PARTNERSHIP FIRM REGISTRATION:
Partnership is one of the most popular forms of a business constitution. A partnership firm is created by mutual agreement between partners where two or more persons come together to start a business and divide the profits thereof in an agreed ratio. Registration of partnership firm is not compulsory under the Partnership Act. As well as unregistered Partnership Firm is not an illegal association. But because of the benefits of the registered partnership firm it become extremely import to have a register your partnership firm. A Partnership is easy to form. All partnership firms are formed in India under the Indian Partnership Act, 1932
Is it necessary to register a partnership firm?
Indian Partnership Act, 1932 governs the partnerships. Registration of partnership firm is not compulsory under the Partnership Act 1932. Partnership firm could be register at any time between continuity of business or before starting a business. It is always beneficial to register the firm under the Partnership Act because the firm have some special rights which are not available to unregistered partnership firms. Register firm can file a case in the court of law, as an when required, to enforce its right arise out of contract to the partnership firm.
A partnership deed is a written contract between partners who are doing business. Under the Partnership Deed include all terms & conditions that partners are agreed as well as consist capital investment in business, profit sharing ratio etc. A partnership deed must contain the following:
A. General Details:
- 1. Name & address of the Partners
- 2. Name and address of the firm
- 3. Nature of business
- 4. Capital contribution by each partner
- 5. Date of starting of business
- 6. Profit & Loss sharing ratio
B. Specific Details:
Apart from these, there are certain specific clauses may also be mentioned in Partnership Deed
- 1. Accounting Period of Business activity.
- 2. Rights, Duty and Liabilities of each partner.
- 3. Salaries, Commissions etc.
- 4. Other points as partners may be decide by mutual discussion
The following documents required for registering a partnership firm in state of Maharashtra:.
- 1) ID and address proof of all the proposed partners.
- 2) Passport size photos of all the partners
- 3) Contact No. and email id of all the partner.
- 4) Register office address proof of proposed partnership firm
- 5) Name of the proposed partnership firm
- 6) Brief description of Nature of business of proposed partnership firm
- 7) Capital contribution of the partnership firm
- 8) Capital ratio and profit and loss sharing ratio of the proposed partnership firm
Partnership firm is an ideal form of business for medium and small entities. It is not mandatory for register partnership firm. But advantage of registered firm helps you to do your business smoothly.
Cambridge Corporate Solutions helps you to register your Partnership firm at Just Rs. 5999/- (All inclusive, No hidden charges).