Partnership Firm Registration In India
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Partnership Firm Registration Process
It is very easy and simple to register a Partnership Firm Registration with the below mentioned steps.
Our experts will help you in understanding your business structure.
Step 1
Our experts will help you in picking up the right company name.
Step 2
Our experts will draft the partnership deed according to the requirements.
Step 3
What is a Partnership Firm?
Benefits of Partnership Firm :
Less compliance -
Easy to start -
Budget-friendly -
Documents Required to register a Partnership Firm :
There are a number of documents that are required for the registration of the Partnership deed.
| Here is the list of documents:- |
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Form No. 1 - Application for registration under Partnership Act |
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Affidavit mentioning intention to become a partner |
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Lease or rental agreement of the property/building where the business is set up |
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Address proof of the partners which includes PAN card, Aadhar card, Voter ID, driving licence.
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Partnership Registration Process:
- Name of the firm
- The name and the address of the partners
- Nature of a business
- True rights of the partners
- Various duties of the partners
- The amount of capital to be contributed by each partner
- The drawings that can be made by each partner
- The way used for calculating goodwill
- Profit and the loss-sharing ratio
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Frequently Asked Questions
A. An application form with fees needs to be submitted to the Registrar of Firms of the State in which the firm is situated. The application is required to be signed by all the partners or by their agents.
A. The registration of a Partnership Firm in India can normally take 12 to 14 working days. Moreover, the time required to issue a certificate of incorporation may vary as per the regulations of the concerned state. It is also subject to Government processing time which varies from state to state.
A. The scope of liability is not much as every partner is jointly liable with all of the other partners and also individually, for all the activities of the firm, during the course of the business while he/she is a partner. It means if a loss or injury happens to any third party or a penalty is levied during the course of a business then all partners will be held liable even if the loss or injury was caused by one of the partners.
A. In case if the partners of a firm want to end the partnership they can do by dissolving the partnership through notice, if it is a partnership of will. The partnership can be dissolved by following the terms laid out in the partnership deed.
A. If the partnership agreement is not registered or the objective of the business is illegal, then court may deem the partnership is invalid and dissolve the partnership.
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