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G K B & Associates
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0120-3130570
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Partnership

Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by more than one person associated for a cause of generating profits. Partnership firms are comparatively easier to start and is widely prevalent amongst small and medium sized businesses in the unorganized sectors. Of late, due to introduction of LLP(Limited Liability Partnerships) in India, Partnership Firms are slowly losing their prevalence due to the increased advantages offered by a Limited Liability Partnership over Partnership firm.


There are two types of Partnership firms, registered and un-registered Partnership firm. It is not mandatory to get registered a Partnership firm; however, it is advisable to register a Partnership firm due to the increased advantages. Partnership firms are incorporated by drafting a Partnership deed amongst the Partners and G K B & Associates can help you get a registered or also un-registered Partnership firms in India.

Advantages


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    Simple to Start: A Partnership is very simple to form as no complex formalities are involved and moreover the registration is also not mandatory. However, if the firm is not registered, you are deprived of few legal advantages over registered partnership firm. The Registrar of Firms is responsible for registering partnership firms.
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    Name Availability: Since the name of a Partnership firm is not registered anywhere, a Partnership firm can choose to have any name provided it is not inconsistent with any registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.
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    No Annual Filing Required: Partnership firms are not required to file its annual accounts with the Registrar every year unlike a Limited Liability Partnership or a Company. Limited Liability Partnership's and Company's are required to file their annual accounts with Registrar of Companies each year.

Process

01

Partnership Startup
G K B & Associates can startup a Partnership in 7 to 14 days.

02

Partnership Deed Drafting
A G K B & Associates Financial Expert will first understand your business, Partners, Partnership structure and other relevant details to draft a Partnership Deed that is mutually acceptable to all Partners.

03

Partnership Deed Registration
Based on your requirements and the service level you have requested from G K B & Associates, we will help you register the Partnership Deed with the relevant authorities to make the Partnership a Registered Partnership Firm.

04

Obtaining PAN & TAN
Based on the package you have choosen for, team G K B & Associates will help you obtain your Partnership PAN and TAN registration from the Statutory Authorities once the Partnership Firm gets registered.

Documents Required

  1. 1. ID and Address Proof of Partners like PAN Card / Passport / Voter ID / Aadhar Card / Driving License Copy of the Partners.
  2. 2. One Business Place Address Proof:
    1. (a) if Property on Rented :- Need Rent Agreement and NOC from Landlord.
    2. (b) if Property is own :- Need Electricity Bills or any other Address Proof, not older than 3 months
  3. 3. Note: Business place and home place can be same for the Partners.

Frequently Asked Questions

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A partnership firm is a business structure where two or more people come together to manage and operate a business under a partnership agreement, sharing profits and responsibilities.
Partnership firms are easy to form, require minimal compliance compared to companies, and provide flexibility in operations. G K B & Associates guides you in choosing whether partnership is the right structure for your business goals. We can
To register a partnership, you need a Partnership Deed, PAN card of partners, Aadhaar cards, address proof of the firm, and rental/ownership proof of the business place. G K B & Associates assists in preparing all necessary documentation.
Registration of a partnership firm is not mandatory under the Indian Partnership Act, 1932. However, a registered firm enjoys more legal benefits such as the ability to sue third parties in case of disputes.
A minimum of 2 partners are required to start a partnership firm, and the maximum number of partners allowed is 50 as per the Companies Act.
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