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Breif
A Partnership Firm is a legal entity where two or more individuals come together to run a business and share profits as per a mutually agreed ratio.
Overview
A
Partnership Firm can have minimum 2 Partners, Partner share profits, losses,
rights and responsibility, A Partnership Firm has easy formation structure,
Unlimited liability of partners, All the Partnership Firm is depending on the
Partnership Deed, Partnership Firm can be of 2 types: Registered Partnership
Firm (Registered with the Registrar of Firms), Unregistered Partnership Firm
(Not registered, has limited legal rights). Partnership Firm should opt be in
case when small or medium-sized business, and want a simple and cost-effective
structure.
Process
Step 1 - Choose a unique firm name in compliance with government guidelines.
Step 2 – Draft the Partnership Deed outlining business nature, capital contribution, profit-sharing ratio, and partner roles.
Step 3 – Stamp and notarize the Partnership Deed.
Step 4 – Apply for the PAN of the firm through the NSDL portal.
Step 5 – Open a bank account using the Partnership Deed and PAN.
Step 6 – Register the firm with the Registrar of Firms to obtain the Registration Certificate (optional but recommended).
Step 7 – Obtain other required registrations such as GST, MSME (Udyam), Shops & Establishment, and Professional Tax.
Checklist
Details & Documents Required for Private Limited Company Registration
1. Partner Details & KYC
- Mobile number and email ID of each partner
- PAN Card and Aadhaar Card of all partners
- Passport-size photograph of each partner
- Details of interest in any other business or organization (if applicable)
2. Business & Financial Details
- Capital contribution by each partner
- Profit and loss sharing ratio
3. Registered Office Proof
- Latest electricity bill of the business premises (in the owner’s name and not older than two months)
- No Objection Certificate (NOC) from the property owner allowing commercial use of the premises
Time Taken
Total Time: Approximately 3–5 working days from the date of receipt of all documents.
- Drafting Partnership Deed: 1 days
- Stamping & Notarization of Deed: 1 day
- PAN Application for Firm: 1 day
- Bank Account Opening: 1 day
- Registration with Registrar of Firms (Optional): 1–2 days
Deliverable
The following deliverables are included in the Biz Silver Plan. Deliverables for other packages may vary accordingly:
- Drafted Partnership Deed
- Stamped & Notarized Partnership Deed
- PAN Card of the Partnership Firm
- Bank Account Opening Support
- Registration Certificate from Registrar of Firms (if opted)
- Articles of Association (AOA)
- ESI/PF Registration
- Company PAN Card
- Company TAN Number
Why Choose Us
Bizeneed ensures quick, smooth, and hassle-free partnership firm registration with expert guidance at every step. From drafting a legally sound partnership deed to PAN, bank account support, and optional firm registration, we handle everything with transparency and care. Our team prioritizes your business needs, offers clear communication, and provides ongoing compliance guidance, making Bizeneed a reliable partner for starting and growing your partnership firm.
FAQs
No, registration is optional, but a registered firm enjoys legal benefits such as the right to file suits and claim set-offs.
A minimum of two partners is required to form a partnership firm.
Yes, a partnership firm can have up to 50 partners.
It is a legal document that defines business activities, capital contribution, profit-sharing ratio, partner roles, and responsibilities.
Yes, the firm must obtain a separate PAN for tax and banking purposes.
GST is required only if the firm crosses the prescribed turnover limit or engages in taxable supplies.
Yes, partners can receive salary, commission, or interest, if provided in the partnership deed.
Yes, it can be converted into an LLP or Private Limited Company as the business grows.