What are the documents required for registration of partnership firms?
Below are the documents required for registration:
The partnership firm is formed with the mutual consent of all the partners to the business. The firm is formed, registered and governed by the provisions as enumerated under the Indian Partnership Act, 1932.
- Original Partnership Deed
- Application form in a prescribed manner
- PAN card of partners
- Address proof of partners
- Utility bill as business address proof
- Rent or lease agreement of business address (IF RENTED)
- NOC from the owner of the place (IF RENTED)
- Any other document as required by the registrar.
Is it compulsory to register partnership firms?
No there is no compulsion to register a partnership firm however if it is registered then the firm gains a lot of additional advantages such as the right to sue, prefer arbitration, approach the courts to resolve disputes hence registration is always preferred.
What is the process for registration of partnership firm?
The Indian partnership act lays down the following procedure for the purposes of registration:
- Making the Application: The first stage is to make the application in the manner prescribed. The required fees are to be attached to it and a true copy of the partnership deed also needs to be sent to the registrar of firms who has the jurisdiction over the area where the business is situated.
- Attaching the documents: The next stage is to attach the required documents along with the application as required. Some of those required documents are Registration Form (Form no. 1), duly filed affidavit, a certified copy of the partnership deed.
- Paying the fees: After the above stages are completed the next thing you need to pay is the required fees for registration.
- Naming the partnership firm: Another important thing which is to be kept in mind while registering the partnership firm is the name that is chosen by the partners. Once a firm is registered it has to use the term “registered” as a suffix. If the partners are not satisfied with the order of the registrar when it comes to the name of the firm, the partners have the right to appeal to the authorised personnel of the state government in this behalf. The period of appealing is 30 days from the date in which the order was passed.
- Entry by registrar: Once the registrar is satisfied that all the necessary compliances are met by the partners and after verifying the same. The registrar makes an entry in the “Register of Firms” and issues the ‘Certificate of Registration’ whereby the process of registration is said to be completed.
Post Partnership firm registration requirements:
- Bank account: To open a bank account in the name of the partnership firm within 30 days from the date of registration. For opening a bank account, you may require PAN and other documents which also needs to be made in the name of the registered partnership firm.
- Intellectual property registration: Intellectual property is an important aspect as it provides protection to the trademark and patents from being infringed. Hence the partnership firm after being registered must also go for the registration of intellectual property.
- GST registration: GST (goods and service tax) registration is required only if the business has an annual turnover of Rs. 40 lakhs (in some states 20 lakhs). GST is compulsory for businesses related to E-commerce, Export-Import and market place aggregators.
- Drafting the documents: Policies and procedures are essential elements to the growth of a firm. A partnership firm should draft their policies immediately upon registration.
How does Taxolawgy help you register your Partnership Firm?
- Provides free consultation by our team of experts.
- Connects with highly qualified lawyers, who:
- Help you get experts who shall register your partnership firm hassle-free and do the other things necessary for you.
- Solve all your queries
- Help you submit the correct paperwork