Partnership firm Registration Overview
The Partnership firm is the association of two or more individuals who come together to earn profits arising out of the acts of any one or all of these partners. This business structure is managed and operated according to the terms stated in the Partnership Deed. In it is not at all mandatory to partnership firm registration. However, it is advisable to get the partnership firm registered.
Whether you desire to start the limited liability partnership of the Partnership firm the incorporation experts at Lawdef can provide you the end to end solutions.
What are the benefits choosing the partnership form of business?
1. The process of starting the partnership firm is easier in comparison to incorporating the Limited Liability Partnership.
2. The cost of starting the partnership is very less as compared to the partnership firms.
3. The compliance requirement of partnership firm is minimum.
What are the Requirements of Partnership firm?
Minimum two partners are required to start a Partnership firm.
What are the documents required for Partnership firm?
• Statement in Form 1 with the prescribed fees
• Proof of ownership or rent/lease of the location of your business.(e.g. Electricity Bill/ Water Bill or Rent/Lease/Leave and Licence Agreement of Business Place)
• Copy of PAN Card of partners
• Copy of Aadhaar Card/ Voter identity card
What is the procedure to register a Partnership Firm?
1. First of all the name of the proposed partnership firm shall be chosen by the partners. The name chosen must not be identical with the existing name and it should not reflect any association with government
2. Further the agreement between the partners known as the partnership deed must be created containing the details like name and address of the firm, nature of business, date of business commencement, profit sharing ratio, capital contribution etc.
3. After creating the partnership deed it is processed to the registrar of firms of the state along with the prescribed fee for registration. The application shall be made for the registration of firm in Form No.1 and shall be signed by all partners.
4. If the registrar is satisfied with the application made it will the register the partnership firm.