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Partnership Firm


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Partnership Firm

Partnership Firm Registration

The law regarding a partnership firm in India is stated in the Indian Partnership Act of 1932. In a partnership there is more than one individual is involved in a partnership. There is a legal partnership agreement where the roles, duties and the share of each partner are explicitly defined. Thus, profit earned by the company is shared among partners according to the legal partnership agreement, and if there are losses, every partner is personally responsible.

Documents required for the partnership firm registration

The documents which are required for the partnership firm registration is:

  • Statement in Form 1 with the stated fees

  • Notarized True Copy of the Partnership Deed declaring the following:

  • Name of the firm
  • The nature of the business of the corporation
  • The place or principal place of business of the corporation
  • The names of any other places where the corporation carries on business
  • The date when each partner joined the corporation
  • The names in full and permanent addresses of the partners
  • The duration of the corporation
  • The ownership Proof or rent or lease proof of the location of the business

  • Copy of PAN Card of partners

  • Copy of Aadhaar Card/ Voter identity card

  • The Statement should be signed by all the partners of the corporation and need to be verified by affidavit in a specified manner.

Detailed Documents of the Partnership Firm registration 

Partnership Deed

For a partnership firm registration, a partnership deed could be made orally, but a partnership deed made in writing is recommended in order to avoid any future conflict in a partnership. The Partnership deed is made on a judicial stamp paper and is required to be signed by each and every partner. It covers rights as well as duties of the firm and the partners.

Documents of Partners for the Partnership Deed

PAN Card of partners – Each partner must submit their PAN number as identity proof.

Address Proof of partners – Partners can submit Aadhar Card, Driving License, Passport or Voter ID card as an address proof. Name and other details on address proof must match with the details of the PAN card.

PAN Card of the firm – Partners must apply for PAN of the firm. Form 49A is required to be filed to apply for a PAN. It must be filled online by visiting https://www.onlineservices.nsdl.com/paam/endUserRegisterContact.html

It could also be filed online if the authorized partner signs the application by utilizing a digital signature certificate. Else, the application and necessary documents must be sent to the PAN processing center, Pune.

Address Proof of firm – In case the registered place of work is rented, rent agreement as well as one utility bill (electricity bill, water bill, property tax bill, gas receipt, etc.) must be submitted. Also, NOC from the landlord is also required to be submitted.

In case the registered office place is own, utility bill is required to be submitted stating the name of the proprietor. Moreover, an NOC from the proprietor (owner as stated in utility bill) needs to be submitted.

Additional Documents required for the Partnership firm registration

If the partners want to register the partnership firm, they must submit a partnership deed, ID as well as address proofs of the firm along with the partners to the Registrar of Partnerships. Also, an affidavit is required to be submitted confirming that all the details stated indeed and documents are truthful.

GST Registration

In order to get a GST registration, a firm must submit PAN number, address proof and identity and address proofs of the partner. Authorized signatory would sign the application either by means of a digital signature certificate or E-Aadhar verification.

Current Bank Account

In order to open a current bank account, a firm must submit the following documents:

  1. Partnership deed

  2. PAN card of the Partnership firm

  3. Address Proof of the partnership firm

  4. Identity proofs of each and every one of the partners

  5. Partnership registration certificate (if a partnership was registered)

  6. Any registration document issued through central or state government (usually GST certificate is submitted)

  7. Electricity bill copy or telephone bill copy or water bill copy (not beyond 3 months old)

  8. Authorization letter on the letterhead of the firm authorizing a partner as authorized signatory for the bank account.

Partnership Firm Registration Online

The Partnership firm registration procedure online involves the following steps;

As per the India Partnership Act 1932, there is no time restriction as such for the registration of a firm. The firm could be registered in India on the date when it is incorporated or any such date after so. The mandatory fees and fines need to be paid. The process for such a Partnership Firm Registration Online includes:

1. The applicant must select an appropriate name for the partnership firm which shall not be similar to any other name which is already registered or shall not use the words that are violating any law. One must check the name availability through MCA for the name as desired by the applicant that is not already registered. One could also get the Partnership firm name and logo registered as a trademark to secure it lawfully

2. Partnership Deed includes all the details of the rights and obligations of partners along with minute particulars relating to the firm. The few common points forming the part of partnership deed are:

  • Name and address of the Partnership firm

  • Complete information relating to the partners for example name, address, contact details, etc

  • Nature and activities relating to the business

  • Duration ( if applicable)

  • Contribution of all the partners

  • The ratio in which the profit shall be shared between the partners

  • The correctly signed copy of the Partnership Deed (which comprises all the terms and conditions) should be filled with the registrar.

