Partnership firm and ROF

What is a Partnership Firm?

• A Partnership Firm is a business structure where two or more individuals share ownership, profits, and responsibilities.
• Governed by the Indian Partnership Act, 1932.
• Simple to form and ideal for small to medium-sized businesses.

Why Register a Partnership Firm?

• Legal identity and credibility for the firm.
• Helps in opening a business bank account.
• Essential for getting licenses, GST, or PAN.
• Enables filing of legal cases in firm’s name.
• Clear documentation of profit-sharing and roles.

Types of Partnership Firms

• Registered Partnership Firm: Legally recognized; can sue or be sued
• Unregistered Partnership Firm: Operates legally but has limited legal rights (e.g., cannot sue partners).

Key Features of a Partnership

• Minimum 2 partners, maximum 20.
• Shared profits and responsibilities.
• Governed by a Partnership Deed.
• No minimum capital requirement.
• Easy compliance compared to companies.

Fees:Normal Partnership deed+PAN fee: 4000

Documents Required

For Partners

• PAN Card
• Aadhaar Card / Voter ID
• Passport-size Photos

For Firms:

• Partnership Deed
• Rental Agreement or Property Ownership Proof
• NOC from the property owner
• Electricity bill (business address proof)