Loading...

Partnership Firm Registration

Partnership Firm Registration

The Indian Partnership Act of 1932 governs the formation and functioning of a partnership firm in India. A partnership involves multiple individuals bound by a legal agreement defining their roles, duties, and profit-sharing ratios. Each partner shares profits and is personally liable for losses incurred.




Documents Required for Registration:

  • Statement in Form 1 along with the specified fees.
  • Notarized True Copy of the **Partnership Deed** stating:
    • Firm's name
    • Nature of business
    • Principal business location
    • Other business locations
    • Partners' details (names, addresses)
    • Date of joining
    • Duration of the firm
    • Proof of ownership or lease of business location
  • PAN Card of partners.
  • Copy of Aadhaar Card/Voter Identity Card
  • Address Proof of partners (Aadhar Card, Driver's License, Passport, or Voter ID).
  • PAN Card of the firm.
  • Address Proof of the firm (Rent agreement, utility bills for rented or owned premises).

Inquiry Now




Detailed Documents Needed for Partnership Firm Registration:

  • Partnership Deed: An agreement defining rights and duties of partners.
  • Partners' Documents: PAN Cards and Address Proofs of partners.
  • Firm's PAN Card: Essential for tax purposes.
  • Firm's Address Proof: Utility bills or property documents.
  • Additional Documents: GST Registration, Bank Account details, and Partnership Registration Certificate if applicable.




Registration Process:

ETaxwala simplifies registration procedures for businesses in India:

  • Partnership Form and Document Verification: ETaxwala assists in filling forms and verifies required documents.
  • Drafting Partnership Deed: Creation of the legal partnership agreement.
  • PAN, TAN Application: Application for PAN and TAN.
  • Current Bank Account: Assistance in opening a current bank account.
  • Completion: Access and download Partnership Deed and relevant documents.




FAQs:

    Q. Who can form a partnership firm?

    Ans: ETaxwala assists in filling forms and verifies required documents.

    Q. Is a partnership firm a separate legal entity?

    Ans: No, it doesn't have a separate legal identity.

    Q. Is registration mandatory?

    Ans: No, but recommended for legal advantages.

    Q. How many partners are required?

    Ans: Minimum of 2, maximum of 10 (banking) or 20 (other businesses).

    Q. Is there a minimum capital requirement?

    Ans: No, except for maintaining a bank account balance.

    Q. Is audit mandatory?

    Ans: No statutory requirement, but tax audit if turnover exceeds limits

    Q. Can ownership interest be transferred?

    Ans: Restricted transfer among existing partners with unanimous consent