Registration of Partnership firm
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- Senior experts craft your partnership deed with care—precise, reliable, and hassle-free.
- Get full guidance and hassle-free filing support for your partnership deed registration.
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Partnership Firm
A partnership firm is an association of two or more persons who agree to pool their financial resources and managerial abilities to carry out a business and profession. A sole proprietor cannot exponentially expand his business unless he has a partner who can assist him in having a vision, financial resources, and share managerial roles.
The Indian Partnership Act, 1932 defines partnership as “Partnership” is the relation between persons who have agreed to share the profits/losses of a business carried on by all or any one of them acting for all. The persons who have agreed to join in a partnership are individually called “Partners” and collectively a ‘firm. A partnership firm can be formed with a minimum of two partners, and it can have a maximum of twenty partners.
Advantages of Registering a Partnership Firm
Disadvantages of Registering a Partnership Firm
- UNCERTAIN EXISTENCE Due to death, insolvency, bankruptcy. lunacy, retirement can put an end to a partnership firm.
- RISK – The Risk of unlimited liability vests with every partner of the firm. Apart from financial risk, there is another risk as to the acts and mistakes of other partners, which can disturb other partners as well.
- RISKS OF HARMONY – A certain risk always lures between partners of a potential dispute or differences of thoughts
- DIFFICULTY IN MONEY WITHDRAWAL – Partners have no easy way to withdraw money from the firm as per their will; they have to seek a permit and agreement from each other before making a withdrawal.
- DIFFICULTY IN EXPANSION – In the case of expanding the business capital by inheriting more partners, there are certain drawbacks as the number of partners is limited to twenty only.
- LACK OF INSTITUTIONAL CONFIDENCE – A partnership business does not enjoy much confidence in banks and financial institutions. It is because the nature of its activities is not disclosed in public, and the agreement among partners is not regulated by any law if the partnership deed is not registered. As a result, the partnership cannot raise large financial resources, and the growth of the business cannot be ensured.
Your questions answered
Common questions
Is a partnership firm having a different legal identity from its partners?
Ans: Yes. Partnership firm has a different legal Identity from its partners. Even a different PAN card is issued for the firm. But for any liabilities of the firm, all the partners are accountable for repayment if the firm fails to repay the same.
What is the base of a partnership Firm?
Ans: To form a business partnership, a partnership deed is the basic document. All the rules governing a partnership firm are written in the partnership deed. On that basis, one can apply for a Firm pan card and open a current account of a firm.
Can a Foreign national become a partner in an Indian partnership firm?
Ans: No. Foreign nationals are not allowed to become partners in an Indian partnership firm, but they can become partners in an LLP with specific permissions.
How to change the registered office of a partnership firm?
Ans: The Partnership firm address can be changed by making necessary amendments in the partnership deed.
Can an existing partnership firm be converted into an LLP?
Ans: Yes, an existing partnership firm can be converted into an LLP by complying with the relevant provisions of the LLP Act. Form 17 with Form 2 needs to be filed for such conversion and incorporation.
What is the basic difference between a partnership firm and an
Ans: In a partnership firm, partners of firms are liable for any liabilities arising from any loss of the firm. Liabilities are not limited in the proportion of their contribution. Hence, partners must pay the debts from their own pocket if the assets of the firm are not sufficient to repay the same. But in an LLP, partners’ liabilities are limited to their capital contribution.