Partnership Firm Registration

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What is Partnership Registration?

    A partnership is a common business structure in which two or more people manage and operate a business in accordance with the conditions and objectives outlined in the Partnership Deed. Partnership formation is simple and common in the unorganised sector, especially among small and medium-sized firms.

      To register a partnership, you must first agree on a firm name and then create a partnership deed. It is a written contract that states the partners’ respective rights and obligations, and it must be written rather than spoken to be valid. The wording of the Partnership Deed can be changed to suit the partners’ needs and even go against the Indian Partnership Act, 1932, however if the Partnership Deed is silent on any topic, the Act’s provisions will apply.

      The earnings and losses of the business are completely the responsibility of the partners who run it. As a result, the partners’ liability is limitless. For partnership firms, registration is not required. It has a low setup cost and few regulatory constraints. It is suited for home businesses and does not have an indefinite existence.

Why Partnership Firm?

• Business activities can be carried out with more flexibility.
• There is no minimum capital requirement for forming a partnership firm. It can be registered even if the total capital contribution is only Rs. 1000.
• In comparison to other types of business entities, it is quite cost effective.
• It is formed solely through a Partnership Deed. It is not necessary to register for it. There are no annual filings required after the company is formed, with exception of income tax returns.
• It just has a few requirements for compliance.
• When two or more people are involved in a single firm, it’s simple to split profits.
• Risk Transfer: Because of its nature, a partnership firm allows more than one person to share risks. This guarantees that financial risks are spread out.
• Partnership firms are a legal tool that can help you plan your taxes better. Working partners can get salary and interest because the firm is a separate entity.

Registration that can be taken by Partnership Firm:

• PAN/TAN Registration
• MSME/SSI Registration
• ESI Registration
• PF Registration
• DSC Registration
• FSSAI Licence
• Import Export Code Registration
• ISO Registration
• GST Registration

Documents required for Partnership Registration:

• 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 of all the partners
• Notarised True copy of the Partnership Deed stating the following :
• The firm-name
• The nature of business of the firm
• The place or principal place of business of the firm
• The names of any other places where the firm carries on business
• The date when each partner joined the firm
• The names in full and permanent addresses of the partners
• The duration of the firm
• Profit sharing Ratio
• Partner’s interest on capital and Partner’s remuneration, if any

Frequently Asked Questions(FAQ’s)

Is It Compulsory To Register A Partnership Firm?

No, registering a partnership firm is not required, but it is strongly advised that all partners do so because an unregistered firm will be unable to recover its costs in the event of a dispute..

Can A Partnership Firm Be Sued In The Name Of The Firm?

Yes, a partnership firm can sue or be sued in the name of the firm as it is treated as separate legal entity

Who Can Become A Partner In An Indian Firm?

After reaching the age of 18, anyone, even foreigners and NRIs, can become a partner in an Indian firm. According to medical documents, he should be fine and not be barred from entering into a contract by law.

What is the minimum number of Partners required to start a Partnership firm?

At least two partners are required for Partnership registration. The maximum partners can be 200.

Is it possible to convert Partnership Firm into a Private Limited Company, LLP etc?

Yes it is possible to convert a partnership firm into a Private Limited Company, LLP.

How to open a bank account for a Partnership firm?

To open a bank account for a Partnership firm, a registered Partnership deed along with identity and address proof of the Partners need to be provided.

What are the advantages of a Registered Partnership Firm?

Only a registered Partnership firm can sue the firm or other partners in any court to pursue any claim deriving from a contract or a right conferred by the Partnership Act. In a disagreement with a third party, only a Registered Partnership firm can claim a setoff (i.e. mutual adjustment of obligations owned by the disputing parties parties to one another) or other proceedings. As a result, it is advisable for Partnership firms to register sooner rather than later.

What is the required Capital to start a partnership firm?

There is no limit on the minimum capital for starting a Partnership firm. As a result, any amount of minimal capital can be used to create a Partnership firm.

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