Partnership Firm

Features of Partnership Firm

1. Required Minimum 2  Partners 

2. Suitable where more than two Founder

3. Traditional Business Model without Corporate Structure

4. Lesser Legal Compliances as compared to Company and LLP 

5. Less Favorable for VC and Angel Investment  

6. Tax Free Profit Sharing Among Partners

Documents Required For Registration

1. PAN of all Partners 

2. Voter ID/DL/Aadhar Card of All Partners 

3. Passport Photo of all partners 

4. Latest utility bill (electric bill/telephone bill) and Rent Agreement or latest tax receipt/ownership deep of the property for the property to be used for registered office.

Step By Step Procedure

Step 1- Partnership Agreement and Form A Drafting 

Step 2- Deed Execution

Step 3- Application for Registration at Registrar of Firms

Step 4- Certificate of Registration 

Step 5- Application for PAN

Time Required

Step 1- 1 Day 

Step 2- 1 Day 

Step 3- 1 Day + Time Taken by Registrar 

Step 4- 2 Days 

Step 5- Time Taken by Income Tax Department