To set up a business as Partnership firm in India one has two option whether can opt for Unregistered Partnership Firm or a Registered Partnership Firm.
The procedure to set up the partnership Firm is very easy and as mentioned below:
- First of all decide partners. There should be minimum 2 partners which may exceed to 50.
- Drafting of Partnership Deed. Partnership Deed may be oral or written however a written Deed is preferred with payment of stamp duty and notary to make it admissible and protect the interest of the partners inter-se.
- Apply for PAN in the name of Partnership.
- Submit the application with the Registrar of Firms for the registration of the said firm. (If you are opting for registered partnership).
Want to start a partnership firm? Contact LegalWiz.in Experts at 1800-313-4151 or write us at support@legalwiz.in
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