PARTNERSHIP REGISTRATION WITH AAVANA
Be it company registration, compliances, or annual financial services Aavana renders all the services catering to your business needs. Having our office in Bangalore, we have PAN India presence offering services to various clients in India and abroad. Our team at Aavana will assist you in understanding the process of registering your Partnership firm and guide you in going through the process in the most professional way.
With a team of professionals, trustworthiness, affordable pricing and on time execution are the reasons why Aavana stand out from the rest.
Partnership registration is one of the most well-known forms of business constitution. It is owned, managed and controlled by an association of two or more persons solely for the purpose of making a profit. These forms of business concerns are popular among small and medium based business organizations that have limited capital. They are relatively easy to form since they require only minimum formalities.
Documents Required for Partnership Registration
Form No. 1 (Application for registration under Partnership Act)
Original copy of Partnership Deed, signed by all partners
Affidavit declaring intention to become partner
Rental or lease agreement of the property/campus on which the business is set
Partnership Registrations Deliverables
- Issue of Partnership Deed
- Issue of Form C
- Issue of GST Certificate
- Issue of PAN and TAN
PARTNERSHIP REGISTRATION PROCESS
The process of partnership registration must be in adherence with the terms and the conditions laid down by the Government.
- Name of the Partnership Firm The name of the partnership firm must comply with the rules and the regulations specified by the Government. The rule says that it should be similar or identical to an existing firm with the same nature of the business.
- Preparing of Partnership Agreement The Partnership Agreement or the Partnership Deed underlines the duties, rights, profits and other obligations of the partners in compliance with the Partnership Act which can be oral or in a written format.
- Completion of Partnership Deed Once the partnership deed draft is prepared and confirmed, then a stamp duty and notarization has to be executed as per the rules applicable to a particular state or Union Territory.
- PAN Application Application of PAN can be submitted either before or after the Partnership Firm Registration.
Advantages of Partnership Registration
Easy to Start
A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.
Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any name - as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained.
Annual Filing NOT Required
A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership's and Companies are required to file their annual accounts with Registrar of Companies each year.