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- Draft Deed of Partnership Firm
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Partnership Firm Registration
Partnership Firm is the common suitable kind of business structure as it is very simple to form. A firm or company formed between 2 or more partners to earn a profit is named as a "Partnership Firm". In a Partnership firm, there are very least compliances in comparison to other business entities. A "partnership deed" is a legitimate document that is created to form a partnership firm. In India, partnerships are governed by Indian Partnership Act 1932. According to the act "Partnership is the relation among partners/individuals who agree to share the profits of the business as equal and the same for all. The minimum 2 partners are and there is no set limit for the maximum number. Before commencing a partnership firm you must know that partnership firms are not separate legal entities. The partnership firm can't be debtor or creditor plus own property. The partnership deed needs to mention the amount of profit and loss ratio share between partners", to avoid future interruptions. So partnership deed registration is required. However registration of Partnership Firm is not mandatory. The partnership firm dissolves in some cases that is the number of partners decreases below 2 in case of death, incapacitation or withdrawal of a partner.
What we provide inside the package?
- Drafting Partnership deed
- Execution thereof
- Certificate of Registration, if any
- PAN Card Registration of Firm
- CA/CS related Consultancy
If firm is going to deal in import and export, we also help in getting IEC Registration. However, the IEC Code is not for those who want to import or export personal goods.
Benefits of Partnership Firm
There are numerous benefits in registering a partnership firm :
Partnership firm gets into existence on the basis of an agreement between 2 or more partners agreeing to begin the business. The terms and conditions documents of such partnerships are mention in a certificate known as the Partnership Deed. We offer the partnership deed registration online. So, you can easily log into our website.
Partners are authorized to share the profits and bear the losses if any in the field of business. As there is no separate legal entity concept under partnership Act and in case of loss the partner's personal asset is taken into account.
All Partners are individually liable for all losses resulting in the course of business. All the assets can be utilized to pay off the outstanding debts of the partnership firm.
Every partner is authorized to participate in the day to day progress of the business. Also, the partners carrying out the business requirements to take the approval of other partners for making the further decisions.
The partnership Firm may last as long as the partners want to do so. But, as per law, the partnership can come to an end if any of the co-workers dies, resigns or becomes bankrupt.
Documents required for partnership firm registration
For online registration of partnership firm partners have to submit the following documents :
- Form 1: Application for registration under Partnership Act
- ID Proof & Address of all partners (PAN/Adhaar/ Driving License/ Voter ID/ Passport)
- Telephone bill, Electricity Bill, Water Bill address proof of the office of Partnership.
- Copy of Partnership Deed, signed by all partners
- Rental or lease agreement of the property ( As a proof of principle place of business)
- These are the necessary documents required for partnership firm registration.
Requirements before applying online registration of partnership firm
Before you enroll for online registration of partnership firm applicant must adhere to these guidelines :
- Beginning a partnership firm requires a minimum of 2 people. There is no set limit for the maximum.
- There are no minimum capital standards to commence a partnership firm.
- All the Partnership firms that incorporate must make an agreement name as Partnership deed.
- Partners who are going to partner shall fulfil the criteria given under the Indian Contract Act.
- All the partners shall have attain the age of 18 or above
- In a Partnership firm, the responsibility of partners is unlimited. Because it has no separate Legal entity so the associates have to bear the loss and pay off debts from their personal assets and money.
Importance of Partnership Deed
A Partnership Deed is a legal documents contain terms and conditions of each & every partner. The Partnership deed consists of the following components as below:
- Name of the partnership Firm and Partners and their address
- Business Activities of the Firm
- Date of execution of Agreement
- Duration of Partners (whether for a project/ fixed time).
- The profit and loss sharing ratio between the partners.
- Capital contribution from all partners.
- Other information as required
The elements specified above are the essentials that are required in all partnership deeds. If needed, the partners may also include any further clauses. Some of the extra provisions which can be included in the deed of the partnership are listed here
- Interest on Partners' Loan, Partner's Capital and Interest, if any.
- Commissions, Salaries, etc., if any, chargeable for partners in the firm.
- The method of making accounts and audit arrangements.
