What Finology Offers:

Acquire all necessary details related to the basic terms
Initial drafting and advisory on necessary inclusions
Finalise the draft upon your satisfaction and delivery

What is a Partnership Firm?

A Partnership Firm is an arrangement between two or more people who have agreed to share the profits of a business carried on by them. In simple terms partnership is a relation between two or more people who have agreed to carry on a common business with a view to earn profit. A partnership firm unlike registered companies is not a separate legal entity from its member. The document in which respective rights and obligations of members are mentioned is known as partnership deed. A partnership deed needs to be executed and registered as per the state Stamp Act for a partnership to be established. All partners are individually and wholly liable for the debts of the partnership firm, it means that all the partners bind each other by their official acts and are liable for each other’s acts. 

The business of a partnership can be carried on by all or by any one of them acting for all. A person can either be a silent/sleeping partner or an active partner. All the partners of a partnership firm are jointly and personally liable for the firm’s liabilities regardless of the kind of partner they are. 

Features of Partnership Firm

  • It can be established with just 2 partners (maximum number of members is 20).
  • Shared capital and risks unlike proprietorship firms. Raising of funds will also be easy.
  • Flexibility in decision making.
  • It is not compulsory to get a partnership firm registered.
  • Easy to dissolve.
  • Very less compliance.

Steps to form a Partnership Firm

  • Execution of partnership deed and its registration with the registrar of firms.
  • Apply for PAN and TAN of the firm
  • Apply for GST registration, if required
  • MSME registration, if desired by the firm.

Documents required for starting a Partership Firm

  • Partnership deed.
  • Address proof of the registered office of the firm (if rented - rent agreement and NOC from landlord).
  • Photo id proofs and address proof of all the partners in the firm (preferably PAN and AADHAR).
  • An affidavit signed by all the partners certifying that all the details are true is required if partnership firm is getting registered.

Know our Packages

Advantages of Choosing Finology

Quick & Efficient

Utmost attention given to details. Ready to use templates. Saves time. Minimizes costs.

Convenient & Transparent

Access to requisite information at any time of the day. Just a click away.

End-to-End hand-holding

Client communication at the core. Professional and efficient handling of client's information because a happy client is the best referrer.