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?
A Partnership Firm is an organization that is formed with two or more persons to run a business and divide the profits thereof in an agreed ratio. Each member of a group is called a partner and collectively known as a partnership firm. The Partnership firms are governed by an Indian Partnership Act, 1932. The firm is easy to form and the compliance is minimal as compared to companies. Incorporation of Partnership in India are governed by the Indian Partnership Act, 1932 and as per the act a partnership deed may be registered or unregistered.
Benefits of Partnership Firm :
There are many benefits that can be taken into account for starting or running a partnership business. The given list shows some advantages of a partnership firm:-
Less compliance -
In terms of compliance, the requirements are very less which makes it popular among people. In Partnership Firms, it is not essential to file any annual returns, and the financial statements of a partnership firm would not be made publicly available. At the same time, the accounts of a registered partnership firm are not required to be audited.
Easy to start -
Generally a partnership can be started with an unregistered deed of the partnership within 2-4 business days. Furthermore, having registered for the same has its own perks. The main benefit of having a registered firm will allow you to book lawsuits in courtrooms against other business associates or the business in the firm for the administration of rights addressed in the Partnership Act.
Budget-friendly -
In comparison to LLP, a general partnership is much more reliable to start. Even for the long term purposes, it is still inexpensive as the compliance requirements are very minimal. It doesn’t require an auditor.
Documents Required to register a Partnership Firm :
There are a number of documents that are required for the registration of the Partnership deed.
Partnership Registration Process:
The registration of partnership deed can be done orally or in written format. However, an oral agreement is of no use when the firm has to deal with tax. Some necessary characteristic of a partnership deed is:-
- 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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