How to Register a Partnership Based Startup in India

Are you looking to initiate a partnership-based Startup? Do you it's the registration process? Do you know that the registration of a partnership business is optional in India? If not, then don't worry. We will share with you some important tips to move in this direction.

Even though registration of a partnership business is not mandatory, there are several benefits you can get after doing so. Let's have detailed information about it:

Steps by which you can start a partnership-based Start-up in India

If you want to list your business as a partnership Startup, you have to follow some steps to enlist an association firm.

Step I – Select the name of the business: The first step to follow is to make sure that the business name you are choosing is unique and doesnot match any other firm name. You can check it by visiting the ministry of corporate affairs (MCA) official website, you can enter the name which you have decided to put in and can easily find out its duplicate name with a single click.

Step II - Draft your partnership deed: You should mention some important details as mentioned below:

1. Firm Name including the partner's name.
2. In what percent partners have contributed to the firm.
3. Salary payable to the overall staff.
4. The ratio of P&L among the partners.
5. The process which should be followed if a partner retires or dies.
6. The duties are followed by every partner.

Step III –Implementation of the partnership deed: Once you mention the above-given point, you need to take the signature of every partner and the witnesses.  The stamp duty should be given as prescribed by the Stamp Act of the concerned state and must be executed on stamp paper. The deed must be notarized after the payment is done.

Step IV -Registration of Partnership: Following documents are required to register a Partnership business in India:

1. Form 1 (Application FORM)
2. Specimen of the affidavit (filled with every information)
3. Copy of partnership deed
4. PAN Card of every partner
5. Aadhaar card/voter ID card/ passport/driving license (one of these)
6. GST Registration Certificate
7. Rent Agreement
8. Detail of the Bank Account associated with the name of the business.
    

Still, having confusion? We at Setup Services India (SSI) will help you register your partnership firm within days after explaining the entire process to you in detail.