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Partnership Firm Registration

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Partnership Firm Registration is the formal process of legally establishing a business entity formed by two or more individuals who agree to manage and operate a business in accordance with the terms and objectives set out in a Partnership Deed. This registration is typically done with the relevant government authorities to confer legal recognition to the partnership, allowing it to conduct business, enter into contracts, and avail various benefits. It provides a structured framework for the partnership’s operations, defining roles, responsibilities, profit-sharing, and other key aspects. The registration process varies by jurisdiction but commonly involves submitting necessary documents, paying fees, and obtaining a Certificate of Registration.

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Process For Partnership Firm Registration:-

Step 1: Choose name for a partnership

A firm should select a name that does not resemble the name or color-able imitation of the entity that is already public. Partnership name should not be similar or identical to existing company doing the same business. Applicant can check the validity of his/her chosen name at Ministry of Corporate Affairs website

Step 2: Draft a Partnership Deed

The partnership deed is the most important document for the registration of the company as it provides the registrar with the following necessary information:

  • Name and address of company and all partners
  • Contact details of partners
  • Nature of the business
  • Duration of the partnership
  • Profit/Loss sharing ratio
  • Rules regarding the solvency of the firm
  • Information of capital to be contributed by each partner

Additionally, the Deed also contains information about the remuneration payable to partners in excess of the profit shares, responsibilities of partners, audit procedures, etc.

Step 3: Apply for a PAN Card in the Partnership Name

A firm, irrespective of registration under the Act, has to apply for a Permanent Account Number to the Income Tax Department. This can be applied on the basis of a current account in the name of the firm. The PAN is a requirement to fulfill the obligation of paying taxes.

Step 4: File a Registration Application

The registration application requires a firm to provide information regarding the name of the firm, the nature of the business carried out, address of the business, names and addresses of all the partners, date of commencement of business. This form is further taken to the registrar in the region of the firm’s main office.

Step 5: Submit the Documents

Along with the registration application, the following documents are to be submitted to the Registrar as a part of the registration process:

  • Application for registration of partnership (Form 1)
  • A certified original copy of partnership deed
  • Specimen of Affidavit
  • PAN Card in the name of partnership firm
  • Proof of address of the partnership firm, ownership deed, lease and rent agreements, etc. are common acceptable documents
  • PAN Cards and address proofs of all the partners

Step 6: Pay the Fees & Stamp duties

A registration fee and a stamp duty need to be paid at the time of the submission of the documents with the Registrar. The fees vary across states. One must understand that the registration is not complete until all dues are paid.

Step 7: Finalize the Deed

To legalize the Deed, it should be provided to each partner in a written form on a stamp paper. One stamp paper deed should be duly signed by all the partners in front of the notary. The value of the stamp varies from state-to-state. The signed copy is thereafter submitted to the Registrar during the registration process.

Step 8: Certification from the Registrar

The registrar, after thorough examination of the documents, will issue a registration certificate.

The firm will be thus on record in the Register of Firms . On the date of this entry, the firm shall be deemed to be registered. The partnership firm is required to add ‘(Registered)’ after its name from the date of registration.

A lot of states in India now provide the facility of registering partnership firms online. The online registration of partnership firm requires the firm to file an application online. The firm will have to furnish the same information on this form. The acknowledgement number raised after the submission of the application is further used to login on the website and the firm has to upload the scanned copies of all the above mentioned documents. The registrar will review the documents and the certificate will be sent through an email.

Documents Required For Partnership Firm Registration:-

  1. Application for Registration:
    • This is the basic form that provides details about the partnership, such as the name of the firm, its principal place of business, names and addresses of partners, duration of the partnership, and other relevant information.
  2. Partnership Deed:
    • A partnership deed is a crucial document that outlines the terms and conditions of the partnership, including the rights, duties, and responsibilities of each partner. It should be on stamp paper and signed by all the partners.
  3. Identity Proof of Partners:
    • Copies of identity proofs such as PAN cards, passports, or Aadhar cards of all the partners are usually required.
  4. Address Proof of Partners:
    • Documents like utility bills, bank statements, or rental agreements that serve as address proof for all the partners.
  5. Registration Certificate (if any):
    • If the partnership firm has been registered previously, a copy of the registration certificate should be provided.
  6. Proof of the Registered Office:
    • Documents such as rent agreement or ownership documents of the place where the partnership firm’s registered office is located.
  7. Authorization Letter:
    • A letter of authorization from all the partners authorizing one partner to act on their behalf during the registration process
  8. PAN Card of the Partnership Firm:
      1. A PAN card application in the name of the partnership firm.
  9. Payment of Fees:
    • Payment of the prescribed registration fees, which may vary depending on the jurisdiction.