The deed every Partnership Firm registration is built on — who the partners are, what each puts in, how profit and loss divide, and who runs the bank account. Fill it in, print it, sign it before witnesses.
A Partnership Firm is not a separate legal person. The partners carry unlimited, joint and several liability for the firm’s debts, and they are taxed personally rather than at the corporate rate. That is the trade-off against a Pvt. Ltd., which limits liability to unpaid share amounts and caps out at 101 shareholders.
Get these right in the deed, because the Act fills gaps in ways partners rarely expect: the capital each partner contributes, the profit and loss share (they need not match the capital, but they should total 100), who may operate the bank account, and the notice required to retire.
Co-owners of a Partnership Firm are partners, never shareholders; a firm has no shares to hold. A firm also cannot hold shares in a company — Section 6 of the Registrar Directive bars transferring company shares into a firm’s name, because the firm is not a person.
Registration is at the DoCSCP, a provincial office, or your local level depending on objective and capital — not at the OCR. Then a PAN, and VAT if you cross the threshold or import. Closing later is a different statute again, and closing voluntarily avoids the one-year bar that follows cancellation for non-renewal.
This generator lays out a standard deed and does not add up the partners’ capital or check that the shares total 100 — check both before signing. For anything unusual, talk to us before you file.
An MOA that OCR rejects costs you weeks. We draft, check and file the whole set — MOA, AOA and the registration application — and handle PAN/VAT and the bank account after.