A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by an Association of People for profit. There are two types of partnership firms, registered and unregistered partnership firms. It is not compulsory to register a partnership firm; however, it is advisable to register a partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the partners.
1. Choose a partnership name. 2. Create a Partnership Deed covering basic and additional clauses as per the requirement. 3. Apply for registration with the Income Tax Department and have a PAN Card. 4. Open a Current Account in the name of the partnership firm to operate all its operations through this bank account.
1. To be submitted by the Partners: a. Scanned copy of PAN Card/ Voter's ID/ Passport/ Driver's License. b. Scanned copy of utility bills - Latest Bank Statement/ Telephone or Mobile Bill/ Electricity or Gas Bill. c. Passport size photograph. 2. For the Proof of ownership of the place of business or the proof for the rental/ leased premises thereof: a. Scanned copy of Latest Bank Statement/ Telephone or Mobile Bill/ Electricity or Gas Bill b. Scanned copy of Notarised Rental Agreement c. Scanned copy of No-objection Certificate from property owner d. Scanned copy of Sale Deed/ Property Deed in English (in case of owned property) 3. For the Firm: a. Certified copy of the Partnership Deed b. Duly filled Specimen of Affidavit