Partnership Firm Registrtation
What is partnership firm registration?
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Process of partnership registration
Applying for registration
The application form must be submitted to the registrar of the state’s firms where the firm is located beside the prescribed fees. All partners or professional agents must sign and verify the application. This application should be sent by post or physical delivery, which includes all the details like the name of the firm principal place of the business location, and the date of joining of the partners.
Selecting the name of the partnership firm
The partnership firm can have any name, but it should not be identical to any other existing form doing the same business. The title should not include emperor crown or any other similar words.
Certificate of registration
The partnership firm will be registered, and the registration certificate will be issued, provided the registrar is satisfied with the registration application.
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What is a partnership deed?
A partnership deed is mainly an agreement between the partners where everything is mentioned, including the partners' profit shares, rights, duties, and other obligations. The deed can be written or oral, but it is always advisable to get a written partnership deed, so there are no future conflicts.
Details are mentioned in the partnership deed.
- General details
- Name and address of the company besides all the partners.
- Nature of the business
- Capital to be contributed by the partners
- Profit or loss sharing ratio among all the partners.
Advantages of partnership firm
Easy to form
The partnership firm is easy to incorporate as compared to other business types. The partnership firm can be easily corporated by drafting the partnership deed, and the partners can enter into the partnership agreement. The partnership firm can be registered later, as registration is not compulsory.
Minimum compliances
The partnership firm needs to align with a few compliances compared to any LLP. The partners do not need any digital signature certificate director identification number, which is essential for other types of businesses.
Profit and loss sharing
The partners can easily share the profit and losses equally. They also have the freedom to decide the profit and loss ratio in the partnership firm. Any loss of the firm will be borne by the partners equally, so there is a minimum burden of loss on any of the partners.
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