G 20, Ashoka Mall, Bund Garden Road, Pune 411001.

Partnership Firm

Partnership firms in India are governed by the Indian Partnership Act, 1932. A Partnership Firm is Owned, managed by an partners. Partnership firms are comparatively easy to start are is prevalent among-est small and medium sized businesses in the unorganized sectors. Since two or more partners join hands to start a partnership business, it may be possible to pool together more resources as compared to a Sole Proprietorship. The partners can contribute more capital, more effort and more time for the business.

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 Partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”.

Partnership Firm

It’s quick and easy to get started

It’s now very easy to start a partnership firm and it can all be done online. Now you can start a partnership firm within few days. What’s more, the cost of incorporating is an allowable expense against corporation tax.

Better decisions

The partners are the owners of the business. Each of them has equal right to participate in the management of the business. In case of any conflict, they can sit together to solve the problem. Since all partners participate in the decision-making process, there is less scope for reckless and hasty decisions.

Flexibility in operations

A partnership firm is a flexible organization. At any time, the partners can decide to change the size or nature of the business or area of its operation. There is no need to follow any legal procedure. Only the consent of all the partners is sufficient.

Profit and Loss Sharing

There is an agreement among all the partners to share the profits earned and losses incurred in partnership business.

Taxation Aspect on Partnership firm

For income tax purpose, firm is liable for payment of income tax and share of its partners in partnership firm is not liable to tax. Thus no dividend distribution tax is payable. Provision of ‘deemed dividend’ under income tax law, is not applicable to Partnership firm.

Minimum Requirements

Only two partners are required to start up a partnership firm. There is no need to perform and submit an audit annually. As  in case of Private limited or Limited Liability Partnership the Partnerships firm is not required to do fillings at Ministry of Corporate Affairs.

Partnership Firm

  • Basic information about all partners , addresses and type of business
  • Amount of capital introduced in Firm
  • Profit and Loss share of Partners
  • Details of scope of business to be carried by firm
  • Description like adding new partner or what retirement of partner

Documents Required for Partnership Firm Registration

ID and Address Proof of Partners like:

Pan Card / Passport / Voter ID / Aadhar Card/Driving License Copy of the Partners.

One Business Place Address proof:

If Property on Rented: Need Rent Agreement and NOC from Landlord.

If Property is own: Need Electricity Bills or Index II.

What We Offer

We are Chartered Accountant firm in Pune. Our dedicated Professional Services assists you in choosing right business mode , further tax registration , making you aware about compliances , tax planning. We help and advise on Online Partnership firm Registration in Pune. We also undertake Partnership firm Registration Process in Pune assisting in Partnership deed Registration in Pune.

  • Advise on choosing most suitable business option
  • Advise on profit and loss sharing and tax implication
  • Registration of Business
  • Tax Registration
  • Loan Approval
  • Tax filing and Planning


What is the minimum number of partners required to start partnership?

At least two partners are required to register a Partnership Firm.

Can a minor be appointed as a Partner in a Partnership Firm?

A partners needs to be over 18 years of age and must be a natural person.

How Many Days it takes for the Partnership Registration?

We can register a partnership within 7 to 10 days of time. But the documents submitted should be as per our requirements and also within time frame. If there is any delay in submitting the documents the mentioned time frame may change.

Can a Salaried person become a Partner in Partnership Firm?

Yes, a salaried person can become a Partner, there is no legal bondage on this but you may have to go through with your employment agreement if it contains any restrictions on doing so.

How to open a bank account for a Partnership Firm?

To open a bank account for a Partnership firm, a registered Partnership deed along with identity ,address proof, shop act license and PAN details of the Partners need to be provided.