Register your Partnership Firm

"Share Risk, Share Profits, Share Goodwill"

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HERE'S HOW IT WORKS

1. Fill Form

Simply fill the above form to get started

2. Call to Discuss

Our expert will connect with you & prepare documents.

3. Applicantion to Govt.

Our expert will make application

4. Get Certificate

Get your Company Incorporation Certificate.

Partnership Firm

As per Section 4 of the Indian Partnership Act:-

“Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”.

Persons who have entered into a partnership with one another to carry on a business to earn some profits are individually called “Partners“; collectively called a “Partnership Firm”; and the name under which their business is carried on is known as “Firm Name”
Thus as per the above definition, there must be 5 elements to constitute an entity as a partnership firm, namely:
(1) There must be a contract;
(2) Contract must be between two or more persons;
(3) Persons must be agreed to carry on a business;
(4) Business must be carried on with the object of sharing profits; and
(5) The business must be carried on by all or any of them acting for all.

Types of Partners

  • Active or Working Partner

    A partner who actively participates in the conduct of the partnership.

  • Dormant or Sleeping Partners

    A Sleeping or a Dormant Partner is a partner by agreement but does not actively take part in the conduct of the business

  • Nominal Partner

    A nominal partner is an individual who lends his name to the partnership form. When this is done without having any real interest in the business, the person is a nominal partner. This partner has neither invested in the firm nor takes part in how the business is run at the firm. Although, such a partner is liable to third parties for all the actions taken by the firm.

  • Partner by estoppel or holding out

    This is when an individual holds himself out as a partner or allows others to do so, the person is then stopped from denying the character he has assumed and upon the faith of which creditors may be presumed to have acted.

  • Sub-partner

    A Sub-partner is a partner in a partnership firm who agrees to share his profits in a partnership firm with an outsider to the firm. A sub-partner does not hold any right against the firm nor is liable to any debts caused by the firm.

  • Minor as a partner

    In that case, Minor is to be treated as a partner but Minor may not have unlimited liability. The Partnership firm can only use the money of minors and in return, it gives profit to the minor. But minors may not take part in decision-making.

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    Know more about it...

    Yes. A person may become a partner with another for a single adventure or undertaking.

    Yes, a partnership firm may be formed without its registration with a maximum number of 20 persons. In case the number of partners exceeds 20, it has to be registered as a Company.

    Yes, the firm and all the partners are liable for the wrongful act or fraud of a partner which causes loss or injury to any third parties.

    Yes. The death of a partner automatically dissolves the partnership firm. It is however usual for the partnership deed to provide beforehand that the firm should continue in spite of the death, retirement, or insolvency of a partner.

    When the partnership deed does not contain any provision for the duration of the partnership nor conditions for the termination of the partnership, it is a partnership at will.

    Unlike unregistered partnership firms, one or more partners can file a case in court either against each other or against any third party, when any of their contracts are not honored.