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Partnership Registration
The partnership is the simplest form of business for more than one owner. You can start functioning as a partnership firm within the same day. Get your partnership deed the same day, apply for a PAN, and open a Bank Account. We will help you at all stages.
Registering a Partnership is the right choice for small enterprises as the formation is straightforward and has minimal regulatory compliance.
The Partnership Act has been in existence in India since 1932, making partnerships one of the oldest types of business entities in India. A partnership firm can even be registered after it is formed. There are as such no penalties for non Registration of a Partnership firm. But unregistered Partnership firms are denied certain rights under section 69 of the Partnership Act that majorly deals with the effects of non Registration of Partnership firms.
Basic Requirements to Start a Partnership Firm
A partnership is easy to form since no complex business formalities are required to be fulfilled.
Minimum 2 Person
A minimum of two partners is required to start a Partnership Firm. The maximum number of partners allowed for a partnership firm in India is twenty partners. However, no foreigner is allowed as a partner in the partnership firm.
Capital Requirement
There is no minimum or maximum capital prescribed under the Partnership Act 1932. You can keep the capital of the firm as per the business requirements. The stamp duty on the deed depends on the capital and the state.
Unique Name
You should select the name of the partnership firm that is unique & which reflects the main business activity. Ensure that the proposed name is not the same or similar to any existing business or trademark registered or applied.
Business Address
Address at which the firm carries on its usual business or maintains its books of account is known as its Principal Place of Business. The latest proof of the place of business along with a NOC from the premises owner is required.
What are the advantages of Partnership firm Registration?
Partnership firm registration has more advantages than disadvantages. Here, we have mentioned the advantages of Registering a Partnership firm.
Easy to start
Partnership firms are more comfortable to set up, and the only requirement in most cases is a Partnership deed.
Decision making
In a Partnership firm, decision-making is faster as there is no concept such as passing the resolution.
Raising of Funds
A Partnership firm can quickly raise funds as compared to a Proprietorship firm.
Sense of Ownership
As every Partner is the owner, the partners have the liberty to manage and control the firm’s activities.
Types of Partnership firm
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Depending on the extent of the liability while Partnership firm registration, we can derive the different classes of partners.
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Partnership Firms can be classified into two types registered and unregistered Partnership firms. The Indian Partnership Act states that the only criterion to commence the business as a Partnership firm is a finalization and the partnership deed’s execution between the Partners.
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Under this act, the Partnership firms don’t need to be registered. As an outcome of this lot of partnership businesses exist as unregistered partnership firms.
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There are no penalties for the nonregistration of the partnership firms. Also, a partnership firm can be registered even after formation. But the unregistered partnership firms have been denied certain rights in Section 69 of the Partnership Act, which deals majorly with the effects of the non-registration of the partnership firm.
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Here are the reasons why an individual should opt for a registered partnership firm:
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A registered firm partner cannot file suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act.
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No suit to enforce a right arising from an agreement can be instituted in any court by or on behalf of a firm against any third party unless the firm is registered under the Partnership Act.
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An unregistered firm or any of its partners cannot claim set-off or other proceedings in a dispute with a third party.
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Therefore, it is better to register a Partnership sooner or later.
Client Testimonials
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Wonderful experience and a very professional bunch of people. I extremely happy for their support and timely guidance ..keep the good work rolling!
gulshan anand singh
KDS is really a Smart & Highly Professional Organization. The most important thing is that you don't ever have to remind them of what needs to be done!
Upendra Singh
I have done my company Registration and post compliance formalities though this firm and I am very pleased with the services.
Santosh
Really it was good experience, company registration done in 10 days and cost is also efficient less compared to others.
Gaurav Kumar
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Frequently Asked Questions
What are the types of Partnership Firm?
The partnership business is regulated under the Indian Partnership Act, 1932. Which prescribes the possibility of two types of firm, unregistered firm, and registered firm. An unregistered firm is formed by agreeing with two competent persons, known as partners, where the firm is not registered with the registrar of firms. Whereas the firms which subsequently get registered with the registrar of firms by submitting the copy of partnership deed and KYC of partners and the registered office is known as the Registered Partnership Firm.
Who can be a Partner in a Partnership firm?
An individual who is an Indian citizen and a resident of India can partner in a Partnership firm. Nonresident Indians and Individuals belonging to Indian Origin can invest in a Partnership only with the approval of the Government.
how much Capital is required to start a Partnership?
A Partnership firm can be started with any amount of capital. There is no minimum requirement as such.
Can a person Transfer a Partnership Firm?
There are restrictions on the Transfer of ownership interest in a Partnership Firm. A Partner cannot transfer his or her interest in the firm to any person without the consent of all other partners.
