Partnership Firm Registration
NARESH POKALA & COMPANY · Hyderabad
Partnership Firm Registration in Hyderabad
A partnership firm is one of the simplest ways for two or more people to start a business together. It is quick to set up, has low compliance and works well for family businesses, traders and small service firms. Naresh Pokala & Company drafts your partnership deed and registers your firm with the Registrar of Firms in Telangana.
Our Partnership Firm Services
- Drafting of the partnership deed to suit your business
- Stamp duty and notarisation guidance
- Registration with the Registrar of Firms, Telangana
- PAN and TAN for the firm
- GST registration, MSME (Udyam) registration and trade licence, as required
- Help with opening the firm's current account
- Deed amendments when partners join or leave
Why Register Your Partnership Firm?
Registration of a partnership firm is optional under the Indian Partnership Act, 1932, but strongly recommended. An unregistered firm cannot file a suit in court against third parties to enforce its contractual rights, and partners of an unregistered firm face similar limits. A registered firm also finds it easier to open bank accounts, get loans and win client trust.
What Goes Into a Partnership Deed?
- Name and address of the firm and its partners
- Nature of business
- Capital contribution of each partner
- Profit-sharing ratio
- Salary and interest on capital for partners, if any
- Rules for admission, retirement and death of partners
- Dispute resolution and dissolution terms
Documents Required
- PAN, Aadhaar and photographs of all partners
- Address proof of the business premises: rent agreement or ownership proof with a recent utility bill
- Owner's NOC, if the premises are rented
Partnership Firm vs LLP
Partners in a partnership firm have unlimited personal liability for the firm's debts, while partners in an LLP have limited liability. A partnership has lighter compliance, but an LLP offers more protection. We can help you choose the right structure.
Frequently Asked Questions
How many partners are needed?
At least two partners are needed to form a partnership firm.
Does a partnership firm need an audit?
Only if its turnover or gross receipts cross the tax audit limits under the Income Tax Act.
Register Your Firm Today
Talk to Naresh Pokala & Company, Chartered Accountants, LB Nagar, Hyderabad. WhatsApp us on 73068 10570.