When you think of running a business or company, you need to be thoughtful about different things. You cannot simply choose a few things and get started. You need to ensure that you are registered and you follow the procedures that are there for you to follow.
Now, if you are planning for a partnership company or business, you need to be according to Partnership deed registration. But before you go any further, if you are a new person in this world of business and companies, you should know about everything from the basic.
What do you mean by partnership firm?
It is a firm or company that gets established between two or more partners with the intention of earning profit is known as a Partnership Firm. It is not obligatory to register a partnership firm but there are actually added advantages if a partnership firm is properly registered. Partnership deed is the legal document that is established to form a partnership firm.
You know Indian Partnership Act 1932 is the governing law that actually regulates the partnership firms in India. As per the act “Partnership is the relation or bond between persons who have agreed to share the profits of a specific business carried on by all or any of them acting for all”. Utmost number of members in a partnership is ten for a banking business and twenty for other sort of businesses to enter into a partnership firm.
Also, remember that these partnership firms are not separate legal entity whereas the partners are. Then a partnership firm cannot be debtor or creditor and cannot simply own a property. The property, debit or credit of a partnership firm is basically for the partners in the eyes of law. Moreover, the manner in which losses or profits are to be shared amongst partners should be explicitly mentioned in the partnership deed to evade any sort of confusions in the future. Each partner can carry on business on behalf of other partners. You must keep in mind that a partnership firm is going to be dissolved if the number of partners diminishes below 2 in case of death, incapacitation or even that of resignation of a partner.
What are the documents you need for partnership registration?
Well, here are the documents that are required for Partnership registration.
- ID Proof of all partners
- Address proof of all partners
- Address proof of Business place
In the absence of any of these documents, the partnership would not be able to go further. SO, make sure that you have all the documents ready and in proper alignment.
How can you register your partnership firm?
You can register a Partnership firm simply by following the steps mentioned below:
- Visit the website that has the authority to do so.
- Fill up a simple form on the website providing basic information about owner/proprietor and business to get Partnership Deed
- Next you need to get this Deed printed on Stamp paper of specific value and get it registered with the assistance of any nearby Advocate/Registrar.
So, if you are thinking about partnership firm registration fees, it is nominal like 1500 and so. Hence, once you follow everything mentioned in this post, you can easily get your partnership registration.