Partnership Firm Registration

The law regarding a partnership firm in India is stated in the Indian Partnership Act of 1932. In a partnership there is more than one individual is involved in a partnership. There is a legal partnership agreement where the roles, duties, and shares of each partner are explicitly defined. Thus, profit earned by the company is shared among partners according to the legal partnership agreement, and if there are losses, every partner is personally responsible.

Documents required for the partnership firm registration

The documents which are required for the partnership firm registration are:

• Statement in Form 1 with the stated fees

• Notarized True Copy of the Partnership Deed declaring the following:

• Name of the firm
• The nature of the business of the corporation
• The place or principal place of business of the corporation
• The names of any other places where the corporation carries on business
• The date when each partner joined the corporation
• The names in full and permanent addresses of the partners
• The duration of the corporation

• The ownership Proof or rent or lease proof of the location of the business

• Copy of PAN Card of partners

• Copy of Aadhaar Card/ Voter identity card

• The Statement should be signed by all the partners of the corporation and need to be verified by affidavit in a specified manner.

Detailed Documents of the Partnership Firm registration 

Partnership Deed

For a partnership firm registration, a partnership deed could be made orally, but a partnership deed made in writing is recommended in order to avoid any future conflict in a partnership. The Partnership deed is made on a judicial stamp paper and is required to be signed by each and every partner. It covers the rights as well as duties of the firm and its partners.

Documents of Partners for the Partnership Deed

PAN Card of partners – Each partner must submit their PAN number as identity proof.

Address Proof of partners – Partners can submit Aadhar Card, Driving Licenses, passports,s or Voter ID cards as address proof. The name and other details on the address proof must match the details of the PAN card.

PAN Card of the firm – Partners must apply for the PAN of the firm. Form 49A is required to be filed to apply for a PAN.

It could also be filed online if the authorized partner signs the application by utilizing a digital signature certificate. Else, the application and necessary documents must be sent to the PAN processing center, in Pune.

Address Proof of the firm – In case the registered place of work is rented, the rent agreement, as well as one utility bill (electricity bill, water bill, property tax bill, gas receipt, etc.), must be submitted. Also, NOC from the landlord is also required to be submitted.

In case the registered office place is owned, a utility bill is required to be submitted stating the name of the proprietor. Moreover, a NOC from the proprietor (owner as stated in the utility bill) needs to be submitted.

Additional Documents required for the Partnership firm registration

If the partners want to register the partnership firm, they must submit a partnership deed, ID as well as address proofs of the firm along with the partners to the Registrar of Partnerships. Also, an affidavit is required to be submitted confirming that all the details stated indeed and documents are truthful.

GST Registration

In order to get a GST registration, a firm must submit a PAN number, address proof, and identity and address proofs of the partner. An authorized signatory would sign the application either by means of a digital signature certificate or E-Aadhar verification.

Current Bank Account

In order to open a current bank account, a firm must submit the following documents:

1. Partnership deed

2. PAN card of the Partnership firm

3. Address Proof of the partnership firm

4. Identity proofs of each and every one of the partners

5. Partnership registration certificate (if a partnership was registered)

6. Any registration document issued through central or state government (usually GST certificate is submitted)

7. Electricity bill copy or telephone bill copy or water bill copy (not beyond 3 months old)

8. Authorization letter on the letterhead of the firm authorizing a partner as authorized signatory for the bank account.

Partnership Firm Registration Online

The Partnership firm registration procedure online involves the following steps;

As per the India Partnership Act 1932, there is no time restriction as such for the registration of a firm. The firm could be registered in India on the date when it is incorporated or any such date after so. The mandatory fees and fines need to be paid. The process for such a Partnership Firm Registration Online includes:

1. The applicant must select an appropriate name for the partnership firm which shall not be similar to any other name which is already registered or shall not use words that are violating any law. One must check the name availability through MCA for the name as desired by the applicant that is not already registered. One could also get the Partnership firm name and logo registered as a trademark to secure it lawfully

2. Partnership Deed includes all the details of the rights and obligations of partners along with minute particulars relating to the firm. The few common points forming the part of the partnership deed are:

• Name and address of the Partnership firm

• Complete information relating to the partners for example name, address, contact details, etc

• Nature and activities relating to the business

• Duration ( if applicable)

• Contribution of all the partners

• The ratio in which the profit shall be shared between the partners

• The correctly signed copy of the Partnership Deed (which comprises all the terms and conditions) should be filled with the registrar.

3. When the drafting of the deed is completed it shall be executed by printing it on stamp paper with the appropriate notary and by affixing the signature of every partner. However, the stamp duty payable in one state could be different in others.

4. It is advisable to obtain the PAN in the name of the partnership regardless of the fact whether an individual register the Partnership firm or not.

5. One must complete the application by including each and every one of the details of the Partnership firm, essential information relating to the firm, partners, contributions, place of the firm, duration of the firm, as well as the date of starting the business. Each partner is required to sign the application and get it notarized.

6. Then the applicant must file the application to the Registrar of Company for its registration together with the required documents.

7. Complete the registration procedure through the final submission of the application along with the payment of set fees and stamp duty for partnership registration. Fees, as well as stamp duty, relies upon the state in which the partnership firm is registered 

8. When the applicant sends the final and complete application to the registrar, the registrar would validate the same and then would issue the registration certificate by sending it via mail id.

By completing all the procedures the Partnership firm shall attain legal recognition.