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Information Guide.

  • PAN Card Copy & Aadhar Card Copy of All Partners
  • Address Proof of all Partners – Latest Bank Statement, Utility Bill, Passport, Aadhar, Driving License
  • Address Proof of Business – Rent Agreement if rented or Sale Deed if self-owned
  • Registered Partnership Deed
  • Photograph of Partners

No, it is not compulsory.

There are strong reasons to register the partnership deed, particularly because unregistered entities have severe restrictions with respect to legal enforcement of the partnership deed.

No minimum capital is required for the registration of a partnership firm.

The effects of non-registration of a partnership firm are as follows:

  • Cannot Sue Firm: A partner in an unregistered firm cannot file a suit against said firm or his/her partners to enforce any rights arising from the contract. It also includes rights conferred by the Partnership Act unless the partner’s name is entered into the Register of Firms as a partner in the firm.
  • Cannot Sue Others: An unregistered firm has no ability to file a suit against a third party to enforce a right arising from a contract unless the firm is registered and the persons suing are or have been shown in the Register of Firms as partners in the firm.
  • No Set-Off: As part of an unregistered firm, you, your partners or the firm cannot claim a set-off (this refers to the mutual adjustment of debts owed) in a dispute with a third party.

A minimum of two partners is required for a partnership firm.

Qualifications:

  • Individual: An individual, who is competent to contract, can become a partner in the partnership firm. If there are more than two partners in a firm, an individual can be a partner in his individual capacity as well as in a representative capacity as Karta of the Hindu undivided family.
  • Firm: A partnership firm is not a person and therefore a firm can not enter into a partnership with any firm or individual. But a partner of the partnership firm can enter into a partnership with other persons and he can share the profits of the said firm with his other co-partners of the parent firm.
  • Hindu Undivided Family: A Karta of the Hindu undivided family can become a partner in a partnership in his individual capacity, provided the member has contributed his self acquired or personal skill and labor.
  • Company: A company is a juristic person and therefore can become a partner in a partnership firm if it is authorized to do so by its objects.
  • Trustees: Trustees of private religious trust, family trust and trustees of Hindu mutts or other religious endowments are juristic persons and can, therefore, enter into a partnership, unless their constitution or objects forbid.

The application for registration of partnership firm is filed with the Registrar of Firms having jurisdiction over the place of business of the partnership firm. The registrar of firms after receipt of the application complete in all aspects with all required documents registers the firm within 1-2 weeks and issues the Certificate of Registration of Firm.

The main factors of a partnership firm are as follows:

  • Name of the firm.
  • Names and addresses of partners.
  • Nature of business.
  • Place of business.
  • Capital contributed by each partner.
  • Profit-sharing ratio.
  • Duties, powers, and obligations of all partners.
  • Preparation of accounts and their auditing.
  • Whether interest is payable on capital.
  • Whether interest is charged on drawing.
  • Whether interest is payable on the loan provided by the partners.
  • Salary payable to partners.
  • Method of solving disputes.
  • Provisions regarding dissolution.

It is not mandatory to notarize the partnership deed.

A partnership deed is created on a judicial stamp paper of Rs. 2,000/- and has to be signed by all the partners. It contains the rights and duties of the firm and the partners.

Minimum 12-14 working days, which may vary depending on the situation.

  • GST filing
  • TDS filing
  • ESI Return
  • Service Tax or VAT.

If the turnover exceeds one crore annually, then it is mandatory to proceed for the audit.

Still have doubts ? don't worry.

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$ 39
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Monthly
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