Partnership Firm
A partnership firm cannot possess a property , neither they can be a debtor or creditor.
Benefits of a Partnership Firm
- Minimum Compliance
- Simple To Begin
- Comparatively Economical
- Cost savings
- More business opportunities
- New perspective
Partnership Firm Overview
Partnership is the relation between firms who have agreed to share the profits of a business among themselves with the partnership deed’s provisions and objectives. The partners in general partnership firm have unlimited liability and thus they are personally liable for the debts of the business. A partnership firm cannot possess a property , neither they can be a debtor or creditor. Partnership Firms are governed by the Indian Partnership Act, 1932
Name of the Partnership Firm
Any name can be given to a partnership firm as long as the name is not similar or identical to another company and should not contain any phrases that imply authorization or permission
ESSENTIAL ELEMENTS OF PARTNERSHIP FIRM
- Contract for partnership
- Carrying on of a business in a partnership
- Sharing of profits
- Maximum no of partners in a partnership is 20
- Mutual agency in a relationship
Checklist for Partnership Firm Registration
- Draft of partnership deed
- Minimum two members as partners should be there
- Maximum number of partners should not be more than 20
- Appropriate names should be selected
- Principal place of business
- PAN card and bank account of the firm
- Initial investment to start the firm
Documents Required for the Registration of a Partnership
Documents need to Be Submitted By All Directors
Documents required
If the documents are up to the mark and satisfy the registrar , a certificate of registration will be issued after a series of process.
How to Register Partnership Firms in India
-
Step 1.First collect all the list of essential documents for registration
- Step 2.
Documents will be submitted electronically
- Step 3.
A partnership deed is prepared after the verification of the document and given to the partners for signatures
- Step 4.
All partners must sign the contracts
- Step 5.
After the registration with the registrar the partner will get a certificate of registration.
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