Partnership Firm Reg.
Description
What is Partnership Firm Reg.?
A partnership is considered as the most essential form of a business organization where two or more people come together to form a business as well as divide the revenues in an arranged ratio.
Always remember that a partnership firm is much easier to form because the agreement is very less when compared to other companies.
What is a partnership firm?
A firm or company which is established between two or more partners with a motive of earning profit is known as a partnership firm. It is not necessary to register a partnership firm but if you want to enjoy amazing benefits then you need to register.
Partnership deed is mainly the legal document that is made to form a partnership firm. In India, there is an Indian Partnership Act 1932 which is a governing law and regulates the partnership firms.
According to the Indian Partnership Act 1932, a partnership is a relation between persons who have decided to share the earnings of a business that is agreed on by all or any of them acting for all.
To enter into a partnership firm, for a banking business the maximum number of members are 10 and 20 for other businesses. Always remember that the partnership firm is not a distinct legal entity but the partners are.
A partnership firm can never be a debtor or creditor and can also not own a property. In case, the number of partners decreases below 2 due to the death or resignation of a partner then the partnership firm can be dissolved.
How to register for the partnership firm?
You need to submit an application form along with fees to the Registrar of Firms of the state in which the firm is located. All the partners need to sign the application.
Few documents will be required and if the registrar is satisfied with the documents the firm will be registered in the Register of Firms and a Certificate of Registration will be given.
Outstanding benefits of Partnership registration
There are several benefits of partnership firm registration and some of them are stated-below:
- The partnership firm is formed based on a partnership deed
- There is a combined management
- No compulsion for registration
- All the profits and losses are shared between the partners
- Restraint on share transferability
- Limitless liability of partners
Thus, you can get the partnership registration easily within a short time from BusinessBadhega.com.
Note:- Fee Plus Government Charges addon & as per actual + Transportation