In India, the operation of partnership firms is governed by the Indian Partnership Act of 1932. Those who unite to create a partnership firm are referred to as partners, and the formation of the partnership firm is based on a contractual agreement among these individuals. The agreement among partners is commonly referred to as a “partnership deed.”
Creating a partnership, allows the partners to benefit from one another’s labor, time, and expertise. Moreover, a shrewd partner can also provide additional perspectives and insights that can help the business grow.
Partnership can be registered or unregistered :
| Type of Partnerships | Unregistered | Registered |
| Procedure Involved | Drafting a Partnership deed with Min. 2 and max. 20 Partners. Stamping and notarize Partnership deed. Application for PAN and TAN. Application for GST Registration. | Drafting of Partnership deed Stamping and notarize partnership deed Application for PAN and TAN Get the partnership firm registered from department Application for GST Registration |
| Documents required | 1. Pan card and Aadhar card of all partners 2. Photo, Mobile no and email id of all partners 3. Office address proof | 1. Pan card and Aadhar card of all partners 2. Photo, Mobile no and email id of all partners 3. Office address proof 4. Duly signed form and affidavits |