Partnership Firm
A partnership firm can be appropriate where two or more persons want a simple structure with flexible commercial arrangements. We help with deed drafting, registration support, and basic tax and operational guidance.
Services Offered
- 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 a Partnership Firm
- PAN Card (All Partner)
- ID Proof (All Partner) - Self- Attested Copy Of Voter ID And Aadhaar 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 a partnership firm?
A partnership firm requires a minimum of two partners.
Can a minor be admitted to a partnership firm?
A minor cannot enter into a partnership contract as a full partner, but may be admitted to the benefits of partnership with the consent of the existing partners, subject to the Partnership Act.
How long does partnership registration usually take?
The registration timeline depends on document readiness, stamp-duty execution, and the processing time of the relevant authority. Once the documents are complete, the filing can usually be moved quickly, but actual timelines may vary.
Can a salaried person become a partner in a partnership firm?
Yes. A salaried person can become a partner, subject to the terms of the employment contract, employer policies, and any conflict-of-interest restrictions that may apply.
How can a partnership firm open a current bank account?
Banks usually ask for the partnership deed, PAN of the firm, KYC documents of the partners, proof of business address, and any registration or tax documents applicable to the business. Requirements can vary by bank.
Will the firm's income-tax return disclose partner salary and profit share?
Yes. The firm's tax records and return should reflect partner remuneration, interest, and profit appropriation in accordance with the books of account and the partnership deed, wherever applicable.
How is a partnership deed notarised?
If the deed is to be notarised, it is executed on the appropriate stamp paper or e-stamp and signed by the partners before the notary with identity proof. Notarisation is separate from any state-level registration process for the partnership firm.