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Plastic waste management
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Partnership Firm Registration
A partnership firm is a type of business entity in which two or more individuals come together to carry on a business with a view to making a profit. In a partnership firm, the partners share the profits and losses of the business in a predetermined ratio as per the partnership agreement. A partnership firm registration is relatively easy to form and is governed by the Indian Partnership Act, 1932.
Expert in Partnership Firm Registration
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Overview of Partnership Firm Registration
A Partnership firm registration in India is governed by the Indian Partnership Act, of 1932. According to this act, a Partnership is defined as ‘the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all’. This definition gives three minimum requirements to constitute a partnership firm.
• Agreement between persons desiring to form a partnership whether oral or written,
• The object of the agreement is to share the profits of the business, and
• The intended business must be carried on by all the partners or by any of them acting for all of them.
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. However, 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 limited liability, which means that partners are not personally liable for the debts of the business.
- The partners in a partnership firm are the owners, and thus, are not separate entities from the firm.
- Any legal issues or debt incurred by the firm is the responsibility of its owners, the 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 a maximum of 20 partners.
- The consent of all the partners plays an important role in matters like the admission of new members, dissolution of the firm, conversion of the firm, etc.
Advantages of Partnership Firm Registration
|No Minimum Capital||There is no prescribed any minimum capital requirement for obtaining registration allowing small businesses to reap the benefits of a registered partnership.|
|Credibility||A registered partnership is considered as more credible for borrowing purposes than an unregistered partnership.|
|Conversion||One of the registering partnership that it easy to change the legal structure.|
|Better decision-making||Partners share the decision making and can help each other out when they need to. More partners mean more brains that can be picked for business ideas and for the solving of problems that the business encounters.|
|Greater flexibility||Due to the limited number of partners, there is flexibility in the operations of the business as the partners can amend any objectives or change any operations any time by mutual consent.|
|Ease of formation||A Partnership is easy to form as no cumbersome legal formalities are involved Registration is not compulsory in the case of the Partnership firm. It can be formed without any legal formality and expenses.|
|Minimal Compliances||General Partnerships do not need to appoint an auditor or, if unregistered, even file annual accounts with the registrar. Annual compliances are also fewer as compared to an LLP. General Partnerships do need to file Income Taxes and, depending on turnover, service and sales tax.|
|Relatively Inexpensive||A General Partnership is cheaper to start than an LLP and even over the long-term, thanks to the minimal compliance requirements, it is inexpensive.|
Step 1: Choose Name: Firstly, a name should be decided on the intended business. That name should be unique i.e. not resembling the name of an existing firm & as per the guidelines issued.
Step 2: Partnership Deed Drafting: A Legal Suvidha Financial Expert will first understand your business, Partners, Partnership structure and other relevant details to draft a Partnership Deed that is acceptable to all Partners.
Step 3: Partnership Deed Registration: Based on your requirements and the service level you have requested from Legal Suvidha Providers, we will help you register the Partnership Deed with the relevant authorities to make the Partnership a Registered Partnership Firm. The whole process will take 10-12 working days.
1. ID and Address Proof of Partners like Pan Card/Passport/Voter ID/Aadhar Card/Driving License Copy of the Partners.
2. If Property on Rented: Rent Agreement and NOC from Landlord.
3. if Property is own: Need Electricity Bills or any other Address Proof.
4. Affidavit declaring an intention to become a partner
FAQ's Partnership Firm Registration :-
What is the difference in the documentation for Registered Partnership Firm and Unregistered Partnership Firm?
In Registered partnership Firm Every partner needs to verify and sign the application & ensure that the following documents and prescribed fees are enclosed with the registration application: • Application for Registration in the prescribed Form – I. • Duly filled Specimen of Affidavit. • Certified copy of the Partnership deed on appropriate non-judicial stamp paper. • Proof of ownership of the place of business or the rental/lease agreement thereof. • Affix court fee stamp & payment of a prescribed fee for registration by demand draft. And, In Unregistered Partnership Firm A Partnership deed on appropriate non-judicial stamp paper duly signs by every partner required to be notarized by a notary is require executing and from that date Partnership Firm deemed to be registered.
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.
Any person who is an Indian citizen and a Resident of India can become a partner in a partnership firm. However Non-Resident Indians can only invest in a partnership with after obtaining prior approval of the Government.
Yes, an existing partnership firm can be converted into a company or LLP.
The partners in a partnership firm are the owners, and thus, are not a separate entity from the firm. Any legal issues or debt incurred by the firm is the responsibility of its owners, the partners. The partners have unlimited Liability.
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.
No, registration of a partnership is not necessary. However, for a partner to sue another partner or the firm itself, the partnership should be registered. Moreover, for the partnership to bring any suit to court, the firm should be registered. For this reason, it is recommended that larger businesses register the 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 the intake of partners or removal.
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I have recently registered a Private Limited firm and was looking for a CA to take care of the filings, Startup India Certificate, and other formalities. I have received emails from legal Suvidha and a few others. I tried talking to them all. But, Mr. Mayank from Legal Suvidha was very impressive and was patient enough, prompt to answer all the queries. He has a very professional team and after the initial formalities, I started interacting with the team. It's not even 2 weeks but I really feel overwhelmed by their service and professionalism. I received my startup India certificate yesterday and my filings have been done promptly. The team at legal suvidha Ms. Nidhi, Ms. Priyanka, Ms. Koshika, and Ms. Saloni all show the same professionalism and are readily available to take care of the official filings and stuff. Overall a great experience till now and looking forward to a great journey!
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