partnership is an arrangement where parties, known as partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based organizations, schools, governments or combinations. Organizations may partner to increase the likelihood of each achieving their mission and to amplify their reach. A partnership may result in issuing and holding equity or maybe only governed by a contract.

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and StartedIndia can help start a registered or un-registered Partnership firm in India.

5 Step Registration 

Arrange the Basic documents required
2.StartedIndia will send your partnership deed for sign
3. StartedIndia will apply for TAN and PAN for your firm
4.You receive your registration certificates

Documents required for Partnership firm registration

1. Self-Attested PAN card copy of All the Partners

2. Self- Attested Proof of Identity (Voter ID/ Passport/ Driving License/ AADHAR Card) of any one of the Partners

3. Business address proof (Electricity Bill/ Telephone Bill/ Property deed/ Gas Bill/ Tax Bill)

4. Partnership firm name

5. Firm Service or object or Product Name

Advantages of Partnership Firm

Easy to Start
Business is easy to establish and start-up costs are low

A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration i...

Business Name
Flexibility of choosing name of your firm

Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any...

Partnership Deed
The partnership deed will determine the ownership of the firm

In a Partnership firm, the partnership deed will determine the ownership of the firm, profit shar...

Annual Filing NOT Required
A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company

Limited Liability Partnerships and companies are required to file their annual accounts with the...

Firm's Own Bank Account
Bank account can be opened in the name of a Partnership firm.

The bank account can be opened in the name of a Partnership firm. To open a bank account, the par...