011-40079381
support@divadhvik.com
info@divadhvik.com

Partnership Firm Registration

How To Get Registered A Partnership Company?
_______________________________________________________________

.

Partnership firm registration is required when two or more parties sign a formal agreement to manage and operate a business and share both the profits and losses. Registering a Partnership is the right choice for small enterprises as the formation is straightforward and there are minimal regulatory compliances.

The Partnership Act has been in existence in India since 1932, making partnerships one of the oldest types of business entities in India. A partnership firm can even be registered after it is formed. There are as such no penalties for non Registration of a Partnership firm. But unregistered Partnership firms are denied certain rights under section 69 of the Partnership Act that majorly deals with the effects of non Registration of Partnership firms. 

Few Things About to Know
==================================

Q 1.

What do we understand about partnership firm?

A partnership firm is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed that may or may not be registered. In such a business, the members are individually partners and share the liabilities as well as profits of the firm in a predetermined ratio.
Q 2.

What is requirement of minimum partners?

A partnership must have at least two partners. A partnership firm in the banking business can have up to 10 partners, while those engaged in any other business can have 20 partners. These partners can divide profits and losses equally or unequally.
Q 3.

why should i register a partnership firm?

A partnership firm is best for small businesses that plan to remain small. Low costs, ease of setting up and minimal compliance requirements make it a sensible option for such businesses. Registration is optional for General Partnerships. It is governed by Section 4 of the Partnership Act, 1932. For larger businesses, it has lost its relevance with the introduction of the Limited Liability Partnership (LLP). This is because an LLP retains the low costs of a partnership while providing the benefit of unlimited liability, which means that partners are not personally liable for the debts of the business.
Q 4.

Is partnership firm registration necessary?

No, partnership registration is not necessary. However, it is advisable for you to have a partnership firm registration online. Also, remember that for a partner to sue another partner or the firm itself, the partnership shall be registered. Moreover, for the partnership to bring any suit to court, the firm shall be registered. For this reason, it is recommended that larger businesses register the partnership deed.
Q 5.

What are the main aspects of a partnership deed?

The deed should contain names of the partners and their addresses, the partnership name, the date of commencement of operation of the firm, any capital invested by each partner, the type of partnership and profit-sharing matrix, rules and regulations to be followed for intake of partners or removal.

.
.
.

An Advantages of Partnership Firm
===================================

There are Partnership firm registration has more advantages than disadvantages. Here, we have mentioned the advantages of Registering a Partnership firm.

.

1. Consciousness of Ownership

The partners have the liberty to manage and control the firm's activities, As every Partner is the owner. The tasks might be varied, but people in a Partnership firm are together for a common cause. Ownership creates a higher sense of accountability and belongingness, which helps in creating a diligent workforce.

2. Rights To Decision Making

In a Partnership firm, decision-making is faster as there is no concept such as passing the resolution. The Partners of Partnership firms in India enjoy a range of powers as they can undertake any business on behalf of the Partner's consent.

3. Very Easy to Start

Partnership firms are more comfortable to set up, and the only requirement in most cases is a Partnership deed.

4. Funds Raising

A Partnership firm can quickly raise funds as compared to a Proprietorship firm. Even the banks find Partnerships more favorable while sanctioning credit facilities in comparison to a Proprietorship firm.

.
.

Partnership Firm Registration Process
===================================

.

Step 01
Complete our Partnership Form
You are required to fill the details in our simple online questionnaire and submit documents.
Step 02
Verification of Documents
For further procedures, details provided by you will be verified by our experts.
Step 03
Partnership Deed Drafting
Further after submitting your documents we shall draft your Partnership deed.
Step 04
Apply for TAN & PAN
We will create all the required documents and file them with ROC on your behalf.

.
.

What Kind of Documents Required For Partnership Firm Registration
==========================================================

.

Here are these documents required for partnership firm registration:

.

  • Statement in Form 1 with the prescribed fees
  • Notarised True copy of the Partnership Deed stating the following :
    • The Name of Firm
    • 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
  • 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)
  • Copy of PAN Card of partners
  • Copy of Aadhaar Card/ Voter identity card

Note: The Statement must be signed by all the partners of the firm and must also be verified by affidavit in the prescribed manner.

.
.

Here are Best Services Plans
==========================

.
.



Accounts

Free Trial

Sub-domains

Basic

Rs. 2100/-

ONE TIME FEE

Draft partnership Deed

Apply PAN & TAN

NA

NA

NA

NA

Standard

Rs. 4999/-

ONE TIME FEE

Draft partnership Deed

Apply PAN & TAN

GST Registration

First 3 Month GST Return Filling

Free A/c Software

NA

PREMIUM

Rs 13999/-

ONE TIME FEE

Draft Partnership Deed

Apply PAN & TAN

GST Registration

1st year GST Return Filling

Free A/c Software & Bookkeeping

1st year ITR Filling