All about knowledge of Firm Registration in India

Posted by kavita123 on February 17th, 2020

 The commencement of a partnership firm registration in India is done under the Indian Partnership Act, 1932. It has laid down the responsibilities and regulations of this kind of firm. The company entering this deed can acquire a minimum of two partners and a maximum of 20 business partners willing to enter not a partnership.

Highlights of a partnership firm

  • The partners are separate legal identity, but the firm does not have an individual identity.
  • The firm cannot be a debtor or creditor.
  • The firm cannot own a property.
  • The details of sharing of profits or losses among the partners have to be explicitly mentioned in the partnership deed, for further reference and avoiding any form of discrepancy.
  • The partners can carry on the business on behalf of others.
  • The partnership firm will cease to exist if the number of partners reaches below 2 in any mishap, incapacitation or resignation of partners.

 Importance of registering a partnership firm

The partnership firm registration is governed by the Indian Partnership Act, 1932. It states that the registration of the firm is optional and completely upon the will of the engaged partners. The registration of a firm can be executed at any time- before the start of the business or anytime during the working stage of the partnership. 

Although it is advisable to register the firm under the Ministry of Corporate Affairs. These firms enjoy special rights and benefits, exclusive to the registered firms. 

 Method of firm registration

The firm partners who wish to register the partnership firm have to fill up an application form. The application form is submitted to the Registrar of Firms of the State in which the firm is located. It is essential to get all the partners on board on the application form.

 Documents for Registrar

The documents required for partnership firm registration in India are listed below. Kindly go through it carefully to ensure the rejection of the form. The documents are:

  • File Form 1 for application for registration of partnership
  • Get a copy of the Affidavit
  • Attach a Certified original copy of Partnership Deed
  • Get proof of principal place of business like the ownership documents or rental/lease agreement, etc.

Their work can be made easy with the availability of legal firms across the country. These firms comprise intelligible lawyers, with years of experience in handling firm registration process and other legal procedures arduously. They are very reliable and professional in approach, offering numerous reasonable packages according to the need of the clients.


kavita123

About the Author

kavita123
Joined: February 7th, 2020
Articles Posted: 5

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