Partnership Firm Registration in India
In Partnership firm there are two types : Registered and Unregistered
- Registered firm is Eligible to Apply for StartupIndia Recognition.
- No Additional compliance like LLP or other Company
- Partnership firm is convertible to LLP or Company.
What is Partnership Firm
“Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Partnership firm in India governed by Indian Partnership Act 1932 & partnership deed in important document. Partnership is easy to form and compliances are less as compared to LLP.
There are 2 types of partnership firm Registered and Unregistered. The Act does not compile the Partnership Firm to be registered with Registrar of Firm or any other authorised authority. There are no penalties for non- -registration and even a Firm can be registered any time after formation, but there are some disadvantage of Un-registered Firm. It is advisable to Register your firm. A Registered Partnership Firm Eligible to apply for StartupIndia Recognition and get all benefits under the StartupIndia Scheme once approved.
Details of Registered Partnership Firm
- Minimum 2 partners are require to form Partnership firm.
- Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned.
- Registered Partnership Firm receive a certificate of Registration from Authority.
- A partner of registered firm can file a suit in court against the other partners for the enforcement of any right arising from contract or right conferred by the Partnership Act. Or against the firm.
- Registered Firm is eligible to Apply for StartupIndia Recognition and Avail all benefits attached to scheme.
What all Documents require for Registered and Unregistered Partnership Firm formation?
- Pan card copy of all partners.
- All Partners Name, Email id and Mobile no. with Address proof and ID proof.
- Address of Firm office and any Telephone / Mobile/ Electricity Bill as address proof.
- Each partners capital contribution amount.
After Company incorporation, you will receive below documents
- Partnership deed
- PAN Card and TAN Allotment
- Firm Registration Certificate (only for Registered partnership firm)