Requirement of partnership registration with registrar of firms
This query is : Resolved
01 March 2016
Dear sir,
Whether it is compulsory to obtain partnership registration certificate from Registrar of Firms (ROF) to open current account with bank?
I am asking question from view point of concurrent auditor of bank and for compliance with KYC norms as per RBI.
Quick reply would be appreciated.
07 March 2016
Any solution to my above query?
07 March 2016
Any solution to my above query?
21 July 2025
Is Partnership Registration Certificate from Registrar of Firms (ROF) Compulsory to Open Bank Current Account?
Legal Position on Partnership Registration:
Registration of partnership with ROF is not compulsory under the Indian Partnership Act, 1932.
Partnership can be valid and enforceable even if not registered, but registration provides certain legal benefits (like suing the third parties).
Bank’s Requirement for Current Account Opening:
Most banks prefer a registered partnership deed and partnership registration certificate as part of KYC documents for opening a current account.
However, banks can open current accounts without registration certificate if other KYC documents are satisfactory, but this depends on bank’s internal policy.
RBI guidelines mandate banks to perform KYC but do not specifically require partnership registration certificate as mandatory.
From Auditor’s Viewpoint / Compliance:
As a concurrent auditor, you should check bank’s internal KYC norms.
If the bank policy mandates partnership registration certificate, then it must be obtained.
Otherwise, ensure other documents like Partnership Deed, PAN, Identity proofs, and Address proofs are complete.
Legal Position on Partnership Registration:
Registration of partnership with ROF is not compulsory under the Indian Partnership Act, 1932.
Partnership can be valid and enforceable even if not registered, but registration provides certain legal benefits (like suing the third parties).
Bank’s Requirement for Current Account Opening:
Most banks prefer a registered partnership deed and partnership registration certificate as part of KYC documents for opening a current account.
However, banks can open current accounts without registration certificate if other KYC documents are satisfactory, but this depends on bank’s internal policy.
RBI guidelines mandate banks to perform KYC but do not specifically require partnership registration certificate as mandatory.
From Auditor’s Viewpoint / Compliance:
As a concurrent auditor, you should check bank’s internal KYC norms.
If the bank policy mandates partnership registration certificate, then it must be obtained.
Otherwise, ensure other documents like Partnership Deed, PAN, Identity proofs, and Address proofs are complete.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR 2 Short Term gain & Long term gain
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR 1: Details for showing Exempt Income
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
