A partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms. The minimum number of partners must be two, while the maximum number can be 20. A partnership is formed by an agreement, which may be either written or oral. When the written agreement is duly stamped and registered, it is known as "Partnership Deed". Ordinarily, the rights, duties and liabilities of partners are laid down in the deed. But in the case where the deed does not specify the rights and obligations, the provisions of The Indian Partnership Act, 1932 will apply.

Required Documents

For Unregistered Partnership Firm
A Partnership deed is formed on a suitable non-judicial stamp paper duly signed by each member of the firm. The same is required to be notarized by the notary and from that date Partnership Firm deemed to be registered.

For Registered Partnership Firm• Application for Registration in the prescribed Form – I.
• Duly filled Specimen of Affidavit.
• Certified copy of the Partnership deed on appropriate non-judicial stamp paper.
• Proof of ownership of the place of business or the rental/lease agreement thereof.
• Affix court fee stamp & payment of prescribed fee for registration by demand draft.


FAQs Section

Once the Registrar of Firms is satisfied that the application procedure has been duly complied with, he shall record an entry of the statement in the Register of Firms and issue a Certificate of Registration.

A partnership firm is not required to get statutory audit of their accounts. However tax audit is required is turnover is more than the limit prescribed.

Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.

Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.

Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government..

Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.

Any person who is an Indian citizen and a Resident of India can become partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.