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Partnership Registrataion

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Partnership Registrataion

Partnership Registration

A partnership firm is a business structure where two or more individuals agree to share profits, losses, and management responsibilities of a business. Registration is optional under the Indian Partnership Act, 1932, but a registered firm has legal recognition and can enforce rights in a court of law.

Partnership Registration

Who Can Form a Partnership?

Minimum 2 partners, maximum 50 partners.

Partners must be legally capable of entering into a contract.

Suitable for small and medium-sized businesses.

Documents Required

  • Partnership Deed (mandatory for registration) including:
    • Name of firm and partners
    • Nature of business
    • Capital contribution of each partner
    • Profit and loss sharing ratio
    • Rights and duties of partners
    • Duration of the partnership (if applicable)
  • PAN card of the firm or partners
  • Proof of business address (rent agreement, utility bill, or ownership document)
  • Identity and address proof of partners (Aadhaar, Passport, Voter ID)
  • Photographs of partners

Steps to Register a Partnership Firm

1

Choose a Firm Name

Select a unique name that reflects your business.

2

Draft Partnership Deed

Must be signed by all partners and preferably notarized.

3

Apply for PAN of the Firm

Required for taxation and banking purposes.

4

Register with Registrar of Firms (optional but recommended)

  • Submit the Partnership Deed and Form 1 to the Registrar of Firms.
  • Pay the prescribed registration fee.
  • Obtain a Certificate of Registration.
5

Open a Current Bank Account

In the name of the partnership firm using PAN.

6

Other Registrations (as required)

  • GST registration (if turnover exceeds threshold)
  • PF and ESI (if employing staff)
  • Shops & Establishment license

Note: While registration is optional, a registered partnership firm has better legal enforceability in disputes.

Benefits of Partnership Registration

Legal Recognition

Legal recognition in courts of law.

Easier Banking

Easier to open bank accounts and secure loans.

Defined Rights

Defined rights and responsibilities through the deed.

Simple Structure

Simple structure with flexible management.

Shared Resources

Sharing of capital, skills, and resources.

Company Registration

Company registration is the process of incorporating a legal entity under the Companies Act, 2013, with the Ministry of Corporate Affairs (MCA). A company is a separate legal entity, which means it can own property, incur liabilities, and sue or be sued in its own name.

Company Registration

Types of Companies in India

Private Limited (Pvt Ltd)

  • Min. 2 directors & 2 shareholders.
  • Cannot publicly trade shares.
  • Limited liability.

Public Limited (Ltd)

  • Min. 3 directors & 7 shareholders.
  • Can raise capital from the public.
  • Stricter compliance.

One Person (OPC)

  • Single director & shareholder.
  • Limited liability.
  • For sole entrepreneurs.

Documents Required

For Directors/Shareholders:

  • PAN card and Aadhaar card
  • Passport-sized photographs
  • DIN (Director Identification Number)
  • Digital Signature Certificate (DSC)

For the Company:

  • Proposed Company Name
  • Registered Office Address Proof (rent agreement, utility bill)
  • NOC from the property owner (if rented)
  • Memorandum of Association (MOA) & Articles of Association (AOA)

Steps to Register a Company

1

Obtain DSC

Required for directors to sign e-forms.

2

Apply for DIN

Mandatory for all directors.

3

Name Approval (RUN)

File RUN on MCA portal to get the company name approved.

4

File Incorporation Forms (SPICe+)

Submit MOA, AOA, PAN, and TAN application.

5

Certificate of Incorporation

MCA issues the certificate, PAN, and TAN.

6

Open Current Bank Account

In the name of the company.

7

Other Registrations (as required)

  • GST registration
  • PF and ESI registration
  • Shops & Establishment license

Benefits of Company Registration

Separate Legal Entity

Protects personal assets from business liabilities.

Limited Liability

Liability is limited to the shares held.

Easier Fundraising

Easier to raise funds from investors and banks.

Builds Credibility

Builds credibility and trust with clients.

Perpetual Succession

Company continues even if directors change.

Tax Benefits

Tax benefits and exemptions under various acts.