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Table of Content
Overview
Worried about the ins and outs of the process of registering your Partnership?
YOU CAN NOW REGISTER YOUR PARTNERSHIP AT AFFORDABLE PRICES!
Setting your Partnership is now made easy with Company Adda. This type of company is established between two or more partners with the goal of earning profit. While it is not compulsory to register a partnership firm but there are added advantages if a partnership firm is registered. Wish to get your partnership registered? We will take care of all your legal formalities like Name Approval, PAN, MSME, ITRs, CA consultation, Partnership Deed, etc. All you will have to do is to contact us.
Frequently Asked Question
A minimum of 2 partners are necessary in order to start a partnership firm whereas the maximum number of partners allowed is twenty. However, no foreigner is allowed to be a partner in a partnership firm.
After the draft for the partnership agreement is approved, the partnership deed has to be paid. The stamp duty varies from state to state and depends on the firm's capital. The partners are then required to sign the partnership deed in presence of two witnesses. Later, the deed is notarised by presenting the same before a notary public.
Since partnerships are an old method of doing business, it is always recommended to start a business in a company or LLP form. Yes, a partnership firm can be converted easily into a Limited Liability Partnership or a Private Limited Company.
Though the Indian Partnership Act, 1932 does not make registration of partnership mandatory, section 69 places certain disadvantages to an unregistered firm. Following are the disadvantages of an unregistered firm. Only a registered partnership firm can claim a setoff An unregistered partnership cannot recover any sum due from third parties if the amount in question is more than Rs. 100/- Only a registered partnership firm can file a legal suit in the court of law for the enforcement of rights against partners. The partners of an unregistered firm cannot file suit against another partner of the firm or the firm itself. Do I have to file an annual return to the registrar of firms? An annual return for a partnership firm does not need to be filed. However, income Tax Return shall be necessary to be submitted at the end of the financial year and within Due Date of filing. There is no provision of audit under The Partnership Act, hence a firm does not require to get its books audited. However, if the turnover crosses 2 Crore, then tax audit is mandatory.
A person may become a partner with another for a single adventure or undertaking. The term of partnership firm can be for a specific period or for the completion of a specific project or at will. The deed must have a specific mention about the tenure of the partnership agreement.
The application for registration of partnership firm is filed with the Registrar of Firms having jurisdiction over the place of business of the partnership firm. The registrar of firms after receipt of the application complete in all aspects with all required documents registers the firm within 1-2 weeks and issues the Certificate of Registration of Firm.
Yes, one can deal with one of the partners of the partnership. The law presumes that each partner is an agent of the other and while dealing with third parties the partner is representing the partnership firm in good faith. The acts done by one partner is binding on another even if it is not in the knowledge of the other party.
No, it is not necessary. As the contract act does not makes it necessary to have the agreement in writing. However, it is always prudent to make a partnership deed to produce to the bank, income tax authorities and to clients with whom the partnership firm deals with.
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