Partnership Registration
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A Partnership is basically the easiest form of a business structure, where two or more people come together with a motive to carry business and divide the profits & loss thereof in an agreed ratio through partnership deed.
A Partnership is not complex to form, and the compliance is less as compared to other entities. A partnership is favorable when the business is a medium scale. Such a partnership deed contains all the conditions and the legalities of the partnership deed.
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Partnership Registration in India
Benefits of Partnership Registration
⇒ Right to file the suit: Ability to file a case against Third Parties for resolution of disputes.
⇒ Right to file suit against co-partners- Ability to file a case against co-partners for resolution of disputes.
⇒ Set off claim: Ability to claim Set-off against the third party.
⇒ Higher Credibility: Online Registration of Partnership Firm enjoys higher credibility.
⇒ The benefit of conversion: It can be converted into any other entity.
Documents required for Partnership Registration
→ PAN card of Partners(self-attested)
→ Address Proof of Partners(self-attested)
→ Electricity Bill as registered Address Proof ( not older than 2 months)
→ Original Partnership Deed(if any)
→ Any other documents as required by Registrar
The process to form a Partnership Registration
1
Drafting of Partnership Deed
2
Execution of Partnership Deed
3
Payment of Stamp Duty
4
Application for PAN
5
Registration of Partnership Deed
6
Opening of Bank Account