PARTNERSHIP_REGISTRATION


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PARTNERSHIP REGISTRATION

Partnership is a combined ownership of a business between two or more people. Like a sole proprietorship, there is no legal separation between the business and the individual partners. Partnership is formed by an agreement among the partners in which all the terms of partnership is discussed. The Registration of a partnership firm is not compulsory, though it is usually done as registration brings many advantages to the firm.

ADVANTAGES OF PARTNERSHIP

Each partner has the ability to act independently on the behalf of other partners, which enables the business to respond quickly to problems by lowering the amount of bureaucracy involved in decision-making.
Profits are passed directly to each partner in accordance with their Ratio under partnership agreement. Each individual is then taxed normally on his portion of the partnership’s profits.
Partnerships have low startup costs and few formalities, as discussed above.

IS IT NECESSARY TO REGISTER A PARTNERSHIP FIRM?

Indian Partnership Act, 1932 governs the partnerships.

It is always advisable to register the firm since registered firms enjoy special rights which aren’t available to the unregistered firms.

Registration of partnership firm may be done at any time – before starting a business or anytime during the continuation of partnership.

DOCUMENTS REQUIRED REGISTERING A PARTNERSHIP FIRM

Application for registration of partnership (Form 1)
Specimen of Affidavit
Certified original copy of Partnership Deed
Proof of principal place of business (ownership documents or rental/lease agreement)

Connect Soul is here to help you register your Partnership Firm. You just need to give us the required documents and we’ll make sure that the registration process of your business is smooth and fast. Book an appointment with us to consult and resolve all your legal and financial worries about conducting a business.