Partnership Company

LLP Private Public Registration

Business

Partnership Company

A Partnership firm is a business entity created by persons who have agreed to share profits or loss of the business. Partnerships are a very good choice of business entity for small enterprises wherein two or more persons decides to contribute to a business and share the profits or losses. In India, Partnerships are widely prevalent because of its ease of formation and minimal regulatory compliance. Also, the concept of LLP was introduced only in 2010, whereas the Partnership Act, 1932 has been in existence before the independence of India. Hence, partnership firms are the most prevalent type of business entity wherein a group of people are involved.

Partnership Registration:

The application for registration of Partnership Firm must contain the prescribed registration form for incorporation of a company, identity proof/address proof of Partners, certified a true copy of the Partnership deed entered into and proof of the principal place of business.

As identity and address proof of the Partners, any of the following two documents can be submitted:

  • PAN Card
  • Passport
  • Drivers License
  • Aadhar Card
  • Voters ID

Proof of the principal place of business can be established by submitting the following documents:

  • Sale deed in case one of the Partner owns the place of business
  • Rental agreement copy if the premises are rented
  • Copy of latest electricity bill or water bill or property tax receipt

A Partnership firm is a business entity created by persons who have agreed to share profits or loss of the business. Partnerships are a very good choice of business entity for small enterprises wherein two or more persons decides to contribute to a business and share the profits or losses. In India, Partnerships are widely prevalent because of its ease of formation and minimal regulatory compliance. 

Pros & Cos of Partnership:

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