Logo Logo

Partnership Firm

How can I register a partnership business in Kolkata, India? A company registrar receives a copy of the partnership agreement. The correct name for a partnership firm is a registered partnership firm. The Steps for Registering a Partnership Firm. Please register a partnership at the office in your area.

Shape

Connect with our Expert Team for Free

Shape
Shape
Shape
Shape
Shape

A Summary of Online Partnership firm Registration in India

How may a partnership business in Kolkata, India be registered? The partnership agreement is filed with a business registrar. A registered partnership firm is the proper term for a partnership firm. A Partnership Firm's Registration Process in Steps.Please go to your nearby office to register a partnership.

Most entrepreneurs are familiar with the sort of business structure known as a partnership firm. All of the company's partners like this form of corporate structure when it comes to making a profit. Typically, a group of people known as partners run, oversee, and own the business with some of their own cash. Registered and non-registered partnership businesses are the two main sorts. Although registering a partnership business is not required in India, doing so is strongly advised. A registered partnership firm is entitled to a number of benefits that do not apply to unregistered businesses.

According to the Partnership Act of 1932, a partnership registration of a business can be completed with relatively little paperwork, regulations, and procedures.

 Registered and non-registered partnership businesses are the two main sorts. Although partnership business registration is not required in India, it is strongly advised. A registered partnership firm is entitled to a number of benefits that do not apply to unregistered businesses. According to the Partnership Act of 1932, a partnership business can be registered in India with relatively little paperwork, restrictions, and requirements.

Documents required for Partnership Firm Registration registration in India

  • Partnership Deed

A partnership deed is an agreement created and written by the firm's partners that outlines all the policies, obligations, rules, procedures, methodologies, functions, and ownership stakes of the company. A partnership document must be registered online in order to prevent future disagreements, inconvenience, and conflicts between the partners.

On judicial stamp paper, which costs around Rs. 2000, a partnership deed is produced and signed by all of the partners or members.

  • PAN Card

All the registered partnership firm or the members of the partnership firm are required to present their PAN cards as their identity proof.

  • Address Proof

All the designated partners have to present a copy of their address proof such as Aadhar card, voter id, driving license, ration card etc. The address and information given in the address proof document should match with PAN card information.

  • Office Address Proof

Address proof of the registered working place has to be submitted. If the registered office place is a rented property, then the applicant has to present the rent agreement with a utility bill such as electricity bill, gas bill, water bill,  property tax bill, and so on.  And also the applicant should submit the No Objection Certificate or NOC from the owner of the registered office place.

Registration Procedure of Partnership Firm in India

  • Select a Unique name for the partnership firm
  • File Form 1 application of partnership firm registration.
  • Submit the filled application form to the Registrar of Firm of the state where the firm is going to start. The application form has to be filled in prescribed format with specified fees amount.
  • A partnership deed is planned and prepared properly with the consent of all the partners or the members of the firm on the stamp paper. Following are important components of Partnership Deed:
  • Information of the partners and firm such as name,  qualification, address, etc.
  • Nature of the business and the business activities involved
  • Details about The capital contribution made by all partners of the firm
  • Shares and the interest of all the partners
  • Details about the sharing of Profit and loss ratio among all the partners of the firm
  • Rules, regulations, rights, duties, commissions, salaries, or payable amount of the partners of the firm
  • Details of loans offered by the partners of the firm
  • Process or circumstances that would be followed if a designated partner is death or getting retirement
  • Other articles made with mutual consent of all the members or partners of the firm
  • Submission of all documents required for partnership registration with the partnership deed which was prepared by the partners of the firm.
  • After submission, the documents are verified by the concerned authorities. If everything falls under the provisions of the act, the registration certificate is granted to the firm.

Frequently Asked Questions

What are the minimum and the maximum number of members or partners needed for the registration of a Partnership firm in India?

Minimum of 2 individuals and a maximum of 20 individuals is needed for the registration of a partnership firm company.

Who can be the partners in a Partnership firm?

The individuals who are residing in India can only become partners or members in a Partnership firm. Foreign Individuals who want to form their business in India can choose Private Limited Company.

Is it possible to convert a partnership firm into a Private Limited company?

Yes, a partnership firm can be converted into a Private Limited company by submitting the prescribed form to the concerned authority.

What is the capital amount needed for the Partnership Firm Registration in India?

There is no minimum capital requirement for the registration of a partnership firm in India. All it needs is the balance in the current bank account.

How can you apply for the PAN card for the Partnership firm?

Once the partnership deed is notarized, you can apply for the PAN Card. You can take our assistance and guidance if you need to apply for PAN for the Partnership Firm.

Is it necessary for the partnership firms to submit an annual return to the Registrar of firms?

As per the Partnership Act, 1932, there is no such provision of the audit necessary for the Partnership Firm. However, if the turnover of the firm is more than 2 Crores, then it is mandatory to get the account books audited.