Step 1: Choose a Name for Your Partnership Firm: Select a unique, relevant name that follows state rules, avoids restricted terms, and does not resemble government bodies. Keep 2–3 backup names ready and check availability on the Registrar of Firms portal.
Step 2: Draft the Partnership Deed: Prepare a detailed deed covering partners’ details, capital, profit-sharing ratio, duties, and terms of partnership. Execute it on non-judicial stamp paper, signed by all partners and preferably notarized.
Step 3: Obtain a PAN Card for the Firm: Apply online via NSDL or UTIITSL to get a PAN card in the firm’s name. This is mandatory for tax filings and for opening a current bank account.
Step 4: Fill Out the Registration Application (Form No. 1): Download and complete Form No. 1 from the Registrar of Firms portal with firm details, business scope, and partner information. All partners or authorized agents must sign the form.
Step 5: Submit Documents to the Registrar of Firms: Attach the notarized Partnership Deed, firm’s PAN, address proof, partner IDs, and affidavit with the application. Pay the prescribed registration fee at the time of submission.
Step 6: Receive Your Registration Certificate: After verification, the Registrar issues a Certificate of Registration with a unique firm number. This serves as official proof of your partnership firm’s legal existence.
Step 7: Open a Current Bank Account: Use the registration certificate and firm’s PAN card to open a current account. This enables smooth financial operations under the firm’s registered name.