinctive and original.

• The name must stay in line with prevailing Act like Trademark Act and Emblem and Name Act, 1950.

Step 3: Certificate of Registration

If the Registrar finds no error in the submitted form & documents, he will grant the registration certificate & register the proposed firms in the Register of Firms. The register of firms encloses all the details of the registered Firm and is accessible to business owners, i.e. partners, after the submission of the standard fees.

FAQ Frequently Asked Questions

Q. What is the general time span for registering a partnership firm in India?

The registration of a partnership firm can be done in one to two weeks. However, the said time frame could vary in accordance with the regulations of the concerned state.