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Partnership Firms

Starting A Business?

VLN & Associates have an expert team to help budding entrepreneurs to set-up their business in India, offering a variety of company registration like Private limited company registration, one person company (OPC) registration, Nidhi Company Registration, Section 8 Company (Non-profit organisations) Registration, Producer Company Registration and Indian Subsidiary registration.

We offer all kinds of company related services, from the start till the end. We at VLN & Associates guide young entrepreneurs with their start-ups, not just with the registration part, but also advising them to smartly procure, use and invest their funds. We also advice our clients about the different type of organisation available to start to suit their requirements.

Partnership Firms

A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.

There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and VLN & Associates can help start a registered or un-registered Partnership firm in India.

Easy to Start

A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.

Business Name

Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.

Partnership Deed

In a Partnership firm, the partnership deed will determine the ownership of the firm, profit sharing ratio, rights and responsibilities of each of the Partner. A partnership deed can be registered with the Registrar.

Annual Filing NOT Required

A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnerships and Companies are required to file their annual accounts with Registrar of Companies each year.

Bank Account

Bank account can be opened in the name of a Partnership firm. To open bank account, the partnership deed copy and KYC documents of the Partner must be submitted along with any other document as required by the Bank.

DOCUMENTS REQUIRED FOR PARTNERSHIP REGISTRATION

Identity and Address Proof

Identity and address proof will be required for all directors and shareholders of the company to be incorporated. In case of Indian nationals, PAN is mandatory. For foreign nationals, apostilled or notarised copy of passport must be submitted mandatorily. All documents submitted must be valid. Residence proof documents like bank statement or electricity bill must be less than 2 months old.

Identity Proof of Proprietor

PAN for Indian Nationals.
Apostilled or Notarised Passport copy for Foreign Nationals.

Proof for Registered Office in India

Rental Agreement or Sale deed AND Copy of Electricity Bill, Property Tax Receipt.
No Objection Letter from the landlord for use of Premises as the Registered Office.

Registered Office Proof

All companies must have a registered office in India. To prove access to the registered office, a recent copy of the electricity bill or property tax receipt or water bill must be submitted. Along with the utility bill, rental agreement or sale deed and a letter from the landlord with his/her consent to use the office as a registered office of a company must be submitted.

Address proof of a Partner

Passport, Driver’s License, Aadhaar, Bank Statement or Electricity Bill.
The last two documents must be valid, recent and less than 2 months old.

Signed Partnership Deed

Partnership deed in non-judicial stamp paper signed by all Partners.
Value of stamp paper will vary based on the investment in the Partnership Firm.