Formation of a partnership firm

Sir,first decide the name of the fira,place of business,nature of business,number of partners,capital, P &L sharing ratio,salary to working partner ,bank operation power. 1.Execution of Deed. 2.Registration of Firm with the Registrar of firms. 3. Then apply PAN, sales tax/service tax Registration. Consult your Advocate or Chartered Accountant for more details.All the best.

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  • The law relating to a partnership firm is contained in the Indian Partnership Act, 1932.
    
    
  • Under Section 58 of the Act, a firm may be registered at any time ( not merely at the time of its formation but subsequently also ) by filing an application with the Registrar of Firms of the area in which any place of business of the firm is situated or proposed to be situated. 
    
    • Application shall contain:-
      • name of the firm
      • place or principal place of business
      • names of any other places where the firm carries on business.
      • date on which each partner joined the firm
      • name in full and permanent address of partners.
      • duration of the firm 
        
        
    • Application shall be signed and verified by all the partners or their duly authorized agents.
      
      
    • Application shall be accompanied by prescribed fee as well as the following documents:
    • Prescribed Registration Form 
    • certified true copy of the Partnership deed entered into.
    • ownership proof of the principal place of business

Partnership can be formed by an agreement between the partners containing all the relevant details as to the nature of business etc. However, if you wish to get your partnership registered with the Registrar, certain legal formalities are required to be fulfilled.

Thanks