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To Register Your Partnership Business
Registration of a partnership firm is not required under the Partnership Act of 1932. Because a partnership firm does not have its own legal identity, the partners’ responsibilities are shared. is not limited in the same way that company members’ liability is, and registration would not change this fact. A partnership is formed when two (or more) people join forces to run a business for profit. The partners become co-owners of the business and carry out the operations outlined in the partnership agreement. The regulations are minimal, making it a desirable option for businesses with multiple owners. In a partnership firm, however, the partners are jointly and individually liable for the firm’s debts. This type of structure is ideal for companies that do not require or have a low risk of bad debts, such as consulting firms.
Documents for partnership registration
Documents for Current bank account
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FAQ's - Frequently Asked Questions
The Indian Partnership Act of 1932 governs partnership firms. Registration is not required under the statute, however it is recommended for the following reasons:
- Partner(s) cannot sue the firm or other partners in any court unless the firm is registered.
- The unregistered firm or its partners cannot bring a case against a third party for breach of contract, but the third party can bring a case against the unregistered firm or its partners.
- In the event of a dispute with a third party, the unregistered firm or any of its partners cannot seek set-off.
A partnership firm’s name should not contain any words that imply government approval or endorsement, unless the government has provided its formal agreement to the use of such words as part of the firm’s name. Pointers to remember:
The names must not be too close or identical to the names of other companies in the same industry.
Words like Crown, Emperor, Empress, Empire, or any other phrase implying government approval are prohibited in the name
The appropriate government fees differ by state and are determined by the amount of money contributed by partners. The fee is between Rs.1000 and Rs.1500 in most states, plus stamp duty. It is something that our professionals will help you with. Only the actual government fees will be levied.