Partnership Firm Registration
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According to the Indian Partnership Act, the registration of the firm is optional. The registration of the agreement is mutually decided by the partners. But registration is necessary to enjoy certain benefits.
The registration procedure of the partnership deed does not need legal formalities. An applicant needs to apply for the registration by filing Form no. 1 And it is to be Submitted to the Registrar of Firms of the relevant state.
The supporting documents are duly stamped and notarized deed and an Affidavit. The affidavit declares the partner’s intention to join the firm. A proof of the ownership or lease agreement of the business premises is also required. Apart from these basic documents, the Registrar of Firm may ask for any other document depending on the State.
All the partners must sign the application form. After verification of the documents, the Registrar of Firms issues the registration certificate.
Application for PAN Card is to be done and a bank account can be opened on the name of the partnership firm.
Overview
The Partnership Firm is one of the common business forms in India. Starting a partnership firm in India requires a specific set of procedures. Find complete information on how to register a partnership business in India.
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FAQ
Frequently asked questions.
Partnership registration is not compulsory and is at the discretion of the partners whether they want to register the partnership firm or not. But a partnership firm cannot avail legal benefits if it is not registered, hence it is always advisable to register it.
An important document in the above mentioned documents is a Partnership Deed. This deed, notarized on a Non-Judicial Stamp paper with minimum value of Rs. 200 or more and signed by all partners, is 'THE' charter or blueprint of the firm. ... This certificate will be used as legal proof of existence of your firm.
There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states.
The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100 in case of partnerships. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.
