In India Partnership Firm is the most popular forms of business entity, it needs just only 2 Person to Start a Business. Partnership firms exists in two ways.
One is unregistered partnership firm: Simply by creating a partnership deed on stamp paper and getting it notarised, after which you may also apply for a PAN card.
Second type of partnership is registered firm: The registration of firm can be done by registering itself with Registrar of firm along with the requisite fees
There is no provision under the partnership Act, 1932 which mandates the registration of partnership. However, the act itself provides for the procedure of registration of firm. Thus the registration is optional but highly recommended.
Documents required for partnership registration
PAN card of partners – All partners are required to submit their PAN number as identity proof.
Address proof of partners – Partners can submit Aadhar Card, Driving License, passport or Voter ID card as address proof.
Address Proof of firm-If the registered office place is rented, rent agreement and one utility bill (electricity bill, water bill, property tax bill) have to be submitted. Also, NOC from landlord will be submitted. If registered office place is owned by any partner, NOC from partner along with utility bill is required
Should a partnership firm be registered?
a partnership firm cannot avail legal benefits if it is not registered. So it is advisable to get your firm register
What is minimum and maximum number of partners in a partnership?
Minimum two partners are required to form a partnership firm. Maximum partners should not be more than 100
I am not a citizen of India. Can I be a partner in an Indian firm?
The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm, subject to necessary clearances and permissions from satisfactory authorities in this regard.
Can A firm become a partner in another firm?
A partnership firm cannot become a partner of another firm because it is not a legal person. However the partners may be partners in another firm in their individual capacity