Are you planning to register a partnership firm in India? The question that must be in your mind would be what is the procedure? Well, you would be relaxed to know that requires following very easy steps. However it is not essential to register a partnership legally but you should do it for your safer side. And you need to follow the laws of your state always. A legally prepared partnership deed helps you stay protected from any kinds of disputes with partners. Once you have determined to establish a partnership firm in India, you need to do following few things first:
- Choosing a partnership firm name
- Creating a partnership deed
- Getting your partnership firm registered
Your partnership deed must contain information like the name of the company to be formed, the name and addresses of the all partners, the duration of the partnership, the nature of the business, the amount of capital that is to be invested by partners, the clarifications about the drawing that partners can make, the interest allowed and charged on capital and drawings, Rights of partner, duties and responsibilities of partners, Remuneration to partners, the ration of profit and losses that are to be shared by partners and the basis for the calculation of the goodwill at the time of retirement.
Besides, you need to follow few simple steps for registering your partnership firm:
- Make your application ready for registering your partnership firm
- Keep required fees for registration
- Keep your papers ready for the whole procedure including Application for registration of partnership in form no-1, Affidavit (Duly filled), Certified original copy of partnership deed, ownership proof of the principal place of business or rent/ lease agreement.
The application should be signed by all partners. You need to submit these documents to the Registrar of Firms of your state. This is how your partnership firm can be created.