Partnership firm process and procedure

• Just Fill-Up Simplified Partnership Application Form Here
• Make the payment online as per the package choose via cards/netbanking/UPI/Wallet in secure way.
• Assign a dedicated legal expert & submit the docs via email or whatsapp. Be Relax your partnership firm deed drafting, PAN & TAN all things get done online without going anywhere.

Documents required for partnership firm

• ID and Address Proof of Partners like Pan Card/Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners.
• One Business Place Address proof :-
if Property on Rented :- Need Rent Agreement and NOC from Landlord.
if Property is own :- Need Electricity Bills or any other Address Proof.
Note : Business place and home place can be same.​

Online registration of partnership firm is Possible

Yes Its possible these can be done online with the help of MyOnlineCA at the cheapest cost. Below are the steps why we simplified the govt official legal process regarding the partnership firm registration.

Steps Taken to Register a Partnership Firm

• First Choose Partnership Firm Name.
• Fillup Application form with the business and personal details.
• Create Partnership Agreement or Deed with the help of MyOnlineCA Professionals.
• Take Printout of the deed on stamp & sign by all the partners with notarization.
• Email us your Deed Scanned Copy and Apply for the PAN & TAN.
• Get PAN & TAN Acknowledgement via Email from us.
• In next few days you will get the partnership firm pan card physical copy from the department.
• Apply for the MSME Registration with the help of MyOnlineCA Professionals.
• Get MSME Certificate and other legal agreements on your email with a complete package from us.
•10 Just open a current bank account on the basis of Deed & PAN +TAN+MSME and start your business.

Features of partnership Firm

• 2 Person Required as Partners.
• Partners share responsibilities and duties of the business.
• More capital can be brought into the business.
• Partners share responsibilities and duties of the business.
for the more benefits you can checkout here about benefits of partnership firm.
Check here disadvantages of the partnership firm

FAQ on Partnership Firm Registration

1 Residential Address can be office address for registration of partnership firm ?
Yes, you can use the partner’s residential property (home address) for the registration. Its required only the proof of registration like electricity bill copy or rental agreement or no objection certificate etc.

2 What is the NOC (No Objection Certificate) in case of rented or own property ?
if the electricity bill copy is on another person name then its required the NOC i.e is owner don’t have any objection on commercial activity. Don’t worry it does not change your residential meter connection.

3 How to Register my Partnership Firm Name, Is it possible ?
No, because in the partnership firm name identity protection is not available. you can choose any firm name. for the name secure you can go with the Trademark Registration with partnership firm.

4 We are working Employees, Can we register on family member name ?
Yes, you can register your family member name, there is no issue. its required the basic above documents to get done online partnership firm registration.

5 What are the Capital Required to starting a partnership firm ?
Nothing, you have to just deposit the capital amount which is required to maintain your current bank account balance. so you can show any amount of the capital for the same. there are no requirements like the private limited company registration.

6 Why Partnership Firm is Unregistered Legal Entity ?
Partnership firm is registered under the partnership act only with the Registrar of firms. but after the introducing LLP Registration in India most of the people don’t register the partnership firm with the Registrar of Firms due to expensive cost.

But below are some disadvantage not to register with the Registrar of firms ?
1 You can’t file a case against any partner or firm.
2 You can’t file a case against any third party
3 Can’t avail the power to claim set off.

7 What is the Partnership Firm Registration under MSME Act 2006 ?
Registrar of firms registration is very expensive and optional so you can skip the same and apply under any other act like MSME. you can apply for the MSME Registration Certificate and easily open a current bank account.

8 What are the requirements to become a partner in a partnership firm ?
Only Indian resident person are allow for the partnership firm. if you have any foreign partner then you can go with the pvt ltd company only.

9 What are the annual compliance or yearly maintenance for the partnership firm ?
Basically only 2 annual compliance for the partnership firm –
1. Business Partnership Income Tax Return
2. Personal Income Tax Return
3. Business GST Return Filing
if we talk about the cost then its cost nearby 4000 -5000/- per year.

10 Can we convert our partnership firm into the private limited company
Yes, you can convert. you have to setup a new private limited company and arrange an agreement between the partnership and private limited company.

