A type of business organization in which two or more individuals join together & contribute money or money worth - money, skills, IP and other resources, and share profit and loss in accordance with their contribution or in terms of the partnership agreement. The rules and regulations for partnership firm registration is controlled and maintained under Indian Partnership Act 1932.
Partnership firm can be formed by Two or more persons and Not more than 20 persons. Partnership firms are quite easy to start, the partners will have Partnership deed that sets forth how decision and activities to be carried out in the firm. The partnership firm entered between partners by written to avoid misunderstanding in future. The partnership deed generally contains name of the firm, Objects of the business, Number of Partners and their names and addresses, amount of capital contributed etc. The profit and loss sharing ratio will be mentioned in the partnership deed.
The partner’s liability in the Partnership firm is unlimited. All the partners are liable for the act of Partnership firm. Partnership firm are easy to establish and raising fund also become easy. The disadvantage of partnership firms are, the partners jointly and individually liable for the actions of the other partners. Profits need to be shares as per the partnership deed. Partnership firm is of two type - One is registered partnership and other is unregistered partnership. Unregistered partnership firm has some limitations, it is desirable to register partnership firm. The partnership firm has to file the necessary forms with the registrar of partnership firms of the respective district under respective state government in a prescribed form. We helps you in setting up partnership firm - registered or un-registered anywhere in India.
Features of Partnership Firm-
- Minimum 2 Person Required as Partners.
- Partners share responsibilities and duties of the business.
- Minimum capital can be brought into the business.
- Partners shares profit & loses
Partnership is a firm registration
Partnership firms in India are governed by the Indian Partnership Act, 1932. While it is not compulsory to register your partnership firm, but it is advisable to do so for the following reasons. A partner cannot file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act.A dispute arising from a contract cannot be enforced in any Court by or on behalf of your firm against any third party.
Application for partnership registration should include the following information:
- Name of your firm
- Name of the place where business is carried on
- Names of any other place where business is carried on
- Date of partners joining the firm
- Full name and permanent address of partners.
- Duration of the firm
Every partner needs to verify and sign the application
- Application for Registration in the prescribed Form
- Duly filled Specimen of Affidavit
- Certified copy of the Partnership deed
- Proof of ownership of the place of business or the rental/lease agreement thereof
Once the Registrar of Firms is satisfied that the application procedure has been duly complied with, he shall record an entry of the statement in the Register of Firms and issue a Certificate of Registration.
- ID Proof - Pan Card
- Address Proof - Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners
- One Business Place Address proof :-
Need Rental Agreement and NOC from Landlord. Need Electricity Bills