Partnership Firm

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❖ The partnership firm is formed with the
mutual consent of all the partners to the
business. The firm is formed, registered and
governed by the provisions as enumerated
under the Indian Partnership Act, 1932.
❖ A partnership firm has no separate legal
entity of its own.
❖ Liability of partners is jointly and severally.
❖ A partnership is a contractual relationship
arising out of an agreement between two or
more partners.
What is a Partnership Firms?

Documents required for the registration of Partnership Firm
Below are the documents required:
1. Address proof of partners
2. PAN card of partners
3. No objection certificate (NOC) from the owner
of the property of the property
4. Ownership proof
5. Rent agreement of your registered office
6. Original Partnership Deed
7. Application form in a prescribed manner
8. Any other document as required by the
registrar.

Requirements & Procedure for Registration of
a Partnership Firm
1. Make the application in the manner prescribed. The required fees are to be attached to it and a true
copy of the partnership deed also needs to be sent to the registrar of firms.
2. Then attach the required documents with the application. Documents are Registration Form (Form
no. 1), duly filed affidavit, a certified copy of the partnership deed.
3. Once the above stages are completed the next thing you need to pay is the required fees for
registration.
4. Naming the partnership firm: The name that is chosen by the partners. Once a firm is registered it has
to use the term “registered” as a suffix. If the partners are not satisfied with the order of the registrar
when it comes to the name of the firm, the partners have the right to appeal to the authorized
personnel of the state government in this behalf. The period of appealing is 30 days from the date in
which the order was passed.
5. Entry by registrar: Once the registrar the registrar makes an entry in the “Register of Firms” and issues
the ‘Certificate of Registration’.

Advantages of Partnership Firm:
• Easy to Start: Partnership firms are easily formed. The only requirement for starting a partnership
firm in most cases is a partnership deed.
• Decision Making: Decision making is one of the most important feature . In a partnership firm
decision making could be faster as there is no concept of the passing of resolutions.
• Raising of Funds: A partnership firm can raise funds easily. Multiple partners make contribution
easily. Also the banks view a partnership more favorably while sanctioning credit facilities.
• Sense of Ownership: Every partner in involved in the management of the activities of their firm.
Their tasks might be different in nature but are united for a common cause.

Post Partnership firm registration requirements:
• Bank account: To open a bank account in the name of the partnership firm within
30 days from the date of registration.
• Intellectual property registration: Intellectual property is an important aspect as it
provides protection to the trademark and patents from being infringed. Hence the
partnership firm after being registered must also go for the registration of
intellectual property.
• GST registration: Goods and Service Tax registration is required only if the business
has an annual turnover of Rs. 40 lakhs (in some states 20 lakhs). GST is compulsory
for businesses related to E-commerce, Export-Import and market place aggregators.
• Drafting the documents: Policies and procedures are essential elements to the
growth of a firm. A partnership firm should draft their policies immediately upon
registration.

How does Taxolawgy help you register your Partnership
Firm?
• Provides free consultation by our team of experts.
• Connects with highly qualified lawyers, who:
i. Help you get experts who shall register your partnership firm
hassle-free and do the other things necessary for you.
ii. Solve all your queries
iii. Help you submit the correct paperwork

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