PARTNERSHIP FIRM REGISTRATION PROCESS IN INDIA
WHAT IS PARTNERSHIP FIRM
A partnership firm is a form of business in which a group of people, also known as partners, come together. They set up their firm and provide services and products through it. However, a partnership firm is not considered to be a separate legal entity. Partners share all the profit and losses amongst each other.
A partnership firm is also considered as an organization which is formed with two or more persons to run a business with a view to earn profit. Each member of such a group is known as partner and collectively known as partnership firm. The new Companies Act 2013 has prescribed the maximum number of members in case of a partnership firm should not be more than 100. As per the previous Companies Act 1956, the maximum limit in case of partnerships was 10 and 20 for banking business and other businesses respectively.
The Partnership Firm in India is prescribed in the Indian Partnership Act of 1932. This Act lays down the rights and duties of the partners between themselves and other legal relations between partners and third persons, which are incidental to the formation of a partnership. The said Act establishes the position of a partner as well as a partnership firm in a legal and contractual relations arising out of and in the course of the business of a partnership firm. A partnership firm is not a legal entity apart from the partners constituting it. It has limited identity for the purpose of tax law as per section 4 of the Partnership Act of 1932.
To become a partner you need to be a major and should be of sound mind. You should not be disqualified from contracting in any way by the law. However a minor can also become a partner. In such a case scenario, all the partners should give their consent. The minor won’t be able to participate in the workings; however, he will be entitled to the benefits of a partnership.
A Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by the People for profit. There are two types of Partnership firms, registered and un-registered Partnership firm. It is not compulsory to register a Partnership firm; however, it is advisable to register a Partnership firm due to the added advantages. Partnership firms are created by drafting a Partnership deed amongst the Partners and Nyayasevak with its team of eminent experts can help you to start a registered or un-registered Partnership firm in India.
NAME SEARCH AND APPROVAL
DRAFTING OF PARTNERSHIP DEED
PAN CARD OF THE FIRM
COMPLETE THE SIMPLE, SECURE AND EASY TO ACCESS FORM OF NYAYASEVAK.
DRAFTING OF PARTNERSHIP DEED.
ALL THE AFORESAID DOCUMENTS WILL BE SUBMITTED TO THE CONCERN REGISTRAR OF THE STATE. A CERTIFICATE OF REGISTRATION WILL BE ISSUED BY THE REGISTRAR ACCORDINGLY.
APPLY FOR TAN AND PAN OF THE FIRM.
APPLICATION FOR REGISTRATION OF PARTNERSHIP FIRM UNDER THE PARTNERSHIP ACT ALSO KNOWN AS STATEMENT IN FORM-1.
NOTARIZED TRUE COPY OF PARTNERSHIP DEED
AFFIDAVIT OF EACH PARTNERS
COPY OF PARTNERS PAN CARD
COPY OF PARTNERS AADHAR CARD
ELECTRICITY BILL/WATER BILL OR RENT/LEASE/LEAVE AND LICENCE AGREEMENT OF PRINCIPAL PLACE OF BUSINESS)
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