Partnership Firm

Partnership Firm

Partnership Firm

Persons who have entered into a Partnership with one another are called individually “Partners” and collectively “A Firm”, and the name under which their business is carried on is called the “Firm-name”.

To commence a Partnership Firm, atleast two persons are required. The Firm doesn’t have a separate legal entity like a company. The Firm is a collective name given to individual partners.

A firm is registered under Registrar of Firms, situated in the respective jurisdiction.

We Provide the Following Services

  • Registration of the Partnership Firm
  • Reconstitution / Amendments to the Firm
  • Dissolution of Partnership Firm
  • File Income Tax Returns for the Firm and its Partners
  • Tax Consultation, both Income Tax and GST

Documents required for Partnership Firm

  • PAN Card (All Partner)
  • ID Proof (All Partner) - Self- Attested Copy Of Voter ID And Aadhar Card / Driving License / Passport Of All Partners
  • Business Address Proof - Utility Bill
  • Rent Agreement, If Rented or NOC, If Residing With Relative
  • Bank Statement (All Partner)
  • Photo Copies
  • Nature Of Business
  • Trade Name

Frequently Asked Questions

What is the minimum number of Partners required to start Partnership Firm?

As per Legal Act , Minimum two persons requried for Partnership Firm.

Can a minor be appointed as a Partner in a Partnership Firm?

A partners needs to be over 18 years of age and must be a natural person.

How Many Days it takes for the Partnership Registration?

We can register a partnership within 7 to 10 days of time. But the documents submitted should be as per our requirements and also within time frame. If there is any delay in submitting the documents the mentioned time frame may change.

Can a Salaried person become a Partner in Partnership Firm?

Yes, a salaried person can become a Partner, there is no legal bondage on this but you may have to go through with your employment agreement if it contains any restrictions on doing so.

How to open Current Bank Account for a Partnership Firm?

To open a Current Bank Account for a Partnership firm, a registered Partnership deed along with identity ,address proof, shop act license and PAN details of the Partners need to be provided.

Does my Partnership Firms' Income Tax return show Salary & Profit paid to Partners?

Yes. In Income Tax return of partnership firm, remuneration and profit paid to partners will be disclosed.

What is the Procedure for Notarization of Partnership Deed?

First you need to print deed on stamp paper and then in presence of Lawyer need to do Notarization of Partnership Deed.