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).

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