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A Partnership Firm is a legal entity created and governed by the Indian Partnership Act of 1932. A “Partnership” is defined in the Act as a relationship between two or more individuals who have agreed to share the profits and liabilities of a business. These people are known as “partners,” and the firm they run in “Partnership” with one another is known as a Partnership Firm. Partnership Deed serves as the foundation for the formation of a Partnership Firm. It is an agreement in writing that contains all of the terms and conditions that the partners have mutually agreed upon.
A minimum of two partners is required to start a Partnership Firm. The maximum number of partners allowed for a partnership firm in India is twenty partners. However, no foreigner is allowed as partners in the partnership firm.
There is no minimum or maximum capital prescribed under the Partnership Act 1932. You can keep the capital of the firm as per the business requirements. The stamp duty on the deed depends on the capital and the state.
You should select the name of the partnership firm that is unique & which reflects the main business activity. Ensure that the proposed name is not the same or similar to any existing business or trademark registered or applied.
Address at which the firm carries on its usual business or maintains its books of account is known as its Principal Place of Business. The latest proof of the place of business along with a NOC from the premises owner is required.
For general partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or is still unregistered, annual accounts filing with the registrar is not necessary either. Annual compliances are also lower when compared to an LLP.
A general partnership can be formed within 2-4 business days, with an unregistered deed of partnership. However, registering for the event offers its own set of benefits.
A general partnership is substantially less expensive to start than an LLP. It will still be cost effective in the long term because the compliance needs are minor.
The first step in partnership firm registration is to choose a unique name for your firm. The name should not be the same as an existing partnership firm or company, and it should not violate any trademarks or copyrights.
The next step is to prepare a partnership deed, which outlines the terms and conditions of the partnership. The partnership deed should include the following details:
Partnership firms need to obtain a PAN (Permanent Account Number) card from the Income Tax Department. The PAN card is used for tax purposes and is required for opening a bank account and obtaining other necessary licenses.
If the partnership firm’s annual turnover is more than Rs. 20 lakhs, it is mandatory to register for GST (Goods and Services Tax). GST registration is done online, and the partnership firm will receive a GSTIN (Goods and Services Tax Identification Number) after successful registration.
Depending on the nature of the business, the partnership firm may need to obtain other necessary licenses and permits, such as a trade license, shop and establishment license, or a professional tax registration.
Once you have completed all the above steps, you can register your partnership firm with the Registrar of Firms in your state. To register your partnership firm, you need to submit the following documents:
After submitting the documents, the Registrar of Firms will verify the documents and issue a Certificate of Registration. The partnership firm is now legally registered, and you can start your business operations.
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Partnership registration refers to the formal process of registering a partnership firm with the Registrar of Firms. This process is governed by the Indian Partnership Act, 1932, and involves submitting necessary documents and an application form to the relevant authority in the state where the firm operates.
No, partnership registration is not mandatory in India. It is optional and at the discretion of the partners. However, registering a partnership firm is advisable as it provides legal recognition and allows partners to enforce their rights in court, which unregistered firms cannot do.
The registration process generally takes about 10 working days, subject to state-specific processing times and departmental approvals.
Yes, a partnership firm can operate without registration. However, unregistered firms face limitations in legal matters and cannot enforce contractual rights against third parties.
If there are changes in partners or capital contributions, these must be documented in the partnership deed. If the deed is registered, any changes should also be notified to the Registrar of Firms.
