What is a Partnership Firm :Recognized Business Structure
A partnership firm is a fully recognize business structure formed with mutual consent of all the partners for a profitable purpose. The firm is managed, owned and controlled by a set of people that are termed as ‘partners’ and possess some shared capital in the firm.
Partnership firms are categorize as registered and non-registered firms. It is not a mandatory requirement when it comes to the registration process but it is definitely advisable to do so because of the repercussions of its non-registration.
Partnership firm registration offers a variety of benefits that do not apply to the firms that do not get themselves registered. Unregister firms do not get that access to any rights that they can exercise in case of any disputes, if any, among the partners. Read More: Startup Registration
Which section covers Partnership as per the Partnership Act, 1932?
Govern by Section 4 of the Indian Partnership Act, 1932, a partnership refers to the association between persons or partners who have given their consent to share the earnings from a business carried on by all or acting one of them for all.
A partnership firm registration process is quite effortless and can be successfully registered under the Indian Partnership Act, 1932 with the need of very less certification and paperwork.
Partnership Firm Registration
An association of two or more people who have agree to indulge in business activities is regarded as a partnership firm. The primary objective of such an entity is to earn gains.
Members of such a partnership firm are better know as ‘partners’. All the partners share the profits with each other and losses in proportion of their respective ownership rights.
In a partnership firm, the amount of money contributed is often huge because each partner can contribute to the total amount of capital that is require.
The decision making process in a partnership firm is a collective business. Every partner should be on the same line before taking any decision.
Without partnership firm registration, two partners cannot start their business venture.
Partnership Deed and its Registration
Partnership deed is a sort of agreement form within the partners that defines their rules, duties, methodology, functions, and shares. It assists to avoid future conflicts and disputes between the partners.
It is create and sign by all the members that usually costs approx 2000-3000 bucks. Read More: RNI Registration
Partnership deed registration is a must for all the partners. It is recommend because of the benefits it provides.
Preparation of partnership deeds is prepare with the consent of all the partners on the stamp paper. Partnership deed registration online is another factor to be take care of.
Which documents are to be submit?
Hand over all the essential documents along with the partnership deed you have with yourself. Some of them are list below:
PAN Card:
All the designate partners of the firm are require to submit their PAN cards as a documentary proof of their identity.
Address Proof:
All the partners have to submit a copy of their address proof that can either be their Aadhaar Card, Voter ID, Ration Card, Driving License, and so on. The address and details given in the document shall match details mentioned on the PAN card.
Significance of Registering a Partnership Deed
The registration of a partnership firm is not mandatory and completely stands optional at the discretion of the partners.
But partnership firm registration online can be work with the mutual consent of every partner.
It is voluntary and can be work at the time of its formation or incorporation or during the continuance of the partnership business.
However, it is always advisable to register the partnership firm because a register firm enjoys all the benefits. Special rights can be exercise too which only a registere partnership firm can reap.
If you are looking for online registration of partnership firms, you are absolutely at the right page.
Procedure to Register a Partnership Deed
The following is the procedure of partnership registration online:
- Fill up the application form
- Make payment online as per the package you are choosing
- Assign a dedicate legal expert for it
- Submit the documents via email or over WhatsApp
And if you are registering your partnership firm online, there would be a very nominal partnership firm registration fee.
Further, you will receive a partnership firm registration certificate as well once the process gets complet.
To every one of you who is looking out to extract more details about the compliances and registration.
You can also write an email to us support@registrationwala.com if you too are seeking how to incorporate a partnership company.
Also, let us know if you seek partnership registration certificates too.
