Partnership firm is a type of business where two or more person make an agreement for carrying a business activity. It has many benefits and its incorporation is easy, as it requires no minimum capital contribution for incorporation.
Partnership Firm Registration is easy and simple. Partnership Firm can be incorporate by minimum 2 persons. There is no requirement of minimum capital contribution. You can incorporate your partnership firm through its registration with the Registrar of Firms or you can make a partnership deed, which should to be notarized so its optional registration of partnership firm.
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Partnership Deed Registration is optional part in case of the partnership firm. If you incorporate a partnership firm then you have to create a partnership deed between the partners. So if you want to enjoy file case or claiming on 3rd Party by partnership firm then you have to register your deed with the Registrar of Firms. In the each state or city there is regional office of Registrar of Firms for the same.
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Registration of a Partnership firm is not mandatory by the law but if you want to register your Partnership firm, then you can register your firm with the Registrar of Firms. You have to follow below given steps for registration
1. Choose a name for your Partnership Firm
First step is very simple, you have to choose the partnership firm name. You have to be careful during choosing your firm name because it should not be copied from others. And you cannot use the words like crown, emperor, empire. If you want to secure your firm name then you should go for the trademark registration.
2. You have to make a deed
Partnership deed is an agreement between the partners which contains all the term and condition of partnership firm. It should be written with the stamp paper and notarized. Partnership deed also contain rules regarding the admission of the partner and retirement, death of the partner.
It's contain following things -
1. Name of the Firm.
2. Address of Partnership firm
3. Description of the business, nature of the business.
4. How profit will be shares between partners
5. Name & Full Address of all Partners.
6. Salary Amount of partner
7. Capital Contribution by each Individual Partner.
3. Partnership Deed RegistrationRegistration of Partnership deed is not mandatory, but if you want to register it then you can register it. For registration, you have to file your application for registration of partnership in form no. 1. You have to submit some document with application and also you have to submit certified copy of the partnership deed. After submission of form, they will verify your documents, after satisfaction they will record the firm name in the register which is maintained by the registrar of firms.
1. How to incorporate a partnership firm
Partnership can be incorporated by minimum 2 person. Partnership registration can be done under the Registrar of Firm but it is very costly and also it is optional. You can also make a deed/agreement between partners which should be notarized, this deed can be use as legal proof of Partnership Firm. Also you can register your partnership firm with Udyog Aadhar.
2.What are the required documents during registration of partnership Firm
During registration of Partnership firm, there is requirement of some documents like Id proof of Partners, Address Proof of Partners, and NOC certificate from landlord if property is on rent and electricity bills.
3. What is a partnership deed, is it compulsory or optional
Partnership Deed is like an agreement between partners of a Partnership Firm. A partnership deed contains all details of partnership and partners. It contains rules and regulation of partnership firm. Partnership deed should be signed by all partners and also it contains stamp on it, which should be notarized. Notary on the Partnership Deed can be done with the lawyer in presence of all the partners.
4. What are the benefits of Partnership deed
Partnership Deed can be used as a legal proof against 3rd parties. As you can see above that deed contains all rules and regulation of the partnership firm, so it will help you to resolving problems between partners.
5. How to register Partnership Firm name
No, there is no registration is required and it is not possible because name identity protection is not available in the partnership Act. If you want to secure your Partnership Firm name then you can apply for trademark. Trademark registration will give you protection for your name. Trademark registration can be done online by filing application on official website.
6. When No Objection Certificate (NOC) is required
NOC is required when your property is on rent. Then you have to get a NOC from your landlord which shows that owner don’t have any objection on commercial activity of your firm. So it is required in case of rented property. In case you are the owner of the property then you have to submit your electricity bill.
7. Is there any limit on Minimum capital contribution during incorporation
There is no minimum capital required during incorporation of your partnership firm, you can incorporate your partnership firm thorough deposit of the capital amount to your current bank account which has to be maintain by minimum account balance. It is the main advantage of partnership firm because in case of private limited company registration there is requirement of minimum capital amount.
8. What are the annual compliances for Partnership Firm
There is no much annual compliances required. A partnership firm has to comply with income tax department of India. You have to pay tax of your partnership firm and also you have to register your Partnership firm with the GST.
9. Why PAN is important for Partnership Firm
Nowadays PAN card is very important because you cannot open a current bank account without PAN card. PAN card is mandatory document which is required during opening of current bank account and also it is required during tax filings. PAN card can be used as a legal proof of partnership firm.
10. Why Udyog Aadhar is important For Online Registration of Partnership Firm
Udyog Aadhar is 12 digit unique number which is issued by Ministry of Micro, Small and Medium Enterprises. You can register your firm under Udyog Aadhar. Process of obtaining Udyog Aadhar is very simple and easy, you can apply online and it does not require any documents during registration.After obtaining Udyog Aadhar you will get loan on low interest rates and you can also represent your product in foreign expo. Udyog Aadhar will help you in many ways, you will also get subsidy from the government. You can use this as a legal proof or legal identity of your partnership firm.
11. Why GST is important for Partnership Firm
GST registration is important because it is now mandatory for those whose turnover is more than 20 lakh rupees and in some state it is only 10 lakh rupees. If it is mandatory for you then you have to register your firm with GST, in the case of failure you will be liable for punishable offence.
12. Can a Partnership firm convert into LLP or company
Yes it is possible, you can convert it into the private limited company or LLP anytime. For this purpose you have to follow rules and regulation of Ministry of corporate affairs.
13. Partnership firm's Residential Address and Business Address can be same or not?
Yes, it is possible because there is no restriction by any law. You can use the residential address for registration of firm. During registration you have to submit your address proof, you can submit your electricity bill copy or rental agreement or no objection certificate for residential address proof.
14. How to open a Current Account on the name of the firm?
As per the guidelines of RBI, you have to submit details of partner and firm. PAN card is mandatory for opening a current bank account. You can apply for current bank account in any bank, where you have to submit proof of partnership firm, you can submit your partnership deed or registration certificate for proof of partnership firm.
15. Can a working employee register a partnership firm on family member name?
Yes it is possible, there is no issue in it. You can register on family member name, then you have to submit the document of that family member. You have to submit above document to get done firm registration.
16. Can a foreign resident person join as a partner in a partnership firm
Anyone can become a partner in the partnership firm except foreign resident so it not for foreign resident.
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