Partnership Firm registration requires two or more persons for a common business under the agreement to manage, function and to share the profit and losses with a partners with their contribution or investment. If the number of owners are more than one then the Partnership firm registration is preferred. There is no fixed amount of share capital to start a firm, partners can fix an amount according to their business scale. partnerships should have a written partnership agreement needs to contains the company name, Registered office Address, Nature of business, profit and loss sharing ratio, etc.
An application should be submitted to the registrar for registering a partnership in the respective jurisdiction. The application and Partnership agreement has to be signed by all partners. The Registrar of the Firms will register the firm in Register and issue Certificate upon satisfaction of all the documents.
Step 1: name approval
The applicant before initiate the registration process, should get the name approval from the central government, because once the business reaches success we can avoid certain legal issues.
Step 2: Draft a partnership deed
In partnership firm drafting a deed is must, in this document they mentioned the sharing ratio and the objective and certain legal records in it
Step 3: Applying a PAN card in the partnership name
Need to apply PAN card in the name of partnership firm to the income tax department, applying PAN is the requirement to fulfil the obligation of the taxes
Step 4: filing a registration application:
In this section we have to mention the details about the company, the business nature and the commencement of the business
Step 5: submit the required documents:
For further steps we have to submit the required documents to register the partnership firm
Step 6: certificate from the registrar:
After examine the documents, the registrar issue the documents. The firm will be recorded in the register of firms.
A partnership firm shall be called as registered partnership firm, wherein the partnership deed is registered with a registrar of firms formed under the State government and complied all and necessary procedural formalities such as filing of return etc. as required under law. The partnership deed will not be registered with a registrar of firms in case of unregistered partnership.
Solubilis is the best service provider; we take 5-7 days to register the private limited company.
Capital is the initial amount in cash or kind contributed by the partners to start the business. It is not necessary for each partner to contribute equally to the capital. Contribution is based on the agreement between the parties.
Partners must be major (above the age of 18), should be sane and should not be disqualified by law from entering into a contract.
A minor admitted to the benefits of partnership, has the option to become a partner within six months of attaining majority. He has to give a public notice stating his acceptance or rejection of partnership. In the absence of a notice, it is considered that he has become a partner of the firm.
A Certificate of Partnership is a legal document filed with the state government to register a limited partnership. These vary by state and each has its own requirements, we recommend that you contact your State Department for more information about your State’s requirements.
If a partnership deed does not provide for duration or for dissolving the partnership in any manner, it is a Partnership at will.
Yes, a partner can transfer his interest in the business to an outsider, but only with the consent of all other partners.
A partnership firm cannot become a partner of another firm because it is not a legal person. However the partners may be partners in another firm in their individual capacity
The Partnership Act does not prohibit a non-citizen from joining an Indian partnership firm, subject to necessary clearances and permissions from satisfactory authorities in this regard.
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