Introduction: Registration of Partnership Firm
Partnership formation in India is easy as there no complexities involved. As per the Indian Partnership Act, the relationship between persons who have agreed to share the profits of a business carried on by all or any of them acting for all is called Partnership. The registration of a partnership firm is not compulsory but is advisable.
Before moving on to the registration process of a partnership firm, let us know the documents required for the formation of a partnership. These documents are required whether the partnership firm needs to be registered or not.
1.Partnership Deed
Although a partnership deed, also known as a partnership agreement can be oral to avoid future conflicts it should be made in a written format. It is made on a stamp paper the value of which depends on the capital which the partners bring into the business. That outlines the name of the firm, the nature of the firm, the profit-sharing ratio among the partners, roles and duties of the partners, etc. It helps prevent disagreements over the role of each partner in the business and the benefits which are due to them.
2. Documents of Firm
The PAN card in the name of the Partnership Firm is required. Form 49 is to be filed for the same. It can be filed online if the authorized partner signs the application using a digital signature certificate. If online mode is not suitable than the application and requisite documents have to be sent to the PAN processing center, Pune.
The address proof of the partnership firm is also necessary. If the office place is rented, rent agreement and one bill of any utility like electricity, water, etc have to be submitted. Also, a No Objection Certificate (NOC) from the landlord will be submitted.
If the registered office place is own, utility bill has to be submitted mentioning the name of the owner. Also, a No Objection Certificate (NOC) from the owner has to be submitted.
3. Documents of Partners
The identity proof of all the partners is required. Aadhar card, PAN card, passport, voter ID, and Driving License can be used as the identity proofs of the partners.
4. GST Registration
For obtaining a GST registration, a firm needs to submit PAN number, address proof and identity & address proofs of a partner. The authorized signatory will sign the application either using a digital signature certificate or E-Aadhar verification.
Also Read: Partnership
5. Current Bank Account
The opening of a bank account in the name of the partnership firm is necessary so that all the transactions can be done from it. For opening a current bank account, a firm needs to submit the following documents:
a. Copy of the Partnership deed
b. Partnership firm PAN card
c. Address Proof of the partnership firm
d. Identity proofs of all the partners
e. Partnership registration certificate (if the partnership has been registered)
f. GST certificate
g. Copy of electricity bill, telephone bill or water bill (not more than 3 months old)
Registration of Partnership Firm
The registration of a partnership firm is an additional process and may be done at any time, before starting a business or anytime during the continuation of the partnership.
For the registration of a partnership firm, the partnership deed ID and address proofs of the firm as well as the partners to the Registrar of the partnership are required.
An affidavit is also to be submitted certifying that all the details mentioned in partnership deed and documents are correct to the knowledge and belief of all the partners. And further, it needs to be signed by all the partners.