Partnership Firm Registration for Business
Partnership Firm Registration for Business
What is Partnership Firm Registration for Business?
Why consider a Partnership firm?
Starting a Partnership Firm is one of the easiest options to register an entity with more members. Unlike, LLP or Company there are very few restrictions in the Partnership Entity for the entry or exit of members. Also, there is no obligation on the Partnership firm so formed for the contract entered into as it is the personal liability of the members to take care of the projects or proposals a partnership has contracted.
A partnership as an entity cannot be sued while its members can be sued by third parties compared to other business forms which can directly as separate entities be used by third parties. A Partnership is broken if a member opts out of the partnership agreement and a new agreement can be formed between new partners, but such flexibility is not provided in any other business form.
Is it beneficial to have Partnership Registration with members?
There is an unending number of reasons or thoughts by which a successful partnership can come to end. Without proper drafting of the charter document or registration of the partnership, there can’t be any legal suit filed against the other members of the partnership or the partnership firm. Also, with Partnership Registration partners are clear about their duties and rights in the partnership for which they can legally object in case of any argument.
What documents are required to apply for Partnership Registration?
Here is a list of documents required for the application of Partnership Firm Registration in India:
- Partnership Deed /Agreement
- Partnership PAN Card
- Partnership Bank Account Details
- Partnership Registered office proof
- Partners KYC Proof
- Partners Identification and Address Proofs
- GST Registration
- Other Business Licenses obtained
Let’s understand Partnership Registration in different states:
| Partnership Registration in Delhi | Partnership Registration in Delhi can be done through the Department of Industries (Govt of Delhi) through Form 1. | Documents Required are Partnership Agreement, Identity Documents, and Address Proof of the Registered office | For compliance, the concerned officer shall be the Gazetted Officer / Advocate, Vakil, or Magistrate of Registered Accountant. |
| Partnership Registration in Maharashtra / Mumbai | Partnership Registration in Maharastra can be done through the Registrar of Firms (Govt. of Maharashtra). |
Documents Required are Partnership Agreement with Marathi Translation, Forwarding letter, Copy of Deed Certified by CA/Advocate, and Non-Judicial Stamp paper |
For compliance, the concerned officer shall be the notified district registrar of firms. |
| Partnership Registration in Haryana | Partnership Registration in Haryana can be done through the Department of Industries and Commerce (Govt of Haryana). |
Documents Required are Partnership Deed, Address Proof, Undertaking of all partners, etc. | For compliance, theconcerned officer shall be the District Registrar / Industrial Extension Officer or Assistant |
| Partnership Registration in Uttar Pradesh | Partnership Registration in Uttar Pradesh can be done through Registrar Firms Societies and Chits (Govt of UP). |
Documents required are Partnership Deed, Affidavit, and all documents of partners scanned | For compliance, the concerned officer shall be the Patal Shayak Level Registrar of every District |
| Partnership Registration in Punjab | Partnership Registration in Punjab can be done through the Registrar of Firms (Govt of Punjab). | Documents required are Partnership Deed, Application Form, Rs 1000 Judicial stamp paper attested by Notary Public, and Partner ID proof with passport-size photos. |
For compliance, the concerned officer shall be the Dealing Assistant of the Registrar of Firms or Superintendent of Firms or Registrar of Firms. |
Partnership Registration in India can be applied offline in some states, while it is a completely online process in some states.
Compliance after Partnership Firm Registration
Once a Partnership Firm is registered the following compliances have to be undergone by the partners on behalf of the firm:
- Application for TAN / PAN for the entity.
- Accounting / Bookkeeping
- Filing Annual Income Tax Returns with/without Audit provisions.
- GST Registration and Return Filing
- TDS Compliances and Returns
- ESI / EPF Registration
- State License Registrations and Compliance
How much time does it take for a Partnership Firm to register?
The duration for Partnership Firm Registration depends on state-based registration rules and regarding partnership formation. Also, it depends on the objections and issues raised by the Registrar of firms of respective state. On average, it takes about 10 to 15 days to register a partnership firm in India.
Partnership Firm Registration experts there at TaxReturnWala, help you register your partnership firm anywhere in India. We shall provide consultation on writing your partnership agreement, applying for partnership registration with the registrar, consulting on registration issues, legal documentation, tax registration, and all compliances of your business.
For assistance required on compliance with Partnership Registration, you can email us
at info@taxreturnwala.com.