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Registration of Partnership Firm

A partnership firm is registered below Section fifty eight of the Indian Partnership Act at any time, even beyond the formation. The registration of a partnership firm is finished through the Registrar of Firm within which the partnership firm is set. once the Registrar of companies is glad that the provisions of Section fifty eight area unit complied with, a record of entry of the statement is created within the Register of companies and Certificate of Registration is issued.

Documents required

1.      PAN Card

2.      Passport

3.      Driver’s License

4.      Aadhar Card

5.      Voters ID

Advantages of a Partnership Firm

One of the most benefits of a Partnership Firm is that there ar terribly borderline needs in terms of compliance. as an example, an organization or LLP needs the annual filing of its money statements with the Registrar of corporations. Such documents filed with the MCA are created public documents. On the opposite hand, registered/unregistered Partnership corporations aren't needed to file any annual returns, and therefore the money statements of a partnership firm wouldn't be created in public out there. Also, the accounts of a registered / unregistered partnership firm aren't needed to be audited. Whereas, the accounts of a indebtedness Partnership (LLP) are needed to be audited by a practising accountant once the turnover exceeds Rs.40 lakhs each year or once capital contribution exceeds Rs. 25 lakhs.

Application process

1.      Once, the documents and data are verified, a partnership deed is going to be written and sent to the Partners. All the Partners should sign the document on stamp paper and transfer a duplicate on the platform.

2.       Once, the signed partnership deed is available; it's registered with the involved Registrar of companies and Certificate of Registration of Partnership Firm is provided. additionally to delivering the Certificate of Registration of Partnership Firm,

3.      Open a Bank account within the name of the partnership firm through ICICI or DBS Bank or any other banks.

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