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  • (00) 2500-123-4567

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Earendil | Partnership Firm Registration

Registration of Partnership Firm

A Partnership firm can be enlisted under Section 58 of the Indian Partnership Act even after the establishment. The Registrar of Firm in the particular State of India where the firm is located, regulates the registration of a Partnership firm. The registration certificate is issued by the Registrar of Firm immediately after checking whether the documents provided comply with Section 58 of Partnership Acts.

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Salient Features of Partnership Firm

  • Partnership firms are classified as registered and unregistered partnerships.
  • Partnership Deed is required for registration. Registration is done with the Registrar of Firms in the respective states where the partnership firm is located.
  • Partnership firms need not be a registered firm to execute the Partnership Deed
  • Partnership firms are not penalized for non registration
  • But according to The Partnership Act 1932, unregistered partnership firms have limited rights.

Limitations of Unregistered Partnership Firm

  • The partners can neither file a case against the firm or the partners for any kind of disputes emerging from the partnership agreements.
  • Under no circumstances, a suit can be filed against a third party on behalf of the firm
  • The partners cannot enforce set-off or other proceedings in a dispute with a third party.
  • A Partnership firm is one of the popular types of business structures.
  • It is governed by at least two persons and share gains or loss of the business.

Partnership Firm

Documents Required for Registering

Partnership Firm

  • Registration form
  • Partnership Deed
  • Address Proof (Any of the following; PAN, Passport, Drivers License, Aadhaar Card, VotersID)
  • Sale Deed (if applies)
  • Rental agreement copy (if the place is rented)
  • Electricity bill/water bill/property tax receipt

Advantages of Partnership Firm

  • Only a few compliances to comply.
  • Partnership firm’s financial statements are private.
  • Audit of the financials by a Chartered Accountant are not mandatory.





Partnership Firm Bank Account

  • As per the rules of RBI, the opening of the bank account should be in the name of partnership firms based on partnership deed.
  • All the banks require partnership deeds to open a current account for partnership firms.



Partnership Registration

The Partnership Firm registration process flow provided above is for your reference. With our services, you need not worry about it. Just submit the required documents and we will take care of the rest.

Earendil Chartered Accountant

Your Earendil Chartered Accountant will guide you through the process and will be your single point of contact for registration assistance and for all other services that we offer.

Drafting of Partnership Deed

We will draft the Partnership deed for the proposed to sign and submit on stamp paper.

Registration Procedures

The documents would be filed with the Registrar of Firms for receiving the registration certificate.

Statutory Registrations

We will take out PAN, TAN, GST and other registrations as required post incorporation.

Bank Current Account Opening

We will assist in opening current account for financial transactions.

Difference between LLP and Partnership

LLP

  • Incorporation charges are higher
  • Registered under Ministry of Corporate Affairs (MCA) regulated by Central Government
  • Limited liability protection to the partners on the debt
  • Can assign new partner in case of death and resignation

Partnership

  • Registration cost is lesser
  • Registered with Registrar of Firms controlled by respective State governments where the Partnership Firm is located.
  • Personal liability on each partner for the debt
  • The partnership will be dissolved if a partner is no more