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SAVE 30% COST!!! Partnership Registration
A Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and goals set out in the Partnership Deed. Partnership registration is relatively easy and is prevalent among small and medium sized businesses in the unorganized sectors. Partnership Registration is done through Legalraasta.
For Partnership Registration, you must agree on a firm name and then establish a partnership deed. It is a document stating respective rights and obligations of the partners and to be valid it should be written and not oral. The terms of the Partnership Deed can be varied to suit the interests of the partners and can even be made contrary to the Indian Partnership Act, 1932 but if the Partnership Deed is silent on any point, then the provisions of the Act would apply.
Partnership Registration Process
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Documents Required for Partnership Registration in India
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FAQs for Partnership Registration
To start a partnership firm, the minimum number of partners is two, whereas the maximum number of partners can be 20. The partners must come together to carry on any legal business with the motive of earning profits.
To start a partnership firm, the minimum number of partners is two, whereas the maximum number of partners can be 20. The partners must come together to carry on any legal business with the motive of earning profits.
Though the Indian Partnership Act, 1932 does not make registration of partnership mandatory, section 69 places certain disadvantages to an unregistered firm. Following are the disadvantages of an unregistered firm.
- Only a registered partnership firm can claim a set-off
- An unregistered partnership cannot recover any sum due from third parties if the amount in question is more than Rs. 100/-
- Only a registered partnership firm can file a legal suit in the court of law for the enforcement of rights against partners.
- The partners of an unregistered firm cannot file suit against another partner of the firm or the firm itself.
Hence, we strongly advise registering the partnership firm. An unregistered firm can be registered at any time. Every state government has established the office of the registrar of firms, which is vested with the powers to register the firm and issue the Certificate of Registration of the Firm and a copy of the extracts of the register of firms where the partnership name has been entered.
The application for registration of partnership firm is filed with the Registrar of Firms having jurisdiction over the place of business of the partnership firm. The registrar of firms after receipt of the application complete in all aspects with all required documents, registers the firm within 1-2 weeks and issues the Certificate of Registration of Firm.
The law does not provide any specific format for the partnership deed, it is up to the partners what they agree and reduces in writing at the time of starting their partnership firm. The partnership once entered can be changed any number of times. However, each amendment of the deed must be filed with the registrar for its registration. Below are the list of items which should form part of the agreement.
- The main object and activities of the Firm,
- The effective date of the Firm,
- The duration of the Partnership Firm,
- The clause relating Capital Contribution,
- Profit sharing ratio of the partners,
- Management and Administration of Partnership Firm,
- How to resolve disputes,
- The deed must be signed before two witnesses,
- The deed should be notarized
The stamp duty on the partnership deed varies from state to state, and within one state, it further varies based on the capital of the firm. You must correctly consider the applicable stamp duty on the partnership deed. The notary of the deed is an essential requirement for partnership registration.
Yes, a partnership firm can be converted easily into a Limited Liability Partnership or a Private Limited Company. The partnership is an old method of doing business; we always recommend to start a business in the Private Limited form