"An agreement between persons who have agreed to share profits of the business carried on by all or any one of them acting for all."
Partnership firms in India are governed by the Partnership Act, 1932. Section 4 of the Act defines Partnership as – “An agreement between persons who have agreed to share profits of the business carried on by all or any one of them acting for all.”
Registering a firm under the Partnership Act (hereinafter called the Act) is not mandatory as in the case of setting up a company. That said it is always advisable to get your firm registered at Registrar of Firms/Departmet of Industries of the Town/City where you are planning to set up the business. This ensures that you get a legal proof of the firm’s existence. Apart from that, the Act provides various benefits and rights to every partner – filing a suit in case of disputes, settling claims against third/external parties, etc. In case of any disputes, a court of law would first check the terms and conditions under which the partnership was formed. Registration of Partnership Deed takes care of this.
Procedure For Partnership Registration
Complete our Partnership Form
You are required to fill the details in our simple online questionnaire and submit documents.
Verification of Documents
For further procedures, details provided by you will be verified by our experts.
Partnership Deed Drafting
Further after submitting your documents we shall draft your Partnership deed.
Apply for TAN & PAN
We will create all the required documents and file them with ROC on your behalf.
Your work is completed
Documents Required For Partnership Registration
- Statement in Form 1 with the prescribed fees
- Original copy of Partnership Deed, signed by all partners
- Affidavit declaring intention to become partner
- Rental or lease agreement of the property
- Copy of PAN Card of partners
- Copy of Aadhaar Card/ Voter identity card
Steps For LLP Registration
Also, a separate registration with the Income Tax department is to be done in order to avoid any future problems and must obtain a PAN card and a bank accountunder the name of Partnership firm.
Need for Partnership Registration
- Partner Cannot sue firm: A partner in an unregistered partnership firm cannot sue the firm for enforcing any rights under the Indian Partnership Act, 1932.
- Cannot claim Setoff in a dispute with a third party.
- The firm cannot sue third parties whereas the third parties would be able to sue the firm irrespective of registration.
What is Included In Our Partnership Registration Package?
Frequently Asked Questions
What is partnership?
IS a written partnership agreement required for every partnership?
What is a digital signature certificate(DSC) ?
What is the difference between a partnership and a limited partnership?
What is the law of partnersip?
Can a partnership firm be converted into private limited company?
How are partnerships taxed?
Why Choose Madras Filings
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