Date of Incorporation of Partnership Firm

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The key question is whether a partnership firm's incorporation date is the date of the Partnership Deed (20/02/23) or the date of the Form C Registration Certificate (18/03/23). The consensus is that the date of incorporation should be the date the Partnership Deed was executed, as registration is not mandatory and can occur later. The bank's rejection based on the PAN card showing the deed date is likely incorrect, as PAN applications typically ask for the 'date of partnership', not the registration date.

Hameed Khan

Hameed Khan (Querist)

08 May 2023 We have executed a Partnership Deed on 20/02/23 on the Stamp Paper dated same. However, the Form C Registration Certificate of Partnership Firm was delayed and issued on 18/03/23.
Now, will the date of Incorporation be taken as 20 Feb 2023 or 18 March 2023.
We had applied for the PAN Card of the Firm and the date of Incorporation in PAN Card is mentioned as 20 Feb 2023.
The Banker is rejecting the bank account application quoting that the PAN Card date of incorporation is mentioned wrongly, whereas the Date of Incorporation should be taken as date of issue of Form C Registration Certificate of Partnership Firm.
Is this correct on the Part of the Bank?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

08 May 2023 Whether the deed was registered with registrar?

PARAS CHHAJED

PARAS CHHAJED

(Expert)

08 May 2023 The banker is not right. The date of formation of the partnership firm shall be the date of execution of the partnership deed only. Registration of Partnership Firm is not mandatory. An unregistered firm can not sue , this is the only disadvantage of not registering the partnership firm. Registration process will take its own time and in almost all cases the date of registration and date of formation of firm shall not be the same.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

09 May 2023 Bank's finding is wrong , because clause 5 of Form 49A (PAN application form) asks 'date of partnership' (in your case 20-02-2023) and NOT 'date of registration of Partnership' with IG of Registration.

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