About:
The registration can be obtained for any association of people who join together for a business purpose and to share the profits. all partnership firms are regulated by the Indian Partnership Act, 1932, as under all the firms must be registered.
Advantages of Registering Partnership Firm
Simply start:
It can be registered compared merely to Limited Liability Partnership, as it is not required to get
DSC,
DIN,
Name Endorsement. LLP registration falls under the Central Government (MCA).
Firm Name:
Partnership firms can prefer to have any name as long as it does not have a registered trademark.
Annual filing not necessary:
The firms are not required to file their annual reports with the Registrar each year, unlike a Limited Liability Partnership or Company.
Partnership Firm Naming
The name of the partnership firm is not the same/similar or identical to the name of any other existing company, who is running currently and performing their relevant business.
The name must not be like Emperor, Empress, Crown, Empire or any terms indicating the approval of Government, sanction only if the State Government signifies its consent in writing to the acceptance of such words as part of the name of the partnership firm.
Partnership Deed
It is a record in which the terms and conditions of the members of a partnership are included. The following components as below:
- Firm name and address
- Partners address as well as name.
- Nature of Business of the Firm.
- Starting of business or firm.
- The duration of Partners
- The profit-sharing ratio among the partners.
- Capital contribution from each partner.
The above details/document are the essentials in all partnership deeds. The additional provisions which can be involved in the deed are listed here:
- Interest on Partners’ Loan, Partner’s Capital and Interest, if any.
- Commissions, Salaries, etc., if any,
- Making of accounts and audit arrangements.
- Segregation of duties and tasks.
- Rules related to the retirement, death, and admission of a partner.
Documents Required
- Form No.1 filled and affixed Rs.3 court fee stamp.
- A photocopy of the Partnership deed attached to the stamp paper.
- Proof of Principal Place (Ownership)
- Registered document of the property
- House tax receipt.
- Water bill.
- Electricity bill of the property owner.
- Rent agreement if any
- address proof of all the partners
- Voter card.
- Passport
- Driving Licence.
- Affidavit/NOC
Note: For all the above documents requires to be attested from the Advocate Notary or C.A. with the Registration number.
Partnership Firm Registration Procedure
The following steps are as given below:
Step 1: Approach to the Registrar
Applicants approach the registrar with the application in the prescribed format along with the document.
Step 2: Complete the Details
Now, fill the entire mandatory field.
Step 3: Submit the Application Form
Attach all the supporting documents and submit them to the office.
Step 4: Collect Application ID
After submitting the form, collect your application I.D.
Step 5: Issuance of Certified Copies
The concerned authority, Registrar, will process the Partnership firm Registration request and after successful verification, the Registrar will issue the documents.
