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A Partnership Firm is one of the most common forms of business structures in India, where two or more individuals come together with a shared vision to carry out a business activity. Each partner contributes in terms of capital, skills, property, or effort, and in return, shares the profits and losses of the business as agreed in a legally binding Partnership Agreement (Deed).
Partnership Firms are regulated by the Indian Partnership Act, 1932, which lays down the rules regarding formation, rights, duties, liabilities, and dissolution of partnerships. Unlike a company or LLP, a partnership is relatively easy to form, has minimal compliance requirements, and provides operational flexibility.
However, since partners are personally liable for the debts and obligations of the firm, it is best suited for small to medium-sized businesses, family businesses, or businesses where mutual trust among partners is strong.
A Partnership Firm requires at least two individuals to come together as partners. There is no maximum cap under the Partnership Act, but under the Companies Act, the limit is generally up to 20 partners.
The partners must be Indian citizens or residents. Foreign nationals or NRIs can become partners only if the partnership firm is registered and subject to approval under FEMA (Foreign Exchange Management Act).
A written Partnership Deed is mandatory to outline the roles, responsibilities, profit-sharing ratio, and mutual rights of the partners. This document serves as the legal foundation of the firm.
There is no minimum capital requirement to start a partnership firm. Partners can contribute any agreed amount in the form of cash, property, or services.
Create a partnership deed defining roles, capital, and profit sharing.
Gather PAN, Aadhaar, and address proofs of partners and office address.
File partnership deed and application with Registrar of Firms.
Apply for a PAN card in the name of the firm for tax compliance.
Open a current bank account in the firm’s name to start operations.
Partnership Firms are ideal for small businesses looking for a simple and cost-effective structure. With shared responsibilities and minimal compliance, it allows entrepreneurs to focus on growing their business. At Ramdoottax, we handle the entire registration process smoothly, ensuring your business is legally compliant and future-ready.
Welcome to Ramdoottax, your trusted partner in company registration, compliance, tax filing, and trademark services.
We provide professional, reliable, and affordable business solutions to help entrepreneurs and companies grow without worrying about complex legal and financial processes.
Our mission is to simplify business compliance with transparency and efficiency.
We ensure all projects are completed within the promised timeline without compromising quality.
Our team provides polite, helpful, and professional support to assist you anytime.
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We value your time and provide fast responses to queries and service requests.
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We are proud to have helped hundreds of businesses grow smoothly with hassle-free registrations, tax compliance, and professional support. Here’s what some of our clients have to say:
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