Apply for Partnership Registration

Partnership Registration

A Partnership is one of the most important forms of a business organization, where two or more people come together to form a business and divide the profits thereof in an agreed ratio. A Partnership is easy to form, and the compliance is minimal as compared to companies.

Name and Agreement

Name given to the Partnership firm

Any name can be given to a partnership firm as long as you fulfill the below-mentioned conditions:
The name shouldn’t be too similar or identical to an existing firm doing the same business,
The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.

The agreement between partners formed

Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned.
Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future.

Partnership Deed

General Details

1. Name and address of the firm and all the partners
2. Nature of business
3. Date of starting of business Capital to be contributed by each partner
4. Capital to be contributed by each partner
5. Profit/loss sharing ratio among the partners

Specific Details

1. Interest on capital invested, drawings by partners or any loans provided by partners to firm
2. Salaries, commissions or any other amount to be payable to partners
3. Rights of each partner, including additional rights to be enjoyed by the active partners
4. Duties and obligations of all partners
5. Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm.
6. Other clauses as partners may decide by mutual discussion

Registration Process

An application form along with fees is to be submitted to Registrar of Firms of the State in which firm is situated. The application has to be signed by all partners or their agents.

Document 1

Application for registration of partnership (Form 1)

Document 2

Specimen of Affidavit

Document 3

Certified original copy of Partnership Deed

Document 4

Proof of principal place of business (ownership documents or rental/lease agreement)

FAQ

To register a partnership firm, you need to send an application in form no. 1 along with fees, requisite fees, and a true copy of the partnership deed. All these things need to be sent to the registrar office, Proof of place where you settled your business. If the registrar checks all the documents and fell satisfied then he will register the firm and issue the certificate of the registered firm.

To register a partnership firm in India, it will take up to 14 working days. However, it also varies as per state rules and regulations.

It only happened if you do any illegal work on your registered firm then the court may consider the partnership invalid.

Every partner is completely liable. If any loss occurs or any injury happens during the period of partnership. All the partners will face together, if something happens with only one partner then also it is the responsibility of all the partners.

The registration of Partnership Firm in India can take up to 12 to 14 working days. However, the time taken to issue a certificate of incorporation may vary as per the regulations of the concerned state. The registration of Partnership Firm is subject to Government processing time which varies for each State.

Often, if the partnership agreement is not registered, the court may deem a partnership invalid. If the object of the business is illegal, the court may consider the partnership invalid and dissolve the partnership.

Often, if the partnership agreement is not registered, the court may deem a partnership invalid. If the object of t

Indian Partnership Act, 1932 governs the partnerships. Registration of partnership firm is optional and at the discretion of the partners.

Registration of partnership firm may be done at any time – before starting a business or anytime during the continuation of partnership.

It is always advisable to register the firm since a registered firms enjoy special rights which aren’t available to the unregistered firms.

he business is illegal, the court may consider the partnership invalid and dissolve the partnership.

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