About Partnership

A partnership is a relationship between the persons competent to contract who have agreed to carry a lawful business and combine their property, skills, efforts and to share the profit & loss arising out of such economic activity at a pre-determined ratio. The business is carried on by all or any of them acting for all. It is formed and may be registered (Optional) under the Indian Partnership Act, 1932 in the Register of Firms kept with the Registrar of Firms. It is the mutual agreement between the partners having mutual agency and mutual consent to act on behalf of each other constituting the firm.

Benefits of getting the Partnership firm Registered:

Ø  A partner of a regd. Firm can file a suit against the firm or other partners.Ø  The firm can file a suit against third parties.Ø  The firm can file a case against the partners.Note: These above benefits cannot be availed by an Unregistered partnership firm. Hence in view of these consequences, it is advisable to get the firm registered.

Requirements:

Ø  Minimum no. of two partners competent to contract.Ø  Name of firm.Ø  Duration of Partnership, If any.Ø  Nature of business and Location.Ø  No requirement of minimum capital contribution.Ø  Duties and obligations of partners.Ø  Terms governing Admission, Retirement and Expulsion of a partner.Ø  Procedure of Dissolution of firm.Ø  Methods of solving Disputes.Ø  Interest on Capital and on DrawingsØ  Salaries and Remuneration of Partner.Ø  Share of Profits and Losses.

Documents for Registration:

Ø  Copy of PAN Card of partners.Ø  Copy of Aadhar Card/ Voter identity card.Ø  Passport size photograph of partnersØ  Electricity/ Water bill/ Telephone bill/ Latest bank statement as proof of Registered Office (Business Place).Ø  Copy of Sale Deed/Property Deed (If owned property), otherwise the Landlord NOC if the property is taken on rent / lease.

Additions in our services for Registration:

Ø  PAN Card & TAN no. of the Firm.Ø  Registered Partnership Deed.Ø  All other Consultancies regarding that.

You may contact the author for further information at 9899595719 or taxwizersconsultant@gmail.com

Disclaimer: The above article is only for information purpose and is on based on the author’s interpretation of the relevant provision. The same should not be considered as professional advice.