Partnership Firm: Registration Process, Required Documents & Benefits

Partnership Firm: Registration Process, Required Documents and Benefits

In india partnership form of entity is very common as a prospective from starting a partnership basis business. 

The term partnership refers to the two or more people coming together with mutual consent and agreed upon carried business goals, and objectives, sharing profits/loss arising out of the business cycle. 

It is the most suitable form of business considered for startups and small scale business. Also, partnership is easy to form since no complex legal formalities have to be done or fulfilled. However, there is a big debate carried on to choose what suitable form of business Partnership vs LLP

If someone is thinking upon forming a partnership firm with the prospect of availing legal formalities and constitution then it’s important to register a firm as partnership. 

When you register a firm as a partnership, then, it will govern, manage, and sovereignty by the provisions of Indian Partnership Act, 1932. 

In this blog, we will educate you about its benefits, documents required and how to register for partnership registration online

Benefits of Partnership Firm Registration

  1. Less Paperwork: As partnership registration is easy and the person doesn’t have to follow so much rigid process. It’s simple as sole proprietorship and LLP, alike. 
  1. Fewer Tax Forms:  That’s why it’s so much popular as partnership doesn’t pay taxes on its profits, it does declare its operating losses and profits to the IRS in Form 1065. 
  1. Reduce Financial Hedge: As partners are agreed upon profits and losses distribution on mutual consent, here then, it also helps them capital formation and reduces financial like-circumstances, all-together. Thus, there is no burden on one person. 
  1. Multiple Hands: In a partnership like entity you don’t have to manage all the work alone. As there are multiple hands, the work can be assigned to individuals with authority. 
  1. Increase Growth: Partnership registration is suitable for startups and small sized businesses. As it’s easy to form and less legal compliances have to follow, business owners can maximum focus on accomplishing business goals and objectives, effectively thus leading to increase in sales and growth. 

Documents required for Partnership Firm Registration

In case you’re reading this blog to know the paperwork, documents required, or the process of partnership firm registration. Here are the essential documents mentioned that are essential at the time of registration. 

  • A copy of the PAN Card of all partners.
  • A copy of Aadhar Card and Voter ID/ Passport/ Driving License of all partners for Address Proof.
  • Utility Bill (Electricity Bill) of the place for business address proof.
  • Original copy of Partnership Deed, signed by all partners.
  • Rent Agreement and NOC from the owner of the place of business (if rented).

Partnership Firm Registration Process

Now here comes to the main question. How to register for a partnership firm in India? 

Here is the simple process you can readily follow to register for partnership online. 

  1. Go to partnership firm registration in jaipur
  2. Fill the displayed form
  3. Verification of Documents
  4. Partnership Deed Drafting
  5. Get your partnership certificate in less than a week

Need any help? Contact us and get a CA assessed guide at every step.

Partnership Firm: Registration Process, Required Documents & Benefits

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