PARTNERSHIP FIRM

The partnership firms are governed by the Indian Partnership Act, 1932.

A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm.

Advantages:

• Partnership registration is very easy.
• Partnership registration is inexpensive as compared to LLP.
• It has minimum compliance requirement.
• Flexibility in Operation

Documents required

• Statement in Form 1 with the prescribed fees
• copy of the Partnership Deed must be Notarised stating the following :
• The firm-name
• The nature of business of the firm
• The place or principal place of business of the firm
• The names of any other places where the firm carries on business
• The date of joining of each partner
• The names in full and permanent addresses of the partners
• The duration of the firm
• Proof of ownership or rent/lease of the location of your business.(e.g. Electricity Bill/ Water Bill or Rent/Lease/Leave and Licence Agreement of Business Place)
• Copy of PAN Card of partners
• Copy of Aadhaar Card/ Voter identity card
• Affidavit declaring intention to become partner