3. When the drafting of the deed is completed it shall be executed by printing it on stamp paper with the appropriate notary and through affixing the signature of every partner. However, the stamp duty payable in one state could be different in others.

4. It is advisable to obtain the PAN in the name of partnership regardless of the fact whether an individual register the Partnership firm or not.

5. One must complete the application through including each and every one of the details of the Partnership firm, essential information relating to the firm, partners, contributions, place of the firm, duration of the firm, as well as the date of starting the business. Each partner is required to sign the application and get it notarized.

6. Then the applicant must file the application towards Registrar of Company for its registration together with the required documents.

7. Complete the registration procedure through the final submission of the application along with the payment of set fees and stamp duty for partnership registration. Fees, as well as stamp duty, relies upon the state in which the partnership firm is registered 

8. When the applicant sends the final and complete application towards the registrar, the registrar would validate the same and then would issue the registration certificate through sending it on mail id.

By completing all the procedure the Partnership firm shall attain legal recognition.

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Registration Process

eStartIndia is the professional tech-based online legal services that help the clients to simplify the procedures of all kinds of registration, implementation, tax concerns and any additional legal compliances and services related to the business in India

Step 1

Partnership Form and Document Verification -- eStartIndia will help you in filling Partnership form and verifying the necessary documents

Step 2

Drafting Partnership Deed -- eStartIndia will draft a Partnership Deed

Step 3

PAN, TAN -- eStartIndia will apply for obtaining PAN, TAN

Step 4

Current Bank Account -- eStartIndia will apply for obtaining Current Bank Account

Step 5

Congratulations! Your work is done. You can download your Partnership Deed and relevant documents from your dashboard. We also send it to your registered email

Package

Basic

2499 /-

    Package Includes:

    • Partnership Deed Drafting 
    • Free Expert Advice
    • PAN Card Apply
    • Continuous legal support

(All Inclusive)

Standard

3999 /-

    Package Includes:

    • Basic Package
    • GST Registration 

(All Inclusive)

Premium

6499 /-

    Package Includes: 

    • Basic Package
    • GST Registration
    • Trademark Filing
    • MSME Registration

(All Inclusive)

Comparison

Compare Your Business Requirements:

 

 Private Limited  Company

One Person

Company

Sole ProprietorshipLimited Liability  PartnershipPartnership Firm
Ideal ForStartup & Growing CompaniesSingle PromotersSmall Traders & ManufacturersProfessionalsSmall businesses & Home Businesses
Requirements2 Directors/Shareholders1 Director/Shareholder1 Proprietor2 Partners2 Partners
Initial InvestmentNot RequiredNot RequiredNot RequiredNot RequiredNot Required
Tax AdvantagesFew benefitsFew benefitsMinimalMost efficientMinimal
CompliancesHighHighMinimalLowMinimal
Limited Liability ProtectionYesYesNoYesNo
Time Taken5-10 days5-10 days2-5 days10-15 days5-10 days

 



FAQs

Who can form a firm of partnership ?

An Indian National who is also a Resident of India can form a Partnership firm. However, NRIs are allowed only to invest and needs prior to Government approval before investing in this firm.

Is the partnership firm a separate legal entity?

No. The partners of a firm are actual owners and have unlimited liability. There is no separation of identity between the partners and the firm of partnership.

Is it mandatory to register a partnership firm?

No. It is not mandatory. However, registration of this firm confers legal advantages such as the capability to sue and is thus recommended.

How many partners can be there in a firm of partnership ?

In this firm must mandatorily have 2 partners. The maximum capping of a firm engaged in the business of banking is 10, while that of a firm engaged in any other business is 20.

Is there any minimum capital requirement to start a firm of partnership ?

There is no minimum capital requirement to start this firm. Whatever minimum amount is needed for maintaining a current bank account balance only needs to be deposited in the bank account.

Is it mandatory to audit the firm of partnership account?

No. There is no statutory requirement for that. However, when the turnover of this firm is more than a particular limit then tax audit is mandatory.

Can the ownership interest be transferred by a partner of the partnership firm?

The transfer of the interest in this firm is restricted. An existing partner can transfer his share only to other existing partners and that too with the unanimous consent of all the partners of the this firm.



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