Partnership firm registration

A partnership firm is a business entity that is registered under the Indian Partnership Act, 1932. The Act lays down the rules and regulations for setting up and running a partnership firm in India. A partnership firm can be set up by two or more people who have agreed to share the profits of a business. The partners in a partnership firm are jointly and severally liable for the debts of the firm.

Partnership firms are popular in India because of the ease of setting them up and the lack of compliance burden. However, partnership firms are not as popular as limited liability partnerships (LLPs) and companies because of the unlimited liability of the partners.
Documents and information Required to Start and register Partnership Firm

DOCUMENTS OF THE OWNER

• Colour Passport Size Photo – Two
• Self-attested Aadhar Card
• Self-attested PAN card
• Cancelled Cheque in the name of applicant
• Copy of Address Proof such as (Voter ID, Driving License, Passport, Bank Statement, Electricity Bill).

BUSINESS ADDRESS PROOF

• Registered Rent Agreement, Electricity Bill, Sale Deed, Property tax receipt or NOC
• Electricity Bill should not be older than two months.
• NOC from the Owner of Premises

PROCEDURE FOR INCORPORATION OF PARTNERSHIP FIRM

Arrange List of Documents For online Partnership Firm Setup

Arrange List of Documents For online Partnership Firm Setup is an online platform that helps you setup your partnership firm in India. The process starts with documentation of the partners and the Principal Place of Business, where the firm shall be operating its business in India.

Consideration of purposed Name of the Partnership Firm
SetyourBiz recommends that you consider the name of the Partnership Firm carefully, as it is important to ensure that the name is not already in use. SetyourBiz.com provides a variety of services to help you choose and register a business name, including a search of existing businesses and trademarks.

Drafting of and vetting Partnership firm Deed
If you are looking to start a business with someone, you will need to create a Partnership Agreement or a Deed. This document is the constitution of the firm and will outline the rights and obligations of the partners. Our team of lawyers can help you draft a Partnership Agreement that is specific to your needs

Payment of Stamp Duty & Notarization of Partnership Deed
Partnership deeds are legal contracts between partners that set out the rights and responsibilities of each party. The deed should be stamped with the appropriate stamp duty and notarized in order to make it legally binding.

Filing application for PAN and TAN of the Partnership Firm
The process of filing an application for PAN and TAN of a partnership firm is a relatively simple one. The application is made in Form No 49A, and the TDS Number (TAN) of the firm is applied in Form No 49B. This is necessary to comply with the TDS Provisions, and it is important to ensure that all tax-related obligations are met.

Filing online application for GST Registration of Firm
Filing online application for GST Registration of Firm is an easy and convenient way to get your firm registered with the GST. The GST Registration process is simple and our online application will help you get registered in minutes.

Registration of Partnership deed with Registrar of Firm
Though registration of partnership firms is not mandatory under The Partnership Act, 1932, Section 69 of the act specifies the effect of Non-Registration. According to that, an unregistered firm shall not be able to recover any sum more than Rs. 100. Hence, for all practical purposes, the partnership firm’s registration with the Registrar of Firms is strongly recommended. We provide service to register the partnership firms with the ROF in select cities; however, our Basic and Silver Packs are available pan-India.

ADVANTAGES OF INCORPORATION PARTNERSHIP FIRM

This type of partnership, also known as a joint venture, can be advantageous in a number of ways:

• Increased market share. By teaming up, businesses can offer a wider range of products and services, giving them a larger piece of the market.
• Improved efficiency. By sharing resources, businesses can operate more efficiently, saving time and money.
• New opportunities. By working together, businesses can explore new opportunities they may not have had access to before.
• Greater brand exposure. When two businesses team up.