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Expert point offers Payroll Processing Services with reasonable price. Expert Point also supports Private Limited Company Registration, GST Registration, Income Tax Filing, GST Return Filing, Trademark Registration, and Branding Identity Services.

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Get one person company registration online in india with ExpertPoint in just 10-12 working days. ✓Guaranteed Satisfaction ✓Expert CA/CS Assistance.

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Expert point offers accounting and bookkeeping services with reasonable price. 

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Get your online GST registration in India with Expert Point at a reasonable price. ✓Guaranteed Satisfaction ✓Easy EMI ✓Expert CA/CS Assistance ✓ 4.8/5 Customer Ratings

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Get your FSSAI registration online easily in India with Expert Point. ✓Guaranteed Satisfaction

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Get your Limited Liability Partnership registration online in India with ExpertPoint. ✓Easy EMI ✓Guaranteed Satisfaction ✓Expert CA/CS Assistance.

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What is Partnership Firm Registration?

A Partnership firm is where two or more persons come together to form a business with the purpose of earning profit.  The persons who come together to form the partnership firm are known as partners. The partnership firm is constituted under a contract between the partners. The contract between the partners is known as a partnership deed which regulates the relationship among the partners and also between the partners and the partnership firm. A partnership firm is easy to form with fewer compliances as compared to companies.  

Advantages of Partnership Firm:

·        Easy Formation – An agreement can be made oral or printed as an agreement to enter as a partner and establish a firm.

·        Large Resources – Unlike sole proprietor where every contribution is made by one person, in partnership, partners of the firm can contribute more capital and other resources as required.

·        Flexibility – The partners can initiate any changes if they think it is required to meet the desired result or change circumstances.

·        Sharing Risk – All loss incurred by the firm is equally distributed amongst each partner.

·        Combination of different skills – The partnership firm has the advantage of knowledge, skill, experience and talents of different partners.

How to Register as a Partnership Firm?

The incorporation of a partnership firm is easy as compared to the other forms of business organization.  It needs to be registered with the Registrar of Firms.

To become a Partnership Firm under the Act, you must follow these simple steps.

1: Choose a name for a partnership

2: Draft a Partnership Deed

For the registration of a company, the partnership deed is a crucial document as it provides all the information the registrar needs:

Name and address of the firm and all partners

Contact details of partners

Nature of business

Profit/Loss sharing ratio

Rules regarding the solvency of the firm

Information of capital to be contributed by each partner

Also contained in the Deed are details regarding the remuneration payable to partners over and above the profit shares, their responsibilities, auditing procedures, etc.,

3: Applying for a PAN Card in the Partnership Name

No matter whether a company is registered under the Act, it must apply for a Permanent Account Number with the Income Tax Department. The firm's current account can be used to apply. The PAN is required to pay taxes.

4: Registration Application

Firms are required to provide information regarding the name of the firm, the nature of its business, its address, the names and addresses of all its partners, and its commencement date when submitting an application for registration. 

5: Documents Required

Application for registration of partnership (Form I)

A notarized original copy of the partnership deed

Pan card and address proofs of all the partners

6: Fees & Stamp duties

When submitting the documents, a registration fee must be paid. Until all dues are paid, the registration is not complete.

After all, submitted documents are verified you will receive the certificate of registration from the department (FORM C).

For easy documentation and a speedy process, you can always hire an expert professional for a hassle-free registration. Welcome to expert point and get your partnership firm registered in Chennai with certified and well-experienced executives to take care of you.