Partnership Firm

Partnership Firm

Partnership Firm Registration

Formation: The partnership form of business organisation is governed by the Indian Partnership Act, 1932. A firm may be registered at any time (not at its formation time but subsequently also) by filing an application with the Registrar of Firms

Agreement: It comes into existence through a legal document wherein the terms and conditions Specified. i.e Sharing of profits and losses ration.

Publication: Publication of Book of Account of Partnership firm is not legally requirement.

Funds: In a partnership, the capital is introduced  by individual  partners. This makes it possible to

raise larger amount of funds. But Partnership cannot issue security like share or debentures

Sharing of risks: The risks or losses involved  partnership firm are shared by all the partners.

Followings Documents Required for registration of a Partnership Firm.

1.A application containing Name of the firm, Place or principal place of business,Names of any other places where the firm carries on business, Date on which each partner joined the firm, Name in full and permanent address of partners, Duration of the firm. Application shall be accompanied by prescribed fee.

2.Application shall be signed and verified by all the partners or their duly authorized agent.

3.Prescribed Registration Form for Incorporation of a firm. 

4.Certified true copy of the Partnership deed.

5.Ownership proof of the principal place of business.Like Electricity, Water bill

6.Lease agreement if property is rented.

7. Residential Proof of Partners. Like ID card, Aadhar card,Passport.

Under Section 59 of the Act, when the Registrar of Firms is satisfied that the provisions of section 58 have been duly complied with, he shall record an entry of the statement in the Register of Firms and issue a Certificate of Registration.