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According to section 4 of the Partnership Act of 1932,”Partnership is defined as the relation between two or more persons who have agreed to share the profits of a business run by all or any one of them acting for all.”
Number of Partners:
The minimum number of partners is 2 and there is no limit of maximum partners under Partnership Act 1932. However, section 464 of Companies Act 2013, and Rule 10 of Companies (Miscellaneous) Rules, 2014 prohibits partnership consisting of more than 50 for any businesses, unless it is required to get registered as a company under Companies Act, 2013.
Partnership deeds should be in written.
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General Details:
Name and address of the firm and all the partners.Nature of business.Date of starting of business.Capital to be contributed by each partner.Profit/loss sharing ratio among the partners.Others, as per requirementRegistration of partnership firm is optional and at the discretion of the partners.
An application form along with fees is to be submitted to Registrar of Firms of the State in which firm is situated.
Ability to file a case against third parties, and other partnersPower to claim set-off against any third-party claimEasily convert into any other business structureApplication for registration of partnership (Form A)Self attested copy of PAN Card/ Adhaar Card/ voterid/ driving licenceCertified original copy of Partnership DeedProof of principal place of business (ownership documents or rental/lease agreement)Prepare partnership DeedGenerate Stamp paper as per state requirementGet deed printed & signed by partners along with Notary.Get register of https://haryanaindustries.gov.in/msme/firm/registrationDownload application form & get signed by partnersUpload documents:-Income tax at the rate of 30% of total income( surcharge 12% if income exceeds 1cr) & 4% cess is applicable.
In addition to the above, interest paid to partners is in accordance with the terms of the partnership deed should not exceed 12% per annum. Also, remuneration paid to partners should be in accordance with the terms of the partnership deed and should not exceeds the following permissible limit:
(as per section 40(b) of Income tax Act 1961)
Partnership firms are required to file an income tax returns in form ITR 5.
The income tax return due date for most partnership firms is July 31 of the assessment year, if audit then 30th September.
Partnership firms that conform to any of the conditions below would be required to get the accounts audited:
If a partnership firm entered into international transactions or specified domestic transactions a report must be furnished in Form No. 3CEB under section 92E. For partnership firms required to furnish Form 3CEB, the deadline for filing a tax return is 30th November.
*Obtain a report from an accountant and furnish such a report under form 3CEB and get certified by CA.
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A properly registered partnership firm gains legal enforceability, banking credibility, and structural protection that unregistered firms simply cannot access.
A professionally drafted deed with clear clauses on capital, drawings, retirement, death, and dispute resolution prevents costly partner conflicts and litigation.
Keep these documents ready our team handles all drafting, notarization coordination, and Registrar filing.
A structured, CA-led process that takes your firm from initial consultation to fully registered status typically within 10–15 working days.
We provide a complete bank documentation kit for your current account and brief you on ongoing obligations ITR filing, partner capital account maintenance, and deed amendment procedures.
We understand your business model, number of partners, capital structure, and long-term goals to recommend the ideal partnership framework and profit-sharing arrangement.
We verify your preferred firm names against the Registrar of Firms records and existing trademarks to rule out identical or deceptively similar names.
Our legal team drafts a comprehensive Partnership Deed covering capital, profit ratios, partner duties, retirement, death, dispute resolution, and dissolution terms.
Partners sign the deed on appropriate stamp paper (as per Haryana stamp duty) before a notary, making the document legally enforceable.
We file Form I along with the executed deed, affidavit, and fees with the Registrar of Firms, Haryana, and track the application through approval.
Upon approval, we collect your Certificate of Registration and simultaneously secure Firm PAN, TAN, and GST registration (if turnover threshold or business needs apply).
We provide a complete bank documentation kit for your current account and brief you on ongoing obligations — ITR filing, partner capital account maintenance, and deed amendment procedures.
What sets Aggarwal Varun & Co. apart as the premier business incorporation firm in Gurugram and Delhi NCR.
Partner admission, retirement, deed amendments, and dissolution we remain your compliance partner long after registration.
| Parameter | Partnership Firm | LLP | Private Limited |
|---|---|---|---|
| Governing Law | Indian Partnership Act, 1932 | LLP Act, 2008 | Companies Act, 2013 |
| Registration | Optional (but essential) | Mandatory with MCA | Mandatory with MCA |
| Minimum Partners | 2 (Max 50) | 2 (Max unlimited) | 2 (Max 200 shareholders) |
| Partner Liability | Unlimited | Limited to contribution | Limited to share capital |
| Tax Rate | Flat 30% + surcharge/cess | Flat 30% | 15%–25% (Section 115BAB options) |
| Annual Compliance | ITR + RoF updates | ROC annual filing + ITR | Extensive ROC/audit compliance |
| Suitability | Small & family businesses, professional practices | Professional firms wanting limited liability | Scalable startups, investor funding |
A minimum of two partners is required, with a maximum of 50 partners as per the Indian Partnership Act, 1932. All partners must be competent to contract individuals above 18 years of age.
Registration with the Registrar of Firms is technically optional under the Partnership Act. However, an unregistered firm cannot file suits to enforce its rights (Section 69), and banks, government tenders, and lenders universally require the registration certificate making it practically essential.
With all documents ready, deed drafting and notarization take 3–5 working days, and Registrar of Firms approval typically takes 7–15 working days. Overall, your firm can be fully registered and operational within 2–3 weeks.
The deed must be executed on stamp paper of value prescribed under the Haryana Stamp Act (generally based on firm capital confirm current rates at execution). Our team calculates the exact duty applicable and arranges the correct stamp paper for you.
Yes. Firms can convert to an LLP under the LLP Act, 2008, or incorporate a private limited company, with available tax-neutral conversion provisions. We handle the full conversion process including asset transfer, deed dissolution, and fresh registrations.
