Partnership Firm Registration

What is a Partnership Firm? 

A partnership firm is governed by the provisions of the Indian Partnership Act 1932. Section 4 of The Partnership Act, 1932, defines “Partnership” as is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered into partnership with one another are called individually, “partners” and collectively “a firm”, and the name under which their business is carried on is called the “firm-name”. 

Therefore, a Partnership is a relation between two or more persons who join hands to form a business organisation to earn a profit. The persons who join hands are individually known as ‘Partner’ and collectively a ‘Firm’. The name under which the business is carried on is called ‘firm name’. XYZ & Co, Ram & Co, Skill Pro Hub etc. are the names of partnership firms.

Taj and Associates offers a full range of services other than partnership services, including support for Indian owners (OPC, Proprietary concern, LLP, Pvt Ltd, Trusts/Societies), foreign owners (Subsidiary Company, Branch/Liaison Office), and special entities (Section 8 Company, AOP), ensuring compliance and efficiency.

About Registration of Partnership Firm

To form a Partnership firm minimum two persons are required and unlike Company or LLP, Partnership firm doesn’t have a separate legal entity. The Partnership firm can be registered or unregistered and the option is left to the partners. However, it is advisable to register a firm under Partnership Act 1932, to avail legal benefits and benefit of safeguards provided in the Partnership Act 1932. A firm can be registered registrar of firms of the respective jurisdiction.

What are the Documents required for forming and registering a partnership firm? 

1. Notarized and Certified copy “Partnership Deed” on Stamp paper 
2. Application for Firm Registration in Form-1.
3. Pan card of all the Partners.
4. ID Proof and Address proof of all the Partners.
5. Ownership documents along with Property tax paid receipt of “Business Premises” is self owned by any of the partners. 
6. Rental/Lease Agreement if business premises are on rent along with electricity bills.

What is the information required to draft a Partnership Deed?

‘Partnership Deed’ is a document that lays down terms and conditions for starting and running the partnership firm. This agreement can be oral or written. However, it is always advisable to insist on a written agreement among partners in order to avoid future controversies. Following information’s are required to draft a ‘Partnership Deed’

1. Choose a Name for the Firm and Name should not be identical or similar to existing firm and also ensure that “your name” does not infringe on a registered trademark. 
2. Brief about the nature of business of the firm.
3. Place or principal place of business of the firm. 
4. The Names, DOB, Father’s Name, and permanent addresses of the partners .
5. Date of Commencement of Business.
6. Capital Contribution by each partner.
7. Profit Sharing Ratio among the partners.
8. Remuneration, Interest on Capital terms.
9. Duties, roles, responsibilities, management and rules to be followed in case of requirement, death or admission of a new partner.
10. Any other matters to be included in the dee

With regard to Partnership firm registration, we provide the following Services 

1. Drafting of the Partnership Deed 
2. Registration of Firm with the Registrar of firm 
3. Reconstitution, Amendments in the Firm and amending the same with the registrar 
4. Dissolution of partnership firm. 
5. Obtaining Post Incorporation Registration like GST, S&E, PT, PF, ESI, Udyog Aadhar/MSME, Any other applicable registration. 
6. Filing Income Tax returns of the Firm and Partners. 
7. Direct Tax and Indirect Tax Consultation. 
8. Accounting and Payroll processing Services etc.