Registration of Partnership Firm
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Partnership advantages
Partnership Company Registration
✔ To register for the Partnership, you need to have certain documents. These include identity proof, address proof, a real copy of the Partnership deed entered into and proof of the principal place of business.
The documents for identity proof and address proofs that you can submit are
✘PAN card
✘Passport
✘Driver License
✘Aadhar Card
✘Voters ID
✔ Submit these documents as proof of business:
✘If the Partner owns this place, then provide Sale Deed.
✘If the office is rented, attach a copy of the rental agreement.
✘Copy of the 1 month to 3 months, utility bills (electricity bill or telephone bill) or the tax bill receipt.
A partnership deed is an agreement between two or more people about rights, duties, profits shares, partners share and other obligations (what will happen if one of the partner's leaves, dies, or does not live up to their duties). It can be written or oral. Either way, it is always good to write down the agreement so that there are no problems with it later on.
Details Required in a Partnership Deed
✔Name and address of the firm and all the partners.
✔Nature of business.
✔Date of starting of business Capital contribution by each partner.
✔Capital to be contributed by each partner.
✔Profit/loss sharing ratio among the partners.
Certain clauses may need to be included in the contract. These are things that might cause trouble later on if left unspecified.
✔Interest on money invested, drawings by partners or any loans given to the company by partners.
✔Amounts that partners will get from the company.
✔Each partner has rights, including extra rights for the active partners.
✔In a partnership, each person has duties and obligations.
✔If a partner or a company dies, you might need to change how you do things.
Other clauses as partners may decide by discussing with each other.
Step 1: Application for Registration
To register a company, an application form has to be filed with the state's Registrar of Firms. The form needs to be signed and verified by all partners or their agents.
The company form can be given to the Registrar of Firms through post or by physical delivery. The application has the following details:
- Name of the firm.
- Principal premise of business of the firm.
- Location of any other places where the firm operates the business.
- Date of joining of each and every partner.
- Names and permanent addresses (address proof) of partners.
- Duration of the firm.
Step 2: Selection of Name of the Partnership Firm
You can give any name to your company. But you need to follow certain rules:
The name should not be the same as a company that is already doing the same business.
The name of our company should not have words in it that show approval of the government (emperor, crown, empress, empire).
Step 3: Certificate of Registration
If the Registrar is satisfied with your registration application and the documents, he/she will register your firm in a Register of Firms. You have to pay some fees to view it. The Register of Firms has information about all firms, and anyone can see it.
In order to get a business license, you will need to submit an application form and pay fees. You have to sign the form with all partners or their agents.
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The registration of a Partnership Firm in India takes about 12 to 14 days. But the time it takes to get a certificate of incorporation can vary depending on where you live. The registration is also subject to how long it will take for the government processing time. It varies for each State.
Often, if a partnership agreement is not registered with the court, the court may say that there is no partnership. If the aim of business is illegal, then it may be invalid and the court will say that it is dissolved.
When people want to end their partnership, they can do so by following the instructions written in the Partnership Deed. For example, if there is a will that says how to end it, then they follow those instructions. They can also make an agreement on how to break up with each other without violating any laws.
A partnership certification of incorporation can be revoked. This occurs automatically when all people who are partners or all but one partner is declared insolvent, or if the company engages in unlawful activities, like trading in drugs or other illegal products, corporate malpractice, or making business engagements with countries that may harm the nation's interest.
A partner is responsible for what the firm does. He or she is also accountable if someone gets hurt or there are fines. All partners are responsible.
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