Registration of partnership firm

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Registering a partnership firm involves the following steps:

  1. Choosing a name for the partnership firm: The name of the partnership firm should not violate any existing trademarks or intellectual property rights.

  2. Drafting a partnership deed: The partnership deed is a legal document that outlines the terms and conditions of the partnership, such as the capital contribution of each partner, profit and loss sharing ratio, management structure, etc.

  3. Obtaining a PAN card: A partnership firm must obtain a Permanent Account Number (PAN) from the Income Tax Department to carry out its business activities.

  4. Obtaining a TAN card: If the partnership firm employs staff, it must obtain a Tax Deduction and Collection Account Number (TAN) from the Income Tax Department.

  5. Registering with the Registrar of Firms: The partnership firm must be registered with the Registrar of Firms in the state where it is located. The application for registration must be accompanied by the partnership deed, along with other relevant documents such as proof of address and identity of the partners.

  6. Opening a bank account: The partnership firm must open a bank account in the name of the partnership firm.

  7. Obtaining necessary licenses and permits: Depending on the nature of the business, the partnership firm may need to obtain licenses and permits from various government authorities.

Once these steps are completed, the partnership firm is considered registered and can commence its business activities.

 

F.A.Q

An outsourced accounting department gives your company accurate financial data so you can determine what customers and/or products are the most profitable.

A partnership company is a type of business structure where two or more individuals come together to carry out a business venture, with shared ownership, profits, and liabilities.

To register a partnership company, you need to file an application for registration with the Registrar of Firms in your state. You will need to provide details such as the name of the company, the names and addresses of partners, the nature of the business, and the partnership deed.

The following documents are required for the registration of a partnership company: 

a. Partnership deed 

b. Address proof of partners 

c. Identity proof of partners 

d. PAN card of the partnership firm 

e. Partnership registration application form

 

The time taken to register a partnership company varies from state to state. Generally, it takes around 15-20 days to complete the registration process.

Yes, a foreign national can be a partner in a partnership company, subject to the rules and regulations of the Foreign Exchange Management Act (FEMA).

 

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