A general partnership is a corporate structure in which two or more people manage and operate a company in accordance with the partnership deed's provisions and objectives. This structure is thought to have lost its relevance since the introduction of the limited liability partnership (LLP) because the partners in a general partnership firm have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up, and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for general partnerships. Contact our KingSingh Legal Consultants experts now to know the recent partnership deed format.
Timeframe
The partnership firm registration process takes about 10 to 12 working days, depending on departmental approval and reverts from each department.
Name of the Partnership Firm
Any name can be given to a partnership firm as long as you fulfil the following conditions:
- The name shouldn't be too similar or identical to another company in the same industry
- It also shouldn't contain words like emperor, crown, empress, empire, or any other phrases that imply official authorisation or permission.
Checklist for Partnership Firm Registration
- Drafting of partnership deed
- Minimum two members as partners
- Maximum number of partners equal to or less than 20
- Selection of appropriate names
- Principal place of business
- PAN card and bank account of the firm
- Initial investment to start the firm.
Documents Required for the Registration of a Partnership
- Application for registration of partnership (Form 1)
- Certified original copy of partnership deed
- Specimen of an affidavit certifying all the details mentioned in the partnership deed and documents are correct
- PAN card and address proof of the partners
- Proof of principal place of business of the firm.
If the documents satisfy the registrar, the firm will be entered into the register of firms and a certificate of registration will be issued.
Benefits of a Partnership
Minimum Compliance
Simple To Begin
Comparatively Economical
How to Register Partnership Firms in India
- Step 1: First, a member of our KingSingh Legal Consultants team will give you an overview of the process and present you with a list of essential documents for registration
- Step 2: Documents can be submitted electronically via our mobile application or our website
- Step 3: After the documents have been verified, a partnership deed is prepared and given to the partners for signatures
- Step 4: All partners must sign the contracts on stamp paper and upload a copy to our systems
- Step 5: Once the signed partnership deed is available, it is registered with the appropriate registrar of firms, and the partner is given a certificate of registration.
Why Get a Partnership Deed made with KingSingh Legal Consultants?
- KingSingh Legal Consultants can help you start a partnership firm from start to finish
- We are capable of advising and serving you, even as your company grows and expands
- You can reach us at any time. You can contact us via text, whatsapp, email, or phone
- We place a great value on ethical business operations
- We believe that flexibility leads to greatness, so we customise all of our services to each client's individual needs.