11 What is the timeline to get done Partnership firm Registration by myonlineca ?
It’s takes min 2 days for the drafting of the deed , 4-6 days for the PAN Card Acknowledgement. after that min 1 day for the MSME Registration Certificate.

12 How to Open Current Bank Account for Partnership Firm ?
Banks are required partnership deed with identity and address proof and separate partnership firm pan card as per the RBI Compliance. you can read here about current bank account opening for partnership firm.

13 How to Create Separate Pan Card on Partnership Firm name ?
Once you notarized the deed, after that you can apply for the pan card with the help of myonlineca.

14 Will my partnership firm have registration certificate ?
No, You will get the MSME Certificate Only for the legal entity proof regarding the partnership firm registration. MyOnlineCA not deals into registrar of firms certificate even its optional and very expensive for the same.

15 Investment are possible in the partnership firm ?
Yes, Investment are possible but there is No limited liability like LLP or Pvt Ltd Company.Any Indian resident person can invest into the partnership firm.

16 How i Notarized my Partnership Deed ?
After printing deed on the stamp paper you have to notarize the deed with the lawyer in presence of all the partners.

17 Partnership Deed Registration is Compulsory or Optional ?
Partnership Deed Registration with Registrar of firms is an optional activity. so as discuss above its very expensive so always igore the same.

18 Do i have to visit any department or anywhere to get done my Partnership ?
No, everything is online with myonlineca but yes you have to just take the printout on the stamp paper & notarized the same which is required your physical presence

19 Why i Choose MyOnlineCA for my Partnership Firm ?
1. Get better & cheap pricing package as compare to Agents or traditional & other portals.
2. MyOnlieCA is Recognized Company under Govt Official Startup India Programme with Trusted over 10k customer.
3. Highest Social True Reviews on Facebook with 5 Star Ratings.
4. Dedicated Support via Emails | Calls | WhatsApp.
5. Free Premium Legal Consultancy to Start your new business.
6. 100% Money Back Guarantee on any service.

A detailed Guide on How to Register a Partnership Firm Step by Step

Step 1 – Choose Partnership Firm Name –
​Your First step is to choose the partnership firm name. but you have to remember the below 2 factors while choosing the partnership firm name –

#1 Choose the name Which is not trademark or copyright or not registered as private limited company. you can use the MCA Website or Trademark search website to know about the registered brand names. for more info on this check out this article on company name search.

#2 never use words like Crown, Emperor, Empress, Empire or words because its required the govt approval for the same.

Step 2 – How to Create Partnership Deed ?
Partnership deed is an agreement between the partners where all the terms and conditions are mentioned regarding the partnership firm. Its always in the written with the stamp paper & notarized.

It’s include following things –
1. Name of the Firm.
2. Full Address of the registered office of the Firm.
3. Brief Description on the nature of the business.
4. Profit Sharing Ratio between the partners.
5. Name & Full Address of all Partners.
6. Salary Amount if any firm will be paid to the Partners
7. Capital Contribution by each Individual Partner.

Apart from this in the deed agreement rules regarding the admission of the partner & retirement, death etc. after the drafting you have to simply print on the stamp paper & get noterized the same.

Step 3 : – How to Register Partnership Deed in India –
Partnership Deed Registration with the Registrar of Firms are optional but still, if need the registration then you can follow the below documents to register with the Registrar of Firms –

1. Application for Registration of Partnership in Form No. 1
2. Duly filled specimen of Affidavit
3. Certified True Copy of the Partnership Deed
4. Ownership proof of the principal place of business or rental/lease agreement thereof.

Once you submit the application to the registrar by signing the application, they will check all the deed points and terms for the same. if satisfied then record the partnership firm name in the register which is maintained by the ROF.

The Registrar of Firms always maintains the up to date information about the partnership firm. even anyone can person find the details of any firm in the registrar of firms by payment of prescribed fee.

if anyone case your application reject then you have to full-fill the requirements the resubmit the same. Remember its an expensive activity in some state with the offline mode so its always optional for the partnership firm.

You can simply go with the MSME Registration Act instead of the ROF and open your bank account & start your business.