PARTNERSHIP FIRM

A business setup in which two or more individuals manage and operate a business in accordance with the terms and goals set out in the Partnership Deed is termed as Partnership. Partnership registration is relatively easy and is prevalent among small and medium sized businesses in the unorganized sectors.

For Partnership Registration, you must agree on a firm name and then establish a partnership deed. It is a document stating respective rights and obligations of the partners and to be valid it should be duly written and signed by all the parties and not oral. The terms of the Partnership Deed can be varied to suit the interests of the partners and can even be made contrary to the Indian Partnership Act, 1932. The provisions of the Act would apply, in cases where the Partnership Deed is silent.

The following documents are required for the registration of a Partnership firm:

• Statement in Form 1 with the prescribed fees.
• Notarised True copy of the Partnership Deed stating the following :

• The firm’s 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 when each partner joined the firm;
• 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)
• Self attested copy of PAN Card of partners
• Self attested copy of Voter Identity Card

The Statement must be signed by all the partners of the firm and must also be verified by affidavit in the prescribed manner.