Frequently asked questions

Q.

What is required to start a Partnership Firm?

A.

1. Minimum Two Person : Two person is needed to become the partner of the firm. However, maximum 20 partners are allowed in a firm (limited to 10 in case of banking business)
2. No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the amount of capital .
3. Foreign investment in a partnership business is not permitted. In the firm, only Indian citizen can become the partner and start the partnership business.
4. Unique name: Name of the firm should be unique, and it must not be same or similar to the name of any existing trademark which is registered or applied for.

Q.

I have a minor son. Can he be a partner in my partnership firm?

A.

No, a minor cannot become a partner. However, your minor son can be admitted to the benefits of the partnership firm. He can share the profits of the partnership business with the consent of the other partners. He can also access, inspect and copy the accounts of the firm. Though the minor is not personally liable for the losses of the firm, his share in the partnership business is liable for the losses incurred.


Q.

What is a partnership at will?

A.

When the partnership deed does not contain any provision for the duration of the partnership nor conditions for the termination of partnership, it is a partnership at will.

Q.

Can a partnership firm be sued in the name of the firm?

A.

A person may sue a partnership firm but the plaint has to disclose the name of all the partners who constitute the firm. However under the Income Tax Act, a firm can be assessed to tax independently of its partners. A partnership firm therefore enjoys a quasi independent status.

Q.

I am a partner in a firm. What are my rights?

A.

1. To take part in the business.
2. To share the profit or loss of the business.
3. To inspect and make copies of the books of the firm.
4. To receive remuneration for taking part in the business if specified in the partnership deed.
5. To receive interest on capital if specified in the partnership deed.

Q.

Can a Hindu Undivided Family become a partner of a firm?

A.

A HUF is not a legal person and so cannot enter into partnership with either an individual or another HUF.

The Karta or the manager of a Hindu Undivided Family can become a partner of a firm in his individual capacity. The Karta will be treated as the representative of the Hindu Undivided Family by the partnership firm.

8,259.00

Partnership Firm Registration

Choose this plan to get your Partnership Firm registered along with FREE GST Registration
Why opt for registration of Partnership Firm?
  • Unregistered firm shall not be able to sue anyone and recover any money in excess of INR 100/-.
  • The firm should get registered in order to bring certainty in the relationship of partners and the firm per se.
  • PAN Application
  • Partnership Deed Drafting
  • Filing of deed and other documents with the Registrar of Firms
  • Issue of Registration Certificate
  • Affidavit filing with the registrar
  • Any newly started startup
  • Any existing business structure like company, proprietorship want to covert into partnership firm
  • Any existing unregistered partnership firm
  • Partnership deed underlying terms of partnership
  • Identity proof such as PAN card of partners
  • Address proof of partners like Voter ID, Driving license, Passport
  • PAN card of Firm
  • Address proof of firm such as rent agreement, ownership proof, electricity bill etc
  • Bank account details of firm
  • GST registration if any
  • Any other details as necessary
Plan Charges6999
Goods & Services Tax (GST)1260
Total Cost8259


* Estimate Time for Service Completion
10-12 Days

Q.

What is required to start a Partnership Firm?

A.

1. Minimum Two Person : Two person is needed to become the partner of the firm. However, maximum 20 partners are allowed in a firm (limited to 10 in case of banking business)
2. No minimum capital is prescribed, it must be based on the business requirements. The Stamp Duty on the deed is based on the amount of capital .
3. Foreign investment in a partnership business is not permitted. In the firm, only Indian citizen can become the partner and start the partnership business.
4. Unique name: Name of the firm should be unique, and it must not be same or similar to the name of any existing trademark which is registered or applied for.

Q.

I have a minor son. Can he be a partner in my partnership firm?

A.

No, a minor cannot become a partner. However, your minor son can be admitted to the benefits of the partnership firm. He can share the profits of the partnership business with the consent of the other partners. He can also access, inspect and copy the accounts of the firm. Though the minor is not personally liable for the losses of the firm, his share in the partnership business is liable for the losses incurred.


Q.

What is a partnership at will?

A.

When the partnership deed does not contain any provision for the duration of the partnership nor conditions for the termination of partnership, it is a partnership at will.

Q.

Can a partnership firm be sued in the name of the firm?

A.

A person may sue a partnership firm but the plaint has to disclose the name of all the partners who constitute the firm. However under the Income Tax Act, a firm can be assessed to tax independently of its partners. A partnership firm therefore enjoys a quasi independent status.

Q.

I am a partner in a firm. What are my rights?

A.

1. To take part in the business.
2. To share the profit or loss of the business.
3. To inspect and make copies of the books of the firm.
4. To receive remuneration for taking part in the business if specified in the partnership deed.
5. To receive interest on capital if specified in the partnership deed.

Q.

Can a Hindu Undivided Family become a partner of a firm?

A.

A HUF is not a legal person and so cannot enter into partnership with either an individual or another HUF.

The Karta or the manager of a Hindu Undivided Family can become a partner of a firm in his individual capacity. The Karta will be treated as the representative of the Hindu Undivided Family by the partnership firm.

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