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KNOW ALL ABOUT PARTNERSHIP REGISTRATION
What is PARTNERSHIP REGISTRATION ?
A Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and goals set out in the PartnershipDeed. Partnership registration is relatively easy and is prevalent among small and medium sized businesses in the unorganized sectors. Partnership Registration is done through VirtualAuditor.
For Partnership Registration, you must agree on a firm name and then establish a partnership deed. It is a document stating respective rights and obligations of the partners and to be valid it should be written and not oral. The terms of the Partnership Deed can be varied to suit the interests of the partners and can even be made contrary to the Indian Partnership Act, 1932 but if the Partnership Deed is silent on any point, then the provisions of the Act would apply.
Choose Partnership because
- Partnership registration is very easy.
- Partnership registration is inexpensive as compared to LLP.
- It has minimum compliance requirement.
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Company Registration Package
PROCEDURE FOR COMPANY REGISTRATION?
DOCUMENTS REQUIRED FOR COMPANY REGISTRATION?
The following documents are required for the registration of a Partnership firm:
(a) Statement in Form 1 with the prescribed fees
(b) Notarised True copy of the Partnership Deed stating the following:
- The firm-name
- The nature of business of the firm
- The place or principal place of business of the firm
- The names of any other places where the firm carries on business
- The date when each partner joined the firm
- The names in full and permanent addresses of the partners
- The duration of the firm
(c) Proof of ownership or rent/lease of the location of your business.(e.g. Electricity Bill/ Water Bill or Rent/Lease/Leave and Licence Agreement of Business Place)
(d) Copy of PAN Card of partners
(e) Copy of Aadhaar Card/ Voter identity card
The Statement must be signed by all the partners of the firm and must also be verified by affidavit in the prescribed manner.
5 STEPS FOR COMPANY REGISTRATION
Step 1. All the above mentioned documents must besubmitted to the Registrar of firms of the state.
Step 2. A certificate of Registration is then issued, by the Registrar, and a copy should be given to all the partners.
Step 3. Also, a separate registration with the Income Tax department is to be done in order to avoid any future problems and must obtain a PAN card and a bank accountunder the name of Partnership firm.
CONCERNS RELATED TO PARTNERSHIP REGISTRATION
If you don’t register your Partnership:
Partner Cannot sue firm: A partner in an unregistered partnership firm cannot sue the firm for enforcing any rights under the Indian Partnership Act, 1932.
- Cannot claim Setoff in a dispute with a third party.
- The firm cannot sue third parties whereas the third parties would be able to sue the firm irrespective of registration.