Partnership Firm Registration
The law regarding a partnership firm in India is stated in the Indian Partnership Act of 1932. In a partnership there is more than one individual is involved in a partnership. There is a legal partnership agreement where the roles, duties and the share of each partner are explicitly defined. Thus, profit earned by the company is shared among partners according to the legal partnership agreement, and if there are losses, every partner is personally responsible.Documents required for the partnership firm registration
The documents which are required for the partnership firm registration is:- Statement in Form 1 with the stated fees
- Notarized True Copy of the Partnership Deed declaring the following:
- Name of the firm
- The nature of the business of the corporation
- The place or principal place of business of the corporation
- The names of any other places where the corporation carries on business
- The date when each partner joined the corporation
- The names in full and permanent addresses of the partners
- The duration of the corporation
- The ownership Proof or rent or lease proof of the location of the business
- Copy of PAN Card of partners
- Copy of Aadhaar Card/ Voter identity card
- The Statement should be signed by all the partners of the corporation and need to be verified by affidavit in a specified manner.
Detailed Documents of the Partnership Firm registration
Partnership DeedFor a partnership firm registration, a partnership deed could be made orally, but a partnership deed made in writing is recommended in order to avoid any future conflict in a partnership. The Partnership deed is made on a judicial stamp paper and is required to be signed by each and every partner. It covers rights as well as duties of the firm and the partners.Documents of Partners for the Partnership DeedPAN Card of partners – Each partner must submit their PAN number as identity proof.Address Proof of partners – Partners can submit Aadhar Card, Driving License, Passport or Voter ID card as an address proof. Name and other details on address proof must match with the details of the PAN card.PAN Card of the firm – Partners must apply for PAN of the firm. Form 49A is required to be filed to apply for a PAN.It could also be filed online if the authorized partner signs the application by utilizing a digital signature certificate. Else, the application and necessary documents must be sent to the PAN processing center, Pune.Address Proof of firm – In case the registered place of work is rented, rent agreement as well as one utility bill (electricity bill, water bill, property tax bill, gas receipt, etc.) must be submitted. Also, NOC from the landlord is also required to be submitted.In case the registered office place is own, utility bill is required to be submitted stating the name of the proprietor. Moreover, an NOC from the proprietor (owner as stated in utility bill) needs to be submitted.Additional Documents required for the Partnership firm registrationIf the partners want to register the partnership firm, they must submit a partnership deed, ID as well as address proofs of the firm along with the partners to the Registrar of Partnerships. Also, an affidavit is required to be submitted confirming that all the details stated indeed and documents are truthful.GST RegistrationIn order to get a GST registration, a firm must submit PAN number, address proof and identity and address proofs of the partner. Authorized signatory would sign the application either by means of a digital signature certificate or E-Aadhar verification.Current Bank AccountIn order to open a current bank account, a firm must submit the following documents:- Partnership deed
- PAN card of the Partnership firm
- Address Proof of the partnership firm
- Identity proofs of each and every one of the partners
- Partnership registration certificate (if a partnership was registered)
- Any registration document issued through central or state government (usually GST certificate is submitted)
- Electricity bill copy or telephone bill copy or water bill copy (not beyond 3 months old)
- Authorization letter on the letterhead of the firm authorizing a partner as authorized signatory for the bank account.
- Name and address of the Partnership firm
- Complete information relating to the partners for example name, address, contact details, etc
- Nature and activities relating to the business
- Duration ( if applicable)
- Contribution of all the partners
- The ratio in which the profit shall be shared between the partners
- The correctly signed copy of the Partnership Deed (which comprises all the terms and conditions) should be filled with the registrar.