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We Provide Best Partnership Firm Registration Services To Our Clients With Our Industry Best Experts And Professionals
A partnership firm’s ease of use and flexibility make it a popular option for entrepreneurs. It allows multiple individuals to pool their resources, knowledge, and skills to manage a business. The first step in formalizing your partnership and ensuring its legal status is registering your partnership firm.
At TaxHint, we understand how complex partnership firm registration can be. That’s why we offer an all-inclusive, hassle-free online registration service at affordable prices. Whether you’re a new startup or an existing unregistered partnership, our experienced professionals guide you through every step of the registration process.
Partnership firms in India are governed by the Indian Partnership Act, 1932. Members of a partnership firm are individuals who come together to form the firm. A partnership business is established through a contract signed by the partners, known as the partnership deed, which governs the relationships between the partners and the firm.
To become a partner in an Indian partnership firm, you need to meet these conditions:
| Features | Proprietorship | Partnership | LLP | Company |
|---|---|---|---|---|
| Definition | Unregistered type of business entity managed by one single person | A formal agreement between two or more parties to manage and operate a business | A hybrid combination having features similar to a partnership firm and liabilities similar to a company. | Registered type of entity with limited liability to the owners and shareholders |
| Ownership | Sole Ownership | Min 2 Partners, Max 50 Partners | Designated Partners | Min 2 Directors, Min 2 Shareholders, Max 15 Directors, Max 200 Shareholders |
| Registration Time | 7-9 working days | - | - | - |
| Promoter Liability | Unlimited Liability | - | Limited Liability | Limited Liability |
| Documentation | MSME, GST Registration | Partnership Deed | LLP Deed, Incorporation Certificate | MOA, AOA, Incorporation Certificate |
| Governance | - | Under Partnership Act | LLP Act, 2008 | Under Companies Act, 2013 |
| Transferability | Non Transferable | Transferable if registered under ROF | Transferable | Transferable |
| Compliance Requirements | Income tax filing if turnover is more than Rs.2.5 lakhs | ITR 5 | Form 11, Form 8, ITR 5 | ITR 6, MCA filing, Auditor's appointment |
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