The partnership firms are governed by the Indian Partnership Act, 1932.
A partnership firm is an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm.
- Partnership registration is very easy.
- Partnership registration is inexpensive as compared to LLP.
- It has minimum compliance requirement.
- Flexibility in Operation.
- Statement in Form 1 with the prescribed fees
- copy of the Partnership Deed must be Notarised stating the following :
- The firm-name
- The nature of business of the firm
- The place or principal place of business of the firm
- The names of any other places where the firm carries on business
- The date of joining of each partner
- The names in full and permanent addresses of the partners
- The duration of the firm
- Proof of ownership or rent/lease of the location of your business.(e.g. Electricity Bill/ Water Bill or Rent/Lease/Leave and Licence Agreement of Business Place)
- Copy of PAN Card of partners
- Copy of Aadhaar Card/ Voter identity card
- Affidavit declaring intention to become partner