Partnership Firm Registration

INTRODUCTION

A partnership is a simple business organization where 2 or more people join together to carry one a business and share the profits and liabilities. It is not a separate legal entity but rather a collective name given to the individuals comprising it. It does not have much compliances and can be registered as follows:

PROCESS

1. First, a unique name is to be selected for the Partnership Firm

2. Secondly, a Partnership Deed is to be entered into. It is an agreement between the partners defining their rights, duties, profit sharing arrangement etc. It can be oral or written.

3. While registration of a Partnership Firm is not mandatory, it is advisable since a registered firm enjoys special privileges like it can bring a suit in a court of law.

4. Application of partnership registration in form 1 along with an affidavit, certified original copy of the Partnership Deed and proof of principal place of business is to be submitted to the Registrar of Firms who shall then issue a Certificate of Registration. This process can take from 12-14 days.

ADVANTAGES / FEATURES

1. It is easy to start since the only requirement is a partnership deed.
2. Decisions are making faster due to the absence of a requirement of passing resolutions.
3. It can easily raise funds in comparison to a proprietorship.
4. There is unity due to a sense of ownership that each of the partners have in owning and managing the business.

DOCUMENTS REQUIRED

PAN Card and address proof of partners along with PAN card of the firm and proof of registered address of firm.

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