A partnership firm is a popular business structure in India because it has many benefits such as easy incorporation, less compliance, quick decision-making, etc. A partnership firm is a form of business entity where two or more partners come together to do business through mutually agreed-upon terms.
The terms of the agreements must be mentioned in the partnership deed. After the partnership deed is accepted by the partnership registry, only then is the partnership firm registration complete.
Features of Partnership Firm
Following are the features that you have to look forward to if you are applying for online registration of a partnership firm in India:
The following are the eligibility criteria for registering a partnership in India:
As per the mutual partnership agreement:
As per the partnerhsip arrangement,
The documents provided in the table should be submitted to the Registrar for Registration of Partnership Firm in India:
The partnership firm registration should be done in the state where the firm is situated. For example, if the firm is in Delhi, then the application must be submitted to the Registrar's Office of Delhi. The registration application must be signed and verified by all the partners. The partnership firm registration process of registration is both online and offline. The following is a registration process which must be followed by an applicant to register a firm online on the Registrar of Firms portal.
The name of the partnership firm can be different from any existing company which is already in the public. However, the name must be unique and you can check the details here.
A partnership deed is an important document for the registration of the company and it must include the following details to show the registrar.
The firm must apply for the Permanent Account Number to the Income Tax Department. So, it can be applied based on a current account in the name of the firm. A PAN Card is important for fulfilling the obligations of paying taxes.
The application must be submitted to the registrar and inform about the name of the company, nature of business, address, name and address of partners, and date of commencement of business. Along with the application, submit the documents to the registrar's office.
Registration fees and stamp duty need to be paid to the registrar. The partnership registration online fees can vary from state to state. Partnership firm registration will not be complete until the fees get paid.
To legalise the deed, provide it to each partner in a written format on stamp paper. The stamp paper must be signed by all the partners in front of a notary. The value of stamp duty varies from state to state. The signed copy of the partnership deed registration online can be submitted to the registrar.
After examining the documents, the registrar will issue a partnership registration certificate. After procuring the partnership firm registration certificate, you can start your business operations right away.
The process of partnership firm name registration is not an easy one. Therefore, the experts of Registrationwala help you in any way necessary. Through our partnership registration facilities, you can start your business as a partnership firm in no time.
Note: The partnership firm registration process varies from state to state. In some regions, the registration process is still offline but some states adopt the online registration of partnership firm process.
We, at Registrationwala, provide end-to-end solutions for Partnership registration in India. Our services include:
Registrationwala.com is a leading legal consultancy firm providing comprehensive services relating to partnership registration. Our expert team will provide you with the full-fledged assistance required for the seamless registration of a Partnership firm.
Q1) Can you transfer shares in a partnership firm?
Yes, shares can be transferred in a partnership firm but it is subject to the terms of the partnership deed. However, conventional terms state that share transfer can only occur after receiving the consent of all the partners.
Q2) How do partners in the partnership firm get paid?
Partners get paid by withdrawing funds from the earnings of the firm.
Q3) Are profits equally shared among the partners?
Profits are shared among the partners in a partnership firm as per the partnership deed. If it states in the deed that profit shall be shared equally among the partners, then that shall be the case.
Q4) What is Form E for a partnership firm?
Form E is required to be filed as an undertaking under section 63. This must be filed in case of any change in the constitution or Dissolution of the firm. After filing Form E, the same should be printed on the green ledger paper signed by all partners and then submitted to the Registrar of Firms with relevant documents.
Q5) Is GST mandatory for partnership firms?
Yes, the partnership firms have to file the GST returns if the annual turnover exceeds Rs. 20 lakhs. Usually, the firms have to file GSTR-1, GSTR-3B and GSTR-9 returns.
Q6) Can the certificate of registration be revoked?
In some cases, the certificate of partnership can be revoked at the time of dissolution. Also, it can be revoked if any partner is declared insolvent or if the firm is carrying out unlawful activities.