A Partnership Firm is one of the most popular business structures in India, especially for small and medium businesses. It involves two or more persons who agree to share the profits and losses of a business.
Simple registration process with minimal compliance requirements
Partners share management, profits, and losses as per agreement
Partners can decide profit-sharing ratio and management structure
Partners are taxed individually at slab rates, firm taxed at 30%
Minimum 2 partners, maximum 50 partners allowed
Lower registration and maintenance costs compared to companies
All partners have unlimited liability and participate in management
One or more partners have limited liability based on their investment
No fixed duration, continues until partners decide to dissolve
Prepare partnership deed with all terms, profit-sharing ratio, and clauses
Get the partnership deed notarized on stamp paper
Submit application with required documents to Registrar of Firms
Apply for PAN card in the name of the partnership firm
Open a current account in the firm's name
GST, MSME, Shop & Establishment as applicable
Get expert assistance with partnership deed and complete registration
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