What is Partnership Firm Registration?

A Partnership Firm Registration allows two or more individuals to combine their resources, knowledge, and skills to run a business together. This form of business structure is regulated under the Indian Partnership Act, 1932, which outlines the rights, duties, and obligations of each partner.

At BizMantra, we make it easy to register your partnership firm, ensuring you comply with all legal requirements while enjoying the benefits of a formal partnership.

Benefits of Partnership Firm Registration

 

Legal Recognition: A registered partnership firm enjoys legal protection, credibility, and the ability to enter into contracts.

 

Tax Benefits: Partnership firms are eligible for several tax benefits under Indian law.

 

Shared Responsibilities: Partners can share the responsibilities, resources, risks, and rewards of the business, leading to better decision-making.

 

Access to Funding: Registered firms have easier access to loans and funding options from banks and other financial institutions.

 

Mutual Decision-Making: Business decisions are made with the consent of all partners, ensuring collective agreement and mutual understanding.

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Checklist for Partnership Firm Registration
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Partnership Deed: A formal agreement between the partners outlining the business’s operations, responsibilities, and profit-sharing ratios.

 

ID Proof of Partners: Valid government-issued identification such as PAN cards, Aadhar cards, or passports.

 

Address Proof: The firm’s primary location or registered office address, supported by property documents or rent agreements.

Time Required for Partnership Firm Registration

The registration process typically takes around 7-10 business days. BizMantra ensures that the process is handled efficiently, allowing you to focus on launching your business.

Online Process of Partnership Firm Registration with BizMantra

BizMantra offers a streamlined online process for registering your partnership firm:

 

Choose a Name for Your Firm:Select a unique and meaningful name that reflects your business's vision. Ensure it doesn't conflict with any existing firm or trademarks.

 

Draft the Partnership Deed: We assist in drafting a legally binding partnership deed, which includes essential terms and conditions such as profit-sharing ratios, duties, and responsibilities.

 

Submit the Application: Our experts will submit your application to the Registrar of Firms (ROF) in Maharashtra, along with all necessary documents, ensuring accuracy and compliance.

 

Receive the Registration Certificate: Once your application is verified by the registrar, you will receive your firm’s registration certificate. Your business can now add “(Registered)” after its name and begin operations.

Registration Fees for Partnership Firm

At BizMantra, the total fee for Partnership Firm Registration just start with ₹11,999/- which includes both the government fee (stamp duty) and our professional fee. Here’s the breakdown:

 

Government Fee (Stamp Duty): ₹2,000/-

 

Professional Fee: ₹9,999/-

 

Total Fee: ₹11,999/-

Why Choose BizMantra for Partnership Firm Registration?
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At BizMantra, we simplify the partnership firm registration process, providing you with:

 

Expert Guidance: Our team ensures that your firm complies with all legal requirements under the Indian Partnership Act, 1932.

 

End-to-End Support: From document preparation to obtaining the registration certificate, we handle everything.

 

Affordable Pricing: Our transparent fee structure ensures that you receive top-notch service at a reasonable price.

 

Quick Processing: With our efficient processes, we ensure that your registration is completed in the shortest possible time.

Understanding the Indian Partnership Act, 1932

The Indian Partnership Act, 1932 is the cornerstone legislation that governs partnership firms in India. This act defines a partnership as an agreement between two or more individuals to share the profits and losses of a business carried out by all or any of them acting for all.

Key highlights of the Indian Partnership Act, 1932:
 

Mutual Agency: Each partner is both a principal and an agent. This means that the actions of one partner can bind the entire partnership, provided they are in line with the firm's objectives.

 

Unlimited Liability: Partners in a firm have unlimited liability, which means their personal assets can be used to meet the firm’s obligations in the event of losses.

 

Partnership Deed: The act emphasizes having a partnership deed, which is a written agreement detailing the roles, responsibilities, and the share of profits each partner is entitled to.

Even though the registration of a partnership firm is not mandatory under this act, doing so has its advantages, such as the ability to sue or be sued in the name of the firm, gaining credibility with stakeholders, and simplifying legal formalities.

How to Check Your Partnership Firm Registration Status?

The status of your registration can be checked by visiting the Registrar of Firms office. Simply provide your firm’s details, such as the registration number and names of the partners, and the status will be shared with you.

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Types of Partnership Firms
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Before registering your partnership firm, it’s essential to understand the different types of partnership firms allowed under the Indian Partnership Act:

 

Registered Partnership Firm: A registered firm enjoys legal benefits, such as the right to file lawsuits against third parties or other partners in case of disputes. Most businesses opt for registration to avail these advantages.

 

Unregistered Partnership Firm: Although not compulsory, an unregistered partnership firm may face legal limitations, such as not being able to sue for breach of contracts. However, unregistered firms can still operate without a registration certificate.

At BizMantra, we always recommend registering your firm to avoid any future complications and enjoy legal protection.

Documents Required for Partnership Firm Registration
 

Name of the firm

 

Details of the partners

 

Business of the firm

 

Duration of firm

 

Place of business

 

Capital contribution

 

Sharing of profit/loss

FAQ
1.What is a Partnership Firm?

Answer: A partnership firm is a business structure where two or more individuals collaborate to run a business, sharing profits, losses, responsibilities, and liabilities as defined under the Indian Partnership Act, 1932.

2.Why should I register my Partnership Firm in Maharashtra?

Answer: Registering your partnership firm provides legal recognition, credibility, and the ability To enter contracts. It also allows you to sue or be sued in the firm’s name, access funding more easily, and enjoy tax benefits.

3.What is the process for Partnership Firm Registration in Maharashtra?

Answer: The process includes choosing a unique firm name, drafting a partnership deed, submitting the application with required documents to the Registrar of Firms, and receiving the registration certificate.

4.What documents are required for Partnership Firm Registration?

Answer: You need the following documents: • Partnership deed • ID proof of partners (PAN, Aadhar, passport) • Address proof of the firm’s primary location (property documents or rent agreement)

5.How long does it take to register a Partnership Firm in Maharashtra?

Answer: The registration process typically takes around 7-10 business days, depending on the completeness of the application and verification by the Registrar of Firms.

6.What is the fee for Partnership Firm Registration in Maharashtra?

Answer: The total fee for registration is start with ₹11,999/- which includes the government fee (₹2,000) and our professional fee (₹9,999).

7.Can I amend my Partnership Firm details after registration?

Answer: Yes, amendments can be made to the partnership deed or firm details, such as adding or removing partners. Required documents include an amendment agreement, consent of all partners, and an updated partnership deed.

8.What is the difference between a registered and unregistered Partnership Firm?

Answer: A registered partnership firm enjoys legal benefits such as the right to file lawsuits, while an unregistered firm may face legal limitations and cannot sue for breach of contracts.

9.What is a Partnership Deed, and why is it important?

Answer: A partnership deed is a legal document outlining the terms and conditions of the partnership, including roles, profit-sharing ratios, and responsibilities. It is crucial for smooth operations and conflict resolution among partners.

10.How can BizMantra assist with Partnership Firm Registration in Maharashtra?

Answer:BizMantra offers comprehensive services, including expert guidance, end-to-end support, document preparation, and a streamlined registration process, ensuring compliance with all legal requirements.