A Partnership firm is a firm in which two parties come together to run the business jointly.
There can be minimum 2 partners and maximum 20 partners.
Benefits of Partnership firm:
- Minimum amount of compliances to be carried out
- Registration and incorporation of partnership firm is a fairly easier process
- Cost effective
- Name of the Partners with Age
- Pan Card Numbers
- Home Address
- Registered Office Address
- Capital Contribution
- Explain Nature of Business in Detail
- Profit/ Loss Sharing Ratio
- Roles and Responsibilities
- ID Proof: Self attested copy of Aadhaar card and PAN card mandatory
- Passport size photos of partners
- All the documents must be self-attested.
- Draft Partnership deed by adding all terms and conditions agreed between both parties.
- Notarize the Partnership deed with a Notary Advocate
- Fill the online application form on the Government portal for registration of partnership firms by providing all documents
- Payment of Registration fee on Government portal
- Certificate of Registration will be issued by the Government after approving the Partnership firm details, payment etc.