Partnership is a firm that comprised of two or more members who have decided to carry same business on an agreed manner. Here, partners supposed to share profit and loss and collectively responsible for any of the liability. The rules and regulations for partnership firm registration is controlled and maintained under Indian Partnership Act 1932. This form of corporate is one of the common and highly demanded in the Indian business market. With two or person you can start your business while getting registration as partnership firm. This form of company brings you with the simplest and easiest ways of carrying business without any risk of infringement.
The registering a partnership firm in India is being carried under the section 58 of the Indian Partnership Act by filing an application to Registrar office of company registration in the same state where the company's head office is situated. There are several points that one needs to follow if one wants to apply for certificate of partnership firm registration. As in India a country with democratic corporate environment; it is mandatory to get register your company before commencing with any of the business tasks.
Registration Procedure for Partnership Firms in India
If the company is non-registered; then in case of any violation of acts by any of the third party or any other partner; the company could not claim or sue against the same. With registration; the company can reap the complete set of advantages in respect of legal rules.
- Need to file an application for company registration under partnership form of corporate with required information like name of your firm, placer of business, partnership date, duration of firm and full name and address of partners where the same application needs to verify and sign by every partner.
- Minimum partners should be atleast two and maximum 10 and be sure the company name should not conflict with any other government company or department, society or trust name, religion symbol or organization.
- Application must be submitted under a prescribed Form 1.
- Other documents like partnership deeds, proof of place of business and Specimen of Affidavit.
- After a registrar gets confirm with each and every document; finally apply for the certification of partnership firm and also for commencement of business in India.