Partnership Firm Registration
Form your business under a shared agreement with ease through Sompalli and Co.
Meaning
A Partnership Firm is a business structure where two or more individuals come together to operate a business and share its profits. Governed by the Indian Partnership Act, 1932, this type of firm is simple to start and manage without complex legal procedures.
Purpose
The purpose of forming a partnership firm is to allow multiple individuals to combine resources and expertise in operating a business. It allows for easy distribution of responsibilities and is a preferred choice for small and medium-sized enterprises.
Advantages
- Easy to establish and register
- Shared responsibilities reduce workload
- Lower compliance and operational costs
- Profits and losses shared equally or as per agreement
- Flexibility in business operations
Step-by-Step Procedure
- Choose a name for the firm and draft a partnership deed
- Get the deed notarized and signed by all partners
- Apply for PAN of the firm
- Open a bank account in the firm’s name
- Register the partnership with the Registrar of Firms (optional but recommended)
- Apply for additional licenses like GST, MSME, Shop Act if required
Checklist of Documents Required
- Partnership Deed (on stamp paper)
- PAN card of all partners
- Aadhaar/Passport/Voter ID of partners
- Proof of business address (utility bill, rent agreement)
- Passport-size photographs of all partners
- NOC from the property owner (if rented premises)
What You Get
- Partnership Deed (legally drafted)
- Firm PAN Card
- Certificate of Registration (if registered)
- MSME/GST/Shop Act certificate (as applicable)