A partnership firm is a form of business entity where two or more individuals share ownership, profits, and responsibilities. Governed by the Indian Partnership Act, 1932, it is popular among small and medium enterprises.
Each partner contributes to the business and shares liabilities, making it collaborative and efficient.
Choose a unique firm name following legal guidelines.
Prepare a Partnership Deed detailing profit sharing, duties, etc.
Notarize the deed and buy stamp paper of appropriate value.
Apply for PAN & TAN in the firm’s name.
Optional registration with Registrar of Firms for added benefits.
No, but registration provides legal protection in case of disputes.
Yes, the minimum number is two and maximum is 20 partners.
No minimum capital is required to start a partnership firm.