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).
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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:
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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