Partnership Firm2022-09-26T20:00:14+05:30

Online Partnership Firm Registration

A partnership firm is a form of business organization in which 2 (two) or more persons come together to undertake some form of business activity and agree to share profits and losses of the business through a written agreement. It is suitable for small businesses having less compliance requirements.

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    Online Partnership Firm Registration

    A partnership is an alliance of two or more persons who agree to combine their financial resources and managerial abilities to run a business and share profits/losses in an agreed ratio. The persons who have agreed to join in partnership are individually called “Partners” and collectively a ‘Firm’. A partnership firm can be formed with a minimum of 2 (two) partners, and it can have a maximum of 50 partners.

    Partnership firms in India can be divided into two categories, namely, registered partnership or unregistered partnership. Registered partnership firms are those firms having a registration certificate from the Registrar of Firms. All other partnerships that do not have a registration certificate would be classified as unregistered partnership firms. After the introduction of Limited Liability Partnership (LLP), general partnership firm has turned out to be a less favourable option by the businesses due to unlimited liability of partners, non-transferability of partnership and absence of central authority, etc. However, easier formation, low costs of registration and compliance, and minimal compliance make it a sensible option for some businesses that have minimal debt requirements.

    Features of Online Partnership Firm Registration

    • Registration

    The registration of a partnership firm is optional and not compulsory under the Indian Partnership Act. However, it is always advisable to register the partnership firm, as a registered firm enjoys certain special rights and benefits as compared to the unregistered firms.

    • Lawful Business

    A partnership firm can be formed only on the basis of a lawful business activity. Its business may include any trade, industry or profession. It can engage in any activity such as production and/or distribution of goods and services with a view to earning profits.

    • Agreement

    Partnership is formed on the basis of an agreement between two or more persons to carry on business. The terms and conditions of partnership are laid down in a document known as Partnership Deed.

    • Sharing of profits and losses

    In a partnership firm, partners are entitled to share in the profits and are also to bear the losses, if any at an agreed ratio.

    • Unlimited Liability

    The liability of partners is unlimited as in the case of a sole proprietorship. In case some obligation arises, then not only the partnership assets but also the private property of the partners can be used to pay off the debts of the partnership firm.

    • Restriction on transferability of interest

    : No partner can transfer his interest in the partnership to any other person. He may, however, do so with the consent of all other partners.

    • Continuity

    A partnership comes to an end if any partner dies, retires or becomes insolvent. However, if the remaining partners agree to work together under the original firm’s name, the firm will not be dissolved and will continue its business after settling the claim of the outgoing partner.

    • Taxation

    Every Partnership Firm has to pay taxes on its profit and in order to avoid double taxation, the partners are not required to pay tax on the share profit they receive from Partnership Firm.

    Advantages of Online Partnership Firm Registration

    • Easier Formation

      It is not mandatory for a partnership firm to be registered unlike Companies and LLPs, therefore it can be formed just with the help of a partnership deed and without much legal formalities and expenses.

    • Low Compliances

      A partnership firm has lower compliances as compared to a company or LLP. There is no mandatory requirement for the conducting the statutory audit or annual ROC filing and the partners of a firm do not need Digital Signature Certificate (DSC), Director Identification Number (DIN) etc.

    • Flexibility in operations

      A partnership firm is operated on the basis of Partnership Deed executed by the partners mutually. The partners have the flexibility of amending the partnership deed with the consent of partners and can change the business objectives, add or remove the partners, dissolve the firm in accordance with the Deed.

    • Lower Registration Cost

      The cost of registering a partnership firm is low as compared to the cost of incorporating a private limited company or an LLP.

    Minimum Requirements For Online Partnership Firm Registration

    • Name of the Partnership Firm

    • Minimum 2 Partners

    • Minimum Contribution of 2 Rupees

    • Partnership Deed between the partners

    What Is Included In Our Online Partnership Firm Registration package?

    • Partnership Firm PAN

    • Partnership Firm TAN

    • Drafting of Partnership Deed / Agreement

    • Filing Partnership Deed / Agreement with the Registrar of Firm

    • Certificate of Registration of Partnership Firm (This is optional and shall be charged extra)

    • Supporting Document for opening Bank Account

    • Partnership Firm Registration Kit

    Procedure for Features of Online Partnership Firm Registration

    • Collection of Required Information & Documents

      In the first step, we shall collect the required information and documents as per the checklist. We shall verify and confirm the documents and information provided by you and then proceed towards next step.

    • Selection of Name

      A partnership firm does not require name approval from government authorities. Any name which is not identical to an existing business or which is not prohibited under any law can be selected by the firm. The name of the partnership firm should be ideally unique and suggestive of firm’s business.

