Partnership Firm
Shlok Tax Wala is at the forefront of service provision in our nation, dedicated to streamlining the filing process to be intelligent, straightforward, and cost-effective. Our mission is to facilitate the growth of your business and enhance its value with our specialized knowledge. Let us expedite the registration of your Firm within a remarkably brief timeframe of just 7 days.
Begin Your Business Journey with Expert Guidance from Shlok Tax Wala, Top-Rated Professionals.
Partnership Firm is a business structure where a formal agreement between two or more individuals is established to manage and operate a business. These individuals mutually agree to co-own the business, sharing responsibilities for its operation and distributing the generated income and losses.
In India, the legal framework governing partnerships is provided by The Indian Partnership Act 1932. This Act defines a partnership as ‘the relation between two or more persons who have agreed to share the profits of a business carried on by all or any of them acting for all.’
At Shlok Tax Wala, we offer expedited partnership registration services ensuring complete compliance within just 2 days. Our experts are available to provide further information and assistance regarding partnership registration.
Why Partnership setup is popular in India?
#1 Simplified registration process
#2 The LLP Act was established in 2010, whereas the Partnership Act dates back to 1932, making the partnership model more familiar and accessible to a wider range of individuals for initiating businesses.
#3 Cost-effective and straightforward establishment process
#4 Minimal regulatory requirements
#5 Quick and uncomplicated commencement
#6 Adaptability allows partners to customize operations to achieve desired outcomes
#7 Risk is distributed among partners
#8 Increased capital availability through partner contributions
#9Auditing is not obligatory.
Papers & forms Required
#1 Application for registration under the Partnership Act (Form No. 1)
#2 Partnership Deed duly signed by all partners
#3 Affidavit confirming the intention to become a partner
#4 Identity Proof of the Company (e.g., PAN card)
#5 Address Proof of the partners
#6 Proof of Nationality for Foreign Nationals, if applicable
#7 Latest copies of electricity bill, telephone bill, and bank statement of partners
#8 Passport-sized photographs of partners
#9 If the business premises are rented, provide the rent agreement along with a No Objection Certificate (NOC) from the landlord.
Mandatory Requirements
#1 Minimum of 2 partners
#2 Maximum of 20 partners
#3 No minimum capital requirement
#4 Unique company name
Types of Partnership
General Partnership: A general partnership involves two or more owners jointly running a business. In this arrangement, each partner holds equal authority to represent the firm. All partners actively participate in managing the business, making decisions, and exerting control over its operations. Likewise, profits, debts, and liabilities are shared equally among the partners.
Limited Partnership: A limited partnership comprises both general and limited partners. The general partner assumes unlimited liability and manages the business, while the limited partners have restricted involvement in business operations, limited to their investment. They are not engaged in the day-to-day management of the firm.
Limited Liability Partnership: In a Limited Liability Partnership (LLP), all partners benefit from limited liability. This shields each partner from the legal and financial consequences of the actions or mistakes of other partners.
Partnership at Will: A Partnership at Will occurs when there is no stipulated expiration clause in the partnership agreement. Under section 7 of the Indian Partnership Act 1932, two conditions must be met for a firm to qualify as a Partnership at Will:
#1 The partnership agreement should not specify a fixed expiration date.
#2 There should be no predetermined method for dissolving the partnership.
Registration Process
Frequently Asked Questions
You can get it easily by using our expert services, it will usually take 2-5 days. You are required to fill a simple 10 min questionaries’ on our website
We have various packages available starting at INR 4,312/- to carry out the registration process
Minimum-2, Maximum-20
No, this is completely online process. All papers and forms will get filled electronically. You just need to send us scanned copy. Some papers and forms will also have to be couriered to our office.
It will not take longer than 2 days subject to the availability of the papers and forms.
Yes, every company registered in India must have registered office in India.
A: No, this is completely online process. All Papers and forms will get filled electronically. You just need to send us scanned copy. Some Papers and forms will also have to be couriered to our office.
You can take Ontaxco experts help to get the clarity on availability of name.
No, partners are the owners of the firm, that thus not sperate from the firm. Any legal issues or debt by the firm will be the responsibility of partners also.
No, but it is advisable to register a partnership firm because
- A partner can sue another partner only if the firm is registered
- To bring any suit to court, the firm must get registered
Partnership firm will get registered by the registrar under Partnership Act 1932.
To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof of the Partners need to be provided.
It is not necessary for Partnerships to prepare audited financial statements each year. However, a tax audit may be necessary based on turnover and other criteria.
Indian Nationals and Indian Residents can invest in a Partnership firm without any approval.
Partnership firm is required to file their annual return with Income tax department. Also, they need to file GST returns based on the nature of business.
ften, if the partnership agreement is not registered, the court may deem a partnership invalid. If the object of the business is illegal, the court may consider the partnership invalid and dissolve the partnership.
If the partners of a firm wish to end the partnership, they can do so by dissolving the partnership by notice, if it is a partnership of will. A partnership can be dissolved in accordance with the terms laid out in the Partnership Deed, or they can do so creating a separate agreement.