GET STARTED AT 4,999 All Inclusive
To start a Partnership firm, partners need to enter into an agreement which is popularly known as Partnership Deed. Different states impose different stamp duty on the partnership agreements/deeds, it means while creating a partnership instrument (Deed) the partners must purchase stamp paper of appropriate value as may be applicable in the respective state, to be annexed with the agreement. An agreement can further be notarized. Though registration of partnership Firm is not mandatory under The Partnership Act, 1932, however, section 69 of the act specifies the effect of Non-Registration, according to that an unregistered firm shall not be able to recover any sum more than Rs. 100. Hence, it is strongly recommended to register the partnership firm with the registrar of firms (ROF).
1 MINIMUM TWO PERSON
Two person is needed to become partners of the firm. However, maximum 20 partners are allowed in a firm (10 in banking business)
2 NO MINIMUM CAPITAL
No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the capital of the firm.
3 NO FDI IS ALLOWED
Foreign investment in a partnership firm is not permitted. In the firm, only Indian citizen can become the partner and start the partnership firm.
4 UNIQUE NAME
Name of the firm should be unique, and it must not be same or similar to the name of any existing trademark which is registered or applied.
Selection of Name
The name of the partnership firm should be cross-checked with the trademark registry to avoid any infringement of someone else Trademark or brand name
Drafting of Partnership Deed
The Partnership Agreement is the constitution of the firm which determines the relationship of partners among themselves as well as the relation of partners vis a vis firm.
Notary of Deed
A Partnership Deed must be well drafted, and the signature of the partners be made on the agreement in the presence of witnesses before a Notary Public.
Registration of Firm
To register a partnership firm, the deed along with KYC of partners and premises where the registered office is situated is filed with the Registrar of Firms.