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    What Is A Partnership Firm?

    Partnership Firm is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. They are relatively easy to start and are famous amongst small and medium sized businesses in the unorganized sectors. There are two types of Partnership firms, registered and un-registered Partnership firm. It is not mandatory to register a Partnership firm; however, a registered Partnership Firm has its own advantages. Registration ensures that you get a legal proof of the firm’s existence. Apart from that, the Partnership Act provides various benefits and rights to every partner like filing a suit in case of disputes, settling claims against third parties, etc. In case of any dispute, the court will first check the terms and conditions under which the partnership was formed and then proceed further. The partnership firm is required to be registered with the Registrar of Firms. There is no fixed process for registration of partnerships and the process and fees varies in each state.

    An advantage of Partnership firm is that unlike a company or LLP it does not has any extra compliance requirements like annual filing and mandatory statutory audit. The documents of the Partnership firm are not made available to the public.

    However, a Partnership has its own disadvantages like the liability of the partners is not limited and the liability of the business is the liability of the partners. The banks prefer lending more to a company because of its transparency rather than a Partnership. Further, it is easier for a company to attract investment from venture capitalists and angel investors who can simply purchase the share of the company.

    A Limited Liability Partnership (LLP) and Partnership may sound the same but have major difference in their incorporation process as well as their features. Where a Partnership is easy to constitute it has its own disadvantages. Whereas an LLP may be comparatively difficult to be incorporated and routine compliances may be more but has its own advantages. Below is a comparative analysis of various features of an LLP and Partnership:



    Note: Extra charges are applicable for Partnership Firm registration with Registrar of Firms of the respective states. This is an optional process.

    How We Work

    Consult Our Experts

    Once you fill in the above details, our expert will call you to understand your requirements in a better way and to brief you about the entire registration process and suggest you the course of action. Upon confirmation of our engagement by you, we will dedicate you a relationship manager who will take care of all your needs.

    Send Documents Via Email

    We at The Consultant Guru, work towards minimizing the hassles of the client, keeping this moto in mind our executives will give you a single check list of documents needed so that we don’t bother you time and again for documents. In case you are short of a few documents, our consultants help you to provide us the maximum possible alternative documents.

    Payments & Filings

    We believe in the moto of “Pay as we work”. This requires you pay us step by step in 2 tranches instead of giving the whole sum in one shot. The Consultant Guru facilitate payments through secure online payment gateway. After successfully providing the set of documents and partial payment, our experts will start working and provide with regular updates. You will only be required to pay the final sum upon receiving the Certificate of Registration.

    Frequently asked questions ABOUT PARTNERSHIP FIRM

    No. Partnership firm registration is optional. However, a registered partnership has its own advantages.

    Partnership firms are governed by Indian Partnership Act, 1932.

    No, a partnership firm is not a separate legal entity.

    No, a partnership firm stands dissolved upon retirement or death of a partner.

    At least two partners are required for starting a partnership firm. The maximum partners can be 20.

    Any individual can become the partner in a partnership. However, the individual must 18+ above in terms of age.