Overview
A partnership firm is a straightforward structure for two or more people who want to run a business together and share its profits. It is governed by the Indian Partnership Act, 1932, and the relationship between partners is defined by a partnership deed.
Setting up a partnership is quick and inexpensive, with fewer formalities than a company or LLP. The partnership deed is the heart of the firm — it sets out each partner’s capital, profit share, roles, responsibilities and the rules for admitting or retiring partners.
CorpRaasta drafts a robust partnership deed tailored to your arrangement, assists with optional registration of the firm with the Registrar of Firms, and obtains the registrations your business needs, such as PAN and GST, so the firm is ready to operate.
What is Partnership?
A partnership firm is a business owned by two or more persons who agree to share its profits, governed by the Indian Partnership Act, 1932 and a partnership deed. Partners have unlimited liability for the firm’s obligations.
Why it matters
A clear, well-drafted partnership deed prevents disputes by defining capital, profit sharing and exit rules upfront. Registering the firm also gives partners the legal standing to enforce their rights in court.
Key features
Who needs it
Documents required
How it works
Deed drafting
We draft a partnership deed capturing capital, profit shares, roles and exit terms.
Execution & stamping
The deed is executed on stamp paper of the appropriate value and signed by all partners.
Registration (optional)
We assist with registering the firm with the Registrar of Firms where required.
Registrations
We obtain the firm’s PAN, GST and other registrations needed to operate.