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How does it work?
Partnership firm registration in India involves choosing a unique name, obtaining a partnership deed, and applying for a PAN and TAN card. The partnership deed must include terms and conditions agreed upon by all partners. The application can be filed with the Registrar of Firms, and once approved, the partnership firm is legally recognized.
Introduction to Partnership Firm
A partnership firm is a popular form of business structure in India. It is an association of two or more individuals who agree to share profits and losses of the business. The partnership firm is governed by the Indian Partnership Act, 1932. Partnership firms are relatively easy to set up and are suitable for small and medium-sized businesses.
Eligibility Criteria for Partnership Firm Registration
- A minimum of two partners is required to form a partnership firm.
- Partners must be Indian citizens or entities registered in India.
- There is no minimum capital requirement for partnership firm registration.
Documents Required for Partnership Firm Registration
- PAN Card of all partners
- Aadhaar Card or Voter ID Card of all partners
- Address proof of all partners
- Partnership Deed
- Rental agreement or ownership proof of the business place
- NOC from the landlord if the business place is rented
Procedure for Online Registration of Partnership Firm
- Obtain Digital Signature Certificate (DSC) and Register for Director Identification Number (DIN)
- Apply for Name Approval
- Draft and Sign Partnership Deed
- File Application for Partnership Firm Registration with the Registrar of Firms
- Obtain PAN Card and TAN Card for the Partnership Firm
Benefits of Partnership Firm Registration
- Easy to set up and manage
- No minimum capital requirement
- Shared risk and responsibilities among partners
- Flexibility in decision-making and profit-sharing
- Tax benefits
Registering a partnership firm in India can be done online with the Registrar of Firms. It is important to follow the eligibility criteria, gather the required documents, and complete the registration process accurately. Once registered, partnership firms enjoy various benefits such as shared risk, flexibility in decision-making, and tax benefits.
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