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Partnership

Partnership registration involves the formal registration of the partnership firm by its partners with the Registrar of Firms. The partners must register their firm with the Registrar of Firms in the state where the firm is situated. It's important to note that partnership firm registration is not mandatory; partners can choose to register the partnership firm either at its inception or subsequently during its operation by executing a Partnership Agreement.

Documents Required

  • PAN of Partners
  • AADHAR of Partners
  • Rental Agreement
  • Electricity Bill
  • NOC from Landlord

Types of Partnership

1.Partnership at will
2.Particular partnership

Types of Partners

1.Activel
2.Sleeping
3.Nominal Partner
3.Partner by holding out

Advantages of Partnership Firm

Easy To Incorporate

The incorporation of a partnership firm is easy as compared to the other forms of business organizationss. The partnership firm can be incorporated by drafting the partnership deed and entering into the partnership agreement. Apart from the partnership deed, no other documents are required.

Less Compliances

The partners do not need a Digital Signature Certificate (DSC), Director Identification Number (DIN), which is required for the company directors or designated partners of an LLP.

Quick Decision

The decision-making process in a partnership firm is quick as there is no difference between ownership and management. All the decisions are taken by the partners together, and they can be implemented immediately.

Advantages of Partnership Firm

Application for Registration

Our expert team shall submit application form with the Registrar of Firms of the State in which the firm is situated along with prescribed fees after getting the forms duly attested by all the partners of the firm along with Stamp Duty. The Stamp Duty cost depends on the Number of Partners in the Firm.

Selection of Name of the Partnership Firm

Any name can be given to a partnership firm as decided by the partners of the firm. Provided that, name should not be too similar or identical to an existing firm doing the same business.

Certificate of Registration

Upon Registrar satisfaction with the registration application and the documents, he will register the firm in the Register of Firms and issue the Registration Certificate. The Register of Firms shall up-to-date information on the firms.

Note- The firm’s registration can be done at the time of its formation or incorporation or during the continuance of the partnership business.