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Partnership Firm Registration

Partnership firm registration can be done with Corpstore Business Solutions in Madurai and Karur. The whole process can be done within 10-15 working days. A Partnership is a business structure in which two or more individuals join together and operate a business as per the terms and goals set out in the Partnership Deed. Partnership registration is more prevalent among small and medium sized businesses in the unorganized sectors.

The partnership firms are governed by Indian Partnership Act, 1932, must have at least two partners. A partnership firm in the banking business can have up to 10 partners, while these are engaged in any other business can extend up to 20 partners. These partners can divide the profits and losses equally or unequally. Partnership firms may be registered and unregistered Partnership firms. However, it is not compulsory to register a Partnership firm; it is advisable to register a Partnership firm due to the added advantages.

Partnership deed

Partnership deeds is nothing but an agreement between partners of a firm. This agreement defines details like the nature of the firm, duties, and rights of partners, their liabilities and the ratio in which they will divide profits or losses of the firm. The partnership deeds is not compulsory, it is always advised to do so. This helps to ensure that all terms and conditions agreed by partners exist in written format.

Documents required for Partnership firm registration:

Documents of partners:

  • Passport size photographs.
  • Scanned copies of PAN card
  • Identity Proof such as Voter ID / Driving License/ Passport
  • Address Proof such as Bank Statement / Electricity, Mobile, Telephone Bill.

Documents of company:

  • Partnership Deed
  • Scanned copies of PAN card
  • If the company is rented, then EB-bill, rental deed or tax bill.
  • If self-owned, then ownership documents

Partnership Registration Process

Name selection

The name of the partnership firm should be checked with the trademark registry to avoid any infringement of someone else using the same Trademark or brand name.

Drafting of deed

Deed of Partnership is the structure of the firm which determines the relationship of partners among themselves as well as the relation of partners with the firm.

Deed notary

The Partnership Deed must be drafted well, and the signature of the partners must be made on the agreement in the presence of witnesses before a Notary.

Firm registration

The signed partnership agreement along with the KYC of partners and premises proof is filed with the concerned Registrar of Firms, for its registration.