Sumanta Dasgupta (Student CA IPC / IPCC) (21 Points)
21 January 2017
villadavid
(B.Com)
(30 Points)
Replied 24 January 2017
Step by Step Process to Register Partnership Firm in India.
Step 1- Choosing the Partnership Name
1. The names must not be too identical or similar to the name of another existing firm doing similar business so as to lead to confusion.
2. The name must not contain words like Crown, Emperor, Empress, Empire or words expressing or implying the sanction, approval or patronage of Govt except when the State Govt signifies its consent in writing to the use of such words as part of the firm name
Step 2 – How to Create Partnership Deed ?
The following are the essential characteristics of a partnership deed:-
* Name and Address of the firm as well as all the partners
* Nature of business to be carried on
* Date of Commencement of business
* Duration of Partnership (whether for a fixed period/project)
* Capital contribution by each partner
* Profit sharing ratio among the partners
Step 3- How to Register Partnership deed in India
Partnerships in India are governed by the Indian Partnership Act, 1932. As per the Partnership Act, Registration of Partnership Firms is optional and is entirely at the discretion of the partners. The Partners may or may not register their Partnership Agreement.
The procedure for Registration of Partnership Firms in India is fairly simple. An application and the prescribed fees are required to be submitted to the Registrar of Firms of the State in which the firm is situated. The following documents are also required to be submitted along with the application:-
1. Application for Registration of Partnership in Form No. 1
2. Duly filled specimen of Affidavit
3. Certified True Copy of the Partnership Deed
4. Ownership proof of the principal place of business or rental/lease agreement thereof.
The application or statement must be signed by all the partners, or by their agents especially authorised in this behalf. When the registrar is satisfied with the points stated in the partnership deed, he shall record an entry of the statement in a register called the Register of Firms and issue a Certificate of Registration
The Register of Firms maintained at the office of the Registrar contains complete and up-to-date information about each registered firm. This Register of Firms is open to inspection by any person on payment of the prescribed fees
Any person interested in viewing the details of any firm can request the Registrar of Firms for the same and on payment of the prescribed fees, a copy of all details of with Firm registered with the Registrar would be given to the applicant
It should however be noted that registration with the Registrar of Firms is different from Registration with the Income Tax Deptt. It is mandatory for all firms to apply for Registration with the Income Tax Department and have a PAN Card.
After obtaining a PAN Card, the Partnership Firm would be required to open a Current Account in the name of the Partnership Firm and operate all its operations through this Bank Account.
CAclubindia
