Partnership Firm
Quick Reference for Your Business
Deed • Registration • Compliance – everything you need to know about Partnership Firm.
On stamp paper — partners, profit ratio, capital, terms
of all partners
applied after the deed
Rent agreement / ownership + NOC
of partners and bank details
| Point | Details |
|---|---|
| Law | Indian Partnership Act, 1932 |
| Minimum partners | 2 |
| Registration | With the Registrar of Firms — optional but strongly recommended |
| Firm PAN | Mandatory; firm files its own ITR (ITR-5) |
| Liability | Partners are jointly and personally liable for firm debts |
Firm ITR
File ITR-5 every year; tax audit if turnover crosses the limit.
GST returns
If registered — periodic + annual returns.
TDS
Deduct and file where applicable.
Deed changes
Update the deed and Registrar on any change in partners or terms.
A real, qualified Chartered Accountant
Not an agent — a CA who drafts a solid deed, registers the firm and runs its compliance.
5 years of practice
Across companies, firms, individuals and trusts — Tax, GST and MCA compliance.
You never miss a date
We track every form and deadline — no avoidable late fees or penalties.
Clear updates in your language
Simple updates in Telugu and English — you always know where things stand.
Honest, practical advice
Straight answers you can act on — no jargon, no overselling.
Talk to a Chartered Accountant
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