Partnership deed
Capital, profit share, duties, admission and exit, drafted for the partners.
All business setup & registrations services
Business Setup & Registrations
Partnership Firm and Proprietorship Set-Up
For businesses that do not need a company, FinAura sets up partnership firms and proprietorships properly. For a partnership we draft the deed, register the firm with the Registrar of Firms in Karnataka and obtain its PAN. For a proprietorship we arrange the registrations that let the business open a current account and invoice in its own name.
- Certification through associate practising CAs and CSs
- Bangalore and across India
- One team from set-up to compliance
What is covered
What We Set Up
A firm or proprietorship that can bank, invoice and enforce its contracts.
Firm registration
Registration with the Registrar of Firms, so the firm can enforce its contracts.
PAN and bank
Firm PAN and current account.
Proprietorship set-up
Udyam, Shops and Establishments and GST as needed, for a current account.
GST
Registration when your turnover or activity requires it.
Moving up later
Conversion to an LLP or company when you grow.
How the month runs
How a Firm Is Set Up
Agree, draft, register, operate.
Step 1
Agree
- Partners and shares
- Roles
- Name
Step 2
Draft
- Deed drafted
- Stamped and signed
- Notarised
Step 3
Register
- Registrar of Firms
- PAN
- Bank account
Step 4
Operate
- GST if needed
- Books set up
- Calendar
Your part
What We Need From You
- 01Partners' PAN, Aadhaar and photos
- 02Premises proof
- 03Agreed capital and profit shares
Our part
What You Get
- A partnership deed that reflects your agreement
- Firm registration certificate
- PAN and bank account
- GST and books set up if needed
A common question
Is registering a partnership firm compulsory?
Registration is optional under the Partnership Act, but an unregistered firm cannot sue third parties or its partners to enforce contracts.
Because of that, we recommend registering the firm with the Registrar of Firms.
See LLP registrationOperationBank, GST, books
RegistrationRegistrar of Firms, PAN
AgreementThe partnership deed
Who it is for
Who Sets Up Firms With Us
Family businesses
Partners who want their arrangement in writing.
Small traders
Simple structure, low compliance.
Professionals
Practices without the need for a company.
Sole owners
Proprietors setting up a current account and GST.
The rules, in plain English
What the Law Says
Indian Partnership Act, 1932
Section 69
An unregistered firm cannot sue third parties or partners to enforce rights under a contract, which is why registration is advisable.
Official source: indiacode.nic.inIndian Partnership Act, 1932
Section 58
A firm is registered by filing a statement with the Registrar of Firms of the state where it has its place of business.
Official source: indiacode.nic.inThis is general information, not advice for your situation; we confirm what applies to you before any work starts.
Questions we get asked
Partnership and Proprietorship Questions, Answered
How is a partnership firm registered in Karnataka?
The deed is drafted, stamped and signed, and an application is filed with the Registrar of Firms in Karnataka along with the deed and partners' details.
What should a partnership deed include?
Names, capital, profit and loss sharing, partners' remuneration and interest, duties, admission and retirement of partners, and dissolution.
Does a proprietorship need registration?
There is no registration of a proprietorship as such; it operates through registrations such as Udyam, Shops and Establishments and GST, which also help open a current account.
Can we convert to an LLP later?
Yes. A partnership firm can be converted to an LLP under the LLP Act.
Often Taken Together
All 15 Business Setup & Registrations services01Business Setup & RegistrationsChoosing the StructurePrivate limited, LLP, OPC or proprietorship: a clear recommendation based on funding plans, liability, tax and compliance cost.02Business Setup & RegistrationsLLP and OPC RegistrationLimited liability partnerships and one person companies set up with the agreement and filings done right.03Business Setup & RegistrationsLicences and RegistrationsTrade licence, Shops and Establishment, IEC for importers and exporters, and the other registrations your business needs.04Tax & ComplianceTaxationGST, income tax, TDS, tax planning and notice replies, from reconciled data.05Accounting & FinanceAccounting & BookkeepingClean, current books every month, reviewed by a Chartered Accountant.