- Division of duty and task, i.e. the powers, responsibilities, and promises by all the partners in the firm.
- Rules and Regulations in case of retirement, demise, and admission of a partner
Procedure of registration of partnership firm
The procedure of registration of partnership firm is simple and easy:
Step 1: Fill up the application form
In this form, you have to mention the details of the business and partners' personal details. Plus you have to mention the Name of your partnership firm along with "Co." suffix at the end of the name. However mentioning "Co" is not compulsory you may use "Enterprises, Associates, Trading Co., etc except Limited, Private Limited, Foundation, Chamber.
Step 2: Name approval
Before submitting the names of your partnership firm it's important to check them carefully and verify whether it does not breach the provision pertaining under Act. However final decision related to name registration shall be under power of Registrar or Sub registrar of concerned jurisdication.
Step 3: Drafting Partnership Agreement
Our Professionals will draft the partnership agreement for you wherein all the specifications by the partners are specified. You can verify all the documents and the draft deed of partnership. After all the preparations the final application is forward to the registrar of firms.
Step 4: Partnership firm registration certificate
Complying to all the guidelines of Indian partnership Act. A certificate of Registration is then issued, by the registrar of firms and a copy should be given to all the partners.
Tax compliances for Partnership Firm in India
It is necessary for partnership firms in India to get Permanent Account Number. This is issued from the Income Tax Department after Partnership Firm Registration. Partnership Firm has to register a return of income irrespective of the profits or losses. For all partnership firms, the income tax rate on the entire income will be 30% and surcharge on income tax or as prescribed under the Income Tax Act 1961.
"The better way to start a partnership in a limited budget is Partnership Firm Registration. Here no compliance burden is created by the Registrar of Firms or Society."
How LegalPillers support you?
Partnership firm registration fees start Rs. 2,000/-* all depending on the process. For simplifying the registration process there are various online portals. But our portal offers the most in-expensive price for partnership registration. Our CA Services are affordable and competing with different businesses. We work for the customer benefits and simplifying the process.
- IEC Registration section Consultation
- Document Preparation for Import Export Code Registration
- Application Drafting for Import Export Code
- Application Filing for IEC Registration
Frequently Asked Questions
If you don't see an answer to your question here, please feel free to contact us with the links below:
Partnership Registration is a business registration type which governs according to the provisions of The Partnership Act, 1932.
Partnership Firm Registration is easy now. Prepare all the documents such as- Partnership deed, Id and address proof of applicant and submit it with respective registration. For easy and quick process do connect our professionals at 9625279785 - 9267941961.
For checking the status of your Partnership Firm you should have reference of application submitted with registrar. In case state government is providing online portal for submitting of application so you can also check application by submitting reference number of your application. In case if process is offline, status only can be check with physically by visiting at registrar office. However most of government brings their office of registrar online.
Registration of Partnership Firm takes around 14-15 days. However registration process is completely depend upon the registrar of concerned jurisdiction.
For closer of Partnership Firm, there should not be any liability on partnership. After setting off all assets and liabilities you may apply with concerned registrar. For more assistance do connect our professionals.
No, there is an option to not register your Partnership Firm. It is not mandatory by law to register your partnership firm. However there are some consequences also exist there for not having registration such as- no person can sue on partners and partners can also not sue to each other's and also to other party.
To checking the number of any partnership firm go to the portal of concerned registrar. Here you can search any firm according to the date of registration or by its name. It is depend upon the option provided by the concerned state government or registrar department.
For easy and smooth process of Online Firm Registration, do connect our professionals at LegalPillers. Registration experts will assist you over all aspects and help you to register your firm speedily.
For Partnership firm registration online following documents are required-
- Id address of partners
- Address proof of office
- Email id and mobile number of partners
- Activity to be carried in proposed partnership firm.
- Id address of atleast 2 witness
- Stamp paper according to the amount of contribution.
For adding partner in firm is easy. If you have made any provision in agreement regarding addition and removal of partners in firm, then it will execute according to the terms mentioned there in. Otherwise majority of partners can add or remove partner.
Partner will only be liable for their act in firm. However such liability is only limited to extent their contribution in partnership firm.