📌 What is a Partnership Firm?
A Partnership Firm is governed by the Indian Partnership Act, 1932 where two or more persons share profits as per agreement.
🎯 Benefits
- Simple structure.
- Easy formation.
- Low compliance.
👥 Eligibility
- Minimum 2 partners.
- Written partnership deed.
📑 Documents Required
- PAN of partners.
- Partnership deed.
- Address proof.
⚙️ Process & Timeline
- Draft Partnership Deed.
- Register with Registrar of Firms (optional but recommended).
⏳ Timeline: 7–10 working days.
Service FAQs
No, but unregistered firms have limited legal rights.
Yes, via MCA conversion.
Not compulsory unless turnover exceeds limits.
No, partners are personally liable.
Yes, if turnover exceeds threshold.
