All About Partnership Firm Registration

Firm registration is unstructured way to register a firm but on of the most cost effective registration process of your dream business. Firm are getting registered as per Partnership Act, 1932.

A partnership firm commences a business operation as long as they have a valid Partnership Deed which is most important document for Partnership Firm.

Minimum Requirement of Partnership Firm Registration:

-Minimum Two Partners

-Minimum Contribution Requirement 

-Profit and Loss Sharing Ratio

-Agreement Between Partners

Content of Partnership Deed

1. Date of execution of the deed

2. Name and address of the firm 

3. Name and address of respective partners

4. Nature of business to be carried out

5. Date of business commencement 

6. Duration of Partnership

7. Partner’s capital contribution 

8. Profit-sharing ratio

9. Accounting period 

10. Rate of interest on loans and capital 

11. Method of accounting

12. Policy regarding the appointment of an auditor

13. A clause regarding bank account opening 

14. Powers, duties, and responsibilities of each partner

15. Salaries paid to partners

16. Mode of account settlement

17. Adoption of the arbitration method 

18. A clause on adding or removing partners

19. A clause on winding up

20. A Clause regarding credit facility