Partnership Firm Formation

Common Questions

Most Popular Questions

A partnership firm is a type of business entity where two or more individuals come together to carry on a business with a view to making a profit. It is governed by the Indian Partnership Act.

A minimum of two partners is required to register a partnership firm, and there is a maximum limit of 20 partners for non-banking businesses.

Advantages include ease of formation, shared decision-making, tax benefits, and flexibility in management.

The process involves drafting a partnership deed, obtaining a PAN card, registering the partnership deed with the Registrar of Firms, and obtaining a TAN number if applicable.

A partnership deed is a legal document that outlines the rights, duties, and responsibilities of partners, profit-sharing ratio, capital contributions, and other important terms of the partnership.

No, registering a partnership firm is not mandatory in India. However, it offers significant benefits and is highly recommended for long-term stability and growth.

The registration process typically takes 15-30 days, depending on the workload of the Registrar of Firms office and the accuracy of your submitted documents.

Yes, the registration process for a partnership firm can be done online through the MCA portal or other authorized websites.

Partnership firms must file income tax returns, maintain proper accounting records, and comply with other tax and regulatory requirements.

Yes, a partnership firm can be converted into an LLP or a Private Limited Company, subject to compliance with regulatory requirements and approval from relevant authorities.

Yes, partnership firms must have a registered office address in India, which must be declared at the time of registration.

Company Avenue Advisory provides expert guidance and support throughout the partnership firm registration process, ensuring compliance with all legal and regulatory requirements for a smooth and hassle-free registration experience.

The registration fee varies depending on the state and authorized capital of your firm. You can find the specific fee structure on the respective state government website.

Currently, most states only allow offline registration of partnership firms. However, some states like Maharashtra are implementing online registration systems.

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