Partnership Firm Registration

KEY Points to remember

-A partnership firm is a type of business structure where two or more people come together to carry on a business with a view to earning a profit.
-Partners in a partnership firm have unlimited liability.
-Each partner in a partnership firm has the right to participate in the management of the business.
-An individual, HUF and company can be partner in partnership.
- A Partnership firm Can't be a Partner in any kind of Partnership firm.
- No Statutory Audit Required in case of Partnership Firm.
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PARTNERSHIP FIRM

Know what is Partnership Firm? and how it is registered?

What is a Partnership Firm?

  • Persons who have entered into partnership with one another to carry on a business are individually called “Partners“; collectively called as a “Partnership Firm”; and the name under which their business is carried on is called the “Firm Name”
  • A partnership firm is not a separate legal entity distinct from its members. It is merely a collective name given to the individuals composing it. Hence, unlike a company which has a separate legal entity distinct from its members, a firm cannot possess property or employ servants, neither it can be a debtor or a creditor. It cannot sue or be sued by others.

    • How to register Partnership Firm?

    Formation of partnership firm is very easy, it can be formed by drafting partnership deed on stamp paper as applicable in state of registered office. Partnership deep can be registered with jurisdiction registrar office. Below is the process of registration of Partnership firm:

    # Drafting Partnership Deed: We need to Prepared the Partnership Deed mentioning the Rights & Duties of Every Partner.While Drafting Partnership Deed we need to Dislose the Capital Contribution and % of Profit Sharing of each and Every Partners.

    # Register of Deed with Registrar: After being Finalization of Draft Deed,all Partners need to Sign the need along with 2 Witness.Signed Deed need to get Registered with the Registrar lying at Jurisdiction of Registered office of Partnership Firm.

    # Take GST Registration: After incorporation, access your business and take necessary registration including GST registration. This is because working without tax license is illegal in India.

    # Pan Card Application: After being Successful Registration of Partnership Deed,we will apply for Pan Card of the Partnership Firm.

    Know the basics

    Learn the basics about Private Limited Company & its compliance

    Documents Required

    Requirement for Registration

    Total Process Involved

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    Time & Cost Involved

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    Mandatory Compliance

    Documents required for Partnership Firm Registration

    For Directors/Shareholders

    • Self-attested PAN, Aadhar of all proposed partners.
    • Self-attested voter ID card/ driving license/ passport of all partners.
    • Passport size photo of all proposed partners.

    For Registered Office

    Partnership Firm Registration Process

    Partnership Firm Registration process is very simple with Tax2know. The whole procedure is completely online and one need not visit our office physically to get the FIrm registration.

    # Step 1 - Arrange all required documents: The first step is to arrange all the documents and send the same over the email to us. We will check it and if everything is fine, you will required to pay 50% advance.

    # Step 2 - Drafting of Deed: After receiving the required documents and 50% advance, we shall start your work. and Draft Partnership Firm Deed and send you for Finalization and Approval.

    # Step 3 - Register with Registrar: Once your Deed got Finzalized and Signed, you will be required to pay the rest of the amount and then we will file your deed for Registration at Respective Registrar.