Start your own Partnership Firm

A Partnership Firm builds Business Relation (carrying on Business together and sharing the profits) between two or more people. Ideal for small scale business with close people. Start your own Partnership Firm with MybizAID from Rs.3000* (excluding Stamp charges).

₹3000

(excluding Stamp charges)

Partnership Firm

Partnership is an association of persons who agree to combine their financial resources and managerial abilities to run a business and share profits in an agreed ratio. Since the resources of a sole proprietor to finance, and his capacity to manage a growing business are limited, he feels the need for a partnership firm.

Partnership business, therefore, usually grows out of the need for expansion of business with more capital, better supervision and control, division of work and spreading of risks.

Advantages of Partnership Firm

Easy to Start

A Partnership is easy to form as no cumbersome legal formalities are involved and 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.

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 Partnership’s and Companies’ are required to file their annual accounts with Registrar of Companies each year.

Eligibility under the Government start-up plan

One of the entities eligible to take benefits of the start-up plan launched by the government is a registered partnership firm.

Packages

BASIC

₹2000

Plus Stamp Charges

Partnership Deed drafting by a Lawyer

STANDARD

₹3000

Plus Stamp Charges

Partnership Deed drafting by a Lawyer,

Deed Registration.

PREMIUM

₹4000

Plus Stamp Charges

Partnership Deed drafting by a Lawyer,

Deed Registration,

First Year Income tax Return Filing of Partnership Firm

Partnership firm Incorporation Process

Choose Partnership Name

The partners need to choose a name for their Partnership Firm but name should not be too identical to the name of another existing business or any other restricted name.

Draft Partnership Deed

Draft a Partnership Deed with Rights and Obligations of all the partners along with other essential details (like capital contribution, duration, business activity).

Register Partnership Deed

Register your Partnership Firm by filling Form 1and attach printed Partnership Deed on Stamp paper along with necessary documents.

Apply for PAN, TAN & Bank Account

Open Current Bank Account in name of the Partnership Firm with the Registration Certificate. Apply for PAN and TAN(if required) of the Partnership Firm.

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