Partnership Registration

No more delays or difficulties!

A Partnership is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit.

Partnership Registration- An Overview

A partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates. That income is paid to partners, who then claim it on their personal tax returns – the business is not taxed separately, as corporations are, on its profits or losses. Register a partnership firm through Tax Consultants and get Chartered Accountant support for partnership deed drafting. Partnership firms can be registered by two persons in any State across India. The partnership could be registered or unregistered. Partnerships are ideal for small businesses in the unorganized sector having multiple promoters.

How we help you in - Registration

Finlegalforte, we can help you register a partnership firm anywhere in India in less than seven working days. At the beginning of the engagement, an Advisor from Tax consultants will brief you about the process and provide you with a list of documents required for registration of a partnership firm. You can submit the information and documents required through mail or what’s an app as suitable to clients. Once, the documents and information are verified, a partnership deed will be drafted and sent to the Partners. All the Partners must sign the document on stamp paper and upload a copy on the platform. Once, the signed partnership deed is available; it is registered with the concerned Registrar of Firms, and a Certificate of Registration of Partnership Firm is provided. In addition to delivering the Certificate of Registration of Partnership Firm, we can also help you open a Bank Current Account in the name of the partnership firm through any bank. We make a partnership deed for you by taking mind of all the tax regulations of the Income Tax Act.

Documents- Partnership Registration Online

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

Following Additional Documents Required

Details Required in partnership

General Details:

Name and address of the firm and all the partners
Nature of business
Date of starting of business Capital to be contributed by each partner
Capital to be contributed by each partner
Profit/loss sharing ratio among the partners

Specific Details:

Interest on capital invested, drawings by partners or any loans provided by partners to the firm
Salaries, commissions or any other amount to be payable to partners
Rights of each partner, including additional rights to be enjoyed by the active partners
Duties and obligations of all partners
Adjustments or processes to be followed on account of retirement.

Note: Your registered office need not be a commercial space; it can be your residence too.

Frequently Asked Questions

1. What is the minimum number of Partners required to start a Limited Liability Partnership?

At least two partners are required for LLP registration. The maximum partners can be 200. If you are the sole owner, you can register as a One Person Company.

2. Who can become a partner in LLP?

Any individual/organisation can become the partner in LLP including foreigners/NRI’s. However, the individual must 18+ above in terms of age and should have a valid PAN card.

3. Do I have to be available in person to incorporate an LLP?

Our procedure is 100% online which means there is no compulsion for you to be present at our office physically. A scanned copy of documents can be sent to us via mail, and we will handle the rest. You will get the company incorporation certificate from MCA via courier at your business address.

4. Once I pay for the incorporation, is there any other payment before I get the Incorporation Certificate?

We do not have any hidden charges. Our system is quite transparent. After making your payment, we will send you an invoice that is all-inclusive, with no hidden charges. Our team provides you support till you get your LLP bank account.

5. How much money do I need to invest upfront in starting the business?

You need to have a bank account with a minimum balance, which could be as little as Rs. 5000. You need not invest any more capital in starting the business. You needn’t even deposit this amount to the bank. You can also show that the capital has been utilised as the pre-incorporation expenses of LLP e.g, LLP registration expenses. You can also show this capital has been infused in form of assets such as computers etc.

6. Can NRIs/Foreign Nationals be a Designated Partner in LLP?

Yes, but only after he has been assigned with DIN/DPIN. However, at least one designated partner in LLP must be a Resident of India. In fact, the foreign director can also be a majority shareholder in the company