NKG Experts help our clients navigate through the tough, complex and often changing regulatory requirements in India. Having been behind thousands of registrations over years, Team NKG assists its clients in overcoming various challenges by systematically following a transparent , predictable and efficient regulatory strategy.
A partnership firm is a business organization in which two or more individuals come together to carry out a lawful business activity for profit, sharing the risks and rewards. The partners jointly own the assets, have unlimited liability, and operate on the basis of a partnership agreement that sets out their rights and responsibilities.
A partnership firm is a popular form of business organization that involves an association of two or more individuals who come together to run a lawful business enterprise for profit. Unlike a sole proprietorship that is owned and managed by one person, a partnership allows multiple people to pool their resources and skills to grow the business. The partners in a partnership firm share the risks and profits proportionate to their ownership stake or as per the partnership deed. A defining feature of partnerships is the unlimited personal liability of the partners, which means their personal assets are at risk to settle business debts and obligations. The rights and duties of partners are stipulated in the Partnership Act of 1932. Some key advantages of partnerships include easier formation, combined resources and skills, flexibility of operations, and incentive for partners to work hard and grow the business.
Here are some important terminologies related to partnership firms:
The individuals who collectively own and operate the partnership business.
The legal document that spells out the terms of the partnership and rights and responsibilities of each partner.
The ratio in which partners have agreed to divide profits and losses.
Partners have joint and individual liability for all debts and liabilities of the firm. Their personal assets are at risk.
A partner who contributes capital but does not actively participate in running the day-to-day operations.
An individual who allows their name to be used in the firm’s name in return for a share of profit.
A partnership agreement without mention of a fixed duration, allowing dissolution of the firm any time at the will of partners.
Has both general partners with unlimited liability as well as limited partners whose liability is limited to their capital contribution.
Termination of the legal existence of the partnership firm via mutual consent or as per the Partnership Act.
A new partner who is inducted into the partnership with mutual consent of existing partners.
Here are the details on who can apply for partnership firm registration:
So in essence, application for registration can be made by a partner, managing partner, authorized partner or lawyer on furnishing documents and details of all the partners. The key is consent of all partners to form the partnership firm.
The documents required for partnership firm registration in India:
This is a legally binding document outlining the terms of the partnership, including names and addresses of partners, business nature, and profit/loss sharing ratio, capital contribution, dispute resolution, and other key details.
This is the official application form for registration, available from the Registrar of Firms office.
An affidavit signed by all partners, verifying the information in the partnership deed and other documents as true and correct.
PAN cards for both the firm and all individual partners.
Proof of the firm’s registered office address, like ownership documents, rental agreement with NOC from the landlord, or recent utility bills.
Individual address proofs of all partners, like Aadhaar card, voter ID, driving license, etc.
Additional Documents (may be required depending on circumstances):
**For specific requirements and updated information**
The fee is usually nominal, ranging from Rs. 100 to Rs. 500. However, some states might charge additional fees based on the firm’s authorized capital.
Additional Fees:
Here’s a step-by-step guide:
Here are the main advantages of a one person company:
For the past two decades, NKG has been helping more than five thousand clients worldwide, across the healthcare spectrum, to get their products registered. The dedicated regulatory team of NKG has more than ten years of experience in helping clients cross the hurdles they face while marketing their products to sell or distribute in India.
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