Registration of Partnership firm

Registration of Partnership firm

Partnership is one of the most popular form of business organisation in the country. The compliance in terms of statue it orders to register and incorporate a Partnership firm is relatively easier than setting up a LLP or a Company.

 In general registration of partnership firm is optional or not mandatory. Registration of Partnership involves following step:

• Choosing a partnership firm name: One has to utmost careful while deciding the name of the partnership firm. It cannot be too identical to the existing firm name. The reason for the name to be different, so that there is no confusion in the mind of the people.

• Creating Partnership deed: Partnership deed is one of the most important document which defines rights and obligations of the partners in the firm. Partnership deed can be written or oral, but it is better to have a written partnership deed, which helps in enforcement of it in the court of law. Partnership deep should contain the following:

• Date of commencement of business

• Name and details of the partners in the firm

• Name and address of the firm

• Duration of each partner

• Ratio of profit decided to share profits

• Amount of capital brought in by each partner

Apart from these additional clauses may be included by the partners such as Rules for Retirement , death or insolvency of a Partner.

• Procedure for registration: Procedure for registration is fairly simple. AN application needs to be submitted to Registrar of the State along with required documents. These include:
• Application for registration of partnership in Form No-1
• Specimen of affidavit duly filled
• Certified copy of Partnership deed.
• Proof ownership of the place where business is running.

Once the registrar is satisfied that all documents along with the formalities have been compiled with, he will make an entry into the Register of Firms and issue a certificate of Incorporation.

Author: This blog is written by Mr. Vishal Aggarwal, student of Amity Law School, a passionate blogger & intern at  Aapka Consultant.

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