Partnership Firm (Basic Setup)

Overview

A partnership is the quickest way for two or more people to start trading together. It comes into being on an executed deed, with none of the formalities of incorporation, and carries very little recurring compliance.

It suits a business that wants to begin now and formalise later — pooled capital, shared contacts, shared responsibility, and profits taxed in the firm's hands under a simple regime. What it does not give you is limited liability: partners are personally answerable for the firm's obligations, which is the trade-off for the simplicity.

We prepare the deed properly rather than from a template — capital, profit sharing, roles, admission and exit — and set up the PAN and the registrations your activity actually needs. If your plans point towards outside investment or larger contracts, we will say so and explain what an LLP or a company would change.

Why choose this

Benefits of Partnership Firm (Basic Setup)

• Quick to start

  A partnership can begin trading on an executed deed, without waiting on incorporation.

• Written ground rules

  Capital, profit sharing, admission and exit of partners are agreed in writing from day one.

• Shared load

  Capital, contacts and management responsibility are pooled across the partners.

• Low running cost

  Minimal statutory filings compared with a company or LLP.

How it works

1. 01

   Terms discussed and partners confirmed

2. 02

   Partnership deed drafted

3. 03

   Deed executed on stamp paper and notarised

4. 04

   PAN obtained for the firm

5. 05

   Registrations for your activity identified

6. 06

   Current account documentation prepared