Partnership Firm

What is Partnership Firm

A partnership firm is defined under Section 4 of Indian Partnership Act, 1932. It is an association of two or more persons who agree to share profits and losses of a business carried on by all or any of them acting for all.

Persons who have entered into partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.

Overview of the PARTNERSHIP FIRM in India

Key Features

Minimum of 2 Partners
Maximum of 100 partners, as per Section 464 of Companies Act 2013
Partnership Deed outlining terms and conditions of the partnership
Profit & Loss sharing
Unlimited Liability
Optional Registration

Stepwise Process to form a Partnership Firm

Unique Partnership Name
Drafting of Partnership Deed
Execution of Partnership Deed
Registration of Partnership Firm (Optional but Recommended)
Apply for PAN
Open Bank Account

Documents Required to Register Company in India

Passport size colour photo of all Partners
Identity Proof of all Partners (PAN Card / Aadhar Card / Voter id / Passport / Driving License)
Address Proof of Partners (Aadhar Card / Voter id / Passport / Driving License / Bank Statement) – To be different from Identity Proof
Address Proof of Partnership Firm ( Rental Agreement / Utility Bill / No Objection Certificate from Landlord)

Related Services Incorporation