    • Preparation and Drafting of Partnership Deed

      Once the name is selected by the applicant, we shall prepare and draft the partnership deed/agreement. A partnership deed shall contain all the rights, duties, profits sharing ratio and other obligations of each partner. Stamp duty as per applicable rate has to be paid on such agreement.

    • Application for Registration of Firm

      After the partnership deed/agreement is signed by all the partners and notarised by the Notary Public, it shall be submitted to the Regional Registrar of Firms of the state along with the application form, government fees and other required documents for registration of the Partnership Firm.

    • Get Certificate of Registration

      Regional Registrar of Firms shall verify the application submitted and issue a registration certificate to the Partnership Firm. However, the process and time period shall vary as per different Registrar of Firms of different states.

    • Application for PAN and TAN

      After the partnership deed/agreement is prepared, simultaneously we can make an application for PAN and TAN of the Partnership Firm. You shall receive an E-Copy of PAN and TAN within 5-7 working days, and thereafter a physical copy of same.

    • Opening of Bank Account

      Now, in the final stage, you can approach any bank and open a current account with it. You need to submit all the above documents for opening the bank account.

    Documents Required for Online Partnership Firm Registration

    • Passport-sized photograph of Partners

    • Scanned copy of Identity proof and address proof such as PAN Card/Aadhaar Card/Voters ID/Passport/Driving License etc of partners

    • Address proof for the office address such as utility bill such as Electricity bill/Mobile Post-paid bill/Landline Post-paid bill/Gas bill/Water bill of partners

    • Scanned copy of No-objection Certificate from property owner or whose name appears on such utility bill or rent agreement/lease deed

    • Any other Information as may be required.

    FAQ

    Who can be a partner of a Partnership Firm?2021-12-23T15:58:52+05:30

    Any individual who is competent to enter into a contract or a body corporate established under the law may be a partner of a Partnership Firm.

    Does a Partnership Firm have separate existence?2021-12-23T16:02:22+05:30

    No, a partnership firm does not have a separate existence apart from its members.

    How can a person become a partner of a Partnership Firm?2021-12-23T16:02:36+05:30

    All the person who has given their consent as a partner in the Partnership Deed/Agreement shall become partners of the Firm. Post incorporation, new partners can be admitted to the firm as per rules and requirements prescribed under the Partnership Deed/Agreement.

    How should we keep the ending word name of a Partnership Firm?2021-12-23T16:03:06+05:30

    The ending word of Partnership Firm can be as per liberty of partners, it may contain words such as “And Associates”, “And Company”, “Enterprises” etc.

    How can I protect the unique name of my Partnership Firm?2021-12-23T16:03:27+05:30

    In order to protect your unique name, you can apply for trademark registration of the Partnership Firm name.

    What is a Partnership Deed/Agreement?2021-12-23T16:04:12+05:30

    Partnership Deed or Partnership Agreement means any document between the partners of the firm which determines the rights, duties, roles, responsibilities, liabilities of the partners, it clarifies the managerial, operational as well administrative responsibilities and sets clear methodologies for decision-making, adding a new partner and disassociation of existing partner, etc. The agreement can be either in written or oral form.

    Can a Partnership Deed/Agreement be registered at a later date?2021-12-23T16:04:32+05:30

    Yes, an unregistered partnership can be registered at any time after its formation.

    Is it required to get Partnership Firm’s books audited?2022-05-19T13:26:19+05:30

    There is no statutory audit for Partnership Firm. However, it shall get its book audited as per Income Tax Laws if its turnover crosses the specified threshold.

    Can I register a Partnership Firm on my home or residential address?2021-12-23T16:05:06+05:30

    Yes, you can register Partnership Firm at your residential address. You need to submit the utility bill copy of your home address along with the No Objection Certificate from the owner of the premises.

    Can NRIs/Foreign Nationals become partners in a Partnership Firm in India?2021-12-23T16:06:08+05:30

    Yes, NRIs and Foreign National can become partners in a Partnership Firm with the required documents and by complying with the FEMA Guidelines.

    Can I admit any other Company or Body Corporate as a partner in my Partnership Firm?2021-12-23T16:06:00+05:30

    Yes, you can admit any Private Limited Company, Public Company, LLP, or a Body Corporate as a partner in your Partnership Firm.

    Is GST mandatory for a Partnership Firm?2021-12-23T16:05:51+05:30

    GST registration is required for those businesses whose aggregate turnover crosses the prescribed limit or such business that does the interstate supply of goods/services. So, every Partnership Firm has to check whether it supplies goods to different states or qualifies for the prescribed turnover limit or other conditions as specified under GST laws.

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