End-to-end partnership firm solutions for startups and established businesses — registration, legally-sound partnership deeds, PAN/TAN/GST/MSME, annual compliance, ITR filing, partner admission/removal, amendments, reconstitution and dissolution.
Our Partnership Firm service is a one-stop solution designed to cover every stage of your firm's life: registration, partnership deed drafting, statutory registrations (PAN / TAN / GST / MSME), annual compliance and tax filing, as well as partner-level changes such as admission, resignation, removal, reconstitution, and dissolution.
Detailed Services
We handle name selection, partnership deed drafting, stamp & notarization, and registration with the Registrar of Firms (where required). We also assist with the firm's PAN, TAN and bank account opening.
See also: MSME Registration • GST Registration • TAN Registration
Custom deeds covering profit sharing, capital contribution, partner duties, banking authority, exit clauses, dispute resolution and dissolution clauses. We also prepare amendment deeds for changes in name, address, business activity or profit ratio.
Complete assistance to obtain PAN (firm), TAN (if TDS is applicable), Udyam registration for MSME benefits and GST registration for liable businesses. We update all records following partner changes or reconstitution.
Bookkeeping, P&L and Balance Sheet preparation, ITR-5 filing, GST returns, TDS returns, advance tax guidance and audit coordination (if required). We ensure deadlines are met to avoid penalties.
We draft admission deeds, retirement/resignation deeds, removal documents and settlement agreements. We update PAN, GST, bank KYC and Registrar records where applicable.
Full legal support for reconstitution (change of partners or profit ratio) and dissolution (closure of business) with final settlements, statutory cancellations, and record updates.
A Partnership Firm is a business entity where two or more individuals agree to share profits and losses as per a Partnership Deed. It is governed by the Indian Partnership Act, 1932 and offers easy formation, flexible management, and low compliance requirements.
No, registration is not compulsory, but a registered Partnership Firm has stronger legal rights, easier dispute resolution, and greater business credibility.
Partnership Firm Registration typically takes 3–7 days, depending on document readiness, state stamp duty, and notary requirements.
A Partnership Deed is a legally binding agreement defining profit sharing, partner duties, capital contribution, and exit rules. It prevents disputes and ensures smooth business operations.
Yes, the deed can be drafted and notarized digitally, and in many states, complete online partnership registration is also available.
Partners must submit PAN, Aadhaar, photos, and address proof. The firm must provide its business address proof, rent agreement/NOC, and business details.
A minimum of 2 partners is required. A maximum of 20 partners is allowed (except for banking businesses where the limit is 10).
Yes, two partners are sufficient, and this is the most common structure for small and medium businesses in India.
Partnership Firms are taxed at 30% flat plus surcharge and cess. Partners’ share of profit is tax-free in their hands, but salary and interest to partners may be taxable.
Audit is required only if turnover crosses ₹1 crore (business) or ₹50 lakhs (profession) under the Income Tax Act, or if GST audit criteria apply.
Yes, partners can be added anytime by executing an Admission Deed and updating the original Partnership Deed and statutory records.
A partner can resign by serving notice as per the deed and executing a Retirement/Resignation Deed. Their capital and profit share must be settled legally.
If the deed permits, a partner can be removed through a Removal Deed citing valid reasons. Their liabilities and dues must be settled before removal.
Yes. Any change in name, address, business activity, partner rights, or profit ratio requires a Deed of Amendment, followed by updates in PAN, GST, MSME, and bank.
Reconstitution occurs when the structure of the firm changes—such as partner admission, retirement, death, or modification of profit-sharing ratios. A Reconstitution Deed is required.
Partners must prepare a Dissolution Deed, settle liabilities, distribute assets, close accounts, and cancel GST, PAN, and MSME registrations, followed by Registrar updates (if registered).
Yes, a Partnership Firm can be converted to LLP or Pvt Ltd with proper documentation, PAN/GST migration, and ROC filings.
GST registration is required if turnover exceeds statutory limits, if your firm supplies interstate goods/services, or if you operate an e-commerce business.
Partnership Firms offer multiple owners, shared responsibility, more capital, structured decision-making, better legal protection, and easier scaling compared to proprietorships.
Cost depends on state stamp duty, deed drafting charges, notarization, and professional fees. R K Associates provides affordable transparent pricing and package options—contact us for a tailored quote.
