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Partnership Firm

A business form that allows minimum two persons to have ownership of business. It allows sharing of profits as agreed upon by the persons forming the partnership. Partnership firm can be established by preparing a partnership deed.

Partnership deed is prepared on judicial stamp paper, signed by all the partners and then notarized. Partnership deed governs the partnership firm as it contains all the details regarding partners, profit sharing ratio, capital clause, address and business to be carried out. In case of any conflicts, the clauses laid down in the deed are final and must be settled accordingly.

A partnership firm may be registered with Registrar of Firms for its legal security. However, it is not mandatory but at the discretion of partners.

Benefits of Partnership Firm

  • “Two heads are better than one” Business can be better managed by multiple people than one
  • Raising capital is easier
  • Risk & Liabilities are shared by all the partner
  • Low startup cost
  • Easier to form and few compliances

Documents needed to get you started

  • Partnership deed
  • Pan Card
  • Shop Act
  • Bank Account
  • Business specific licensing and registration – FSSAI, RERA, GST, PT etc.

Documents needed to register partnership

  • Application in Form 1 & duly filled affidavit specimen
  • Original partnership deed
  • Partnership deed in Marathi
  • Pan Card of the partners
  • Address proof of partners – Aadhar Card, driving license, passport, voter id card, etc.
Address proof of firm (as follows)

In case place is owned by any of the partners - Latest utility bill clearly showing name of partner and NOC from partner allowing to use the place for running partnership business

In case place is rented -Rent agreement, latest utility bill clearly showing name of owner and NOC from owner allowing to use the place for running partnership business

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