Partnership Firm Registration
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In India a Partnership Firm is a popular form of business constitution for businesses that are owned, managed and controlled by family or friends. Partnership firms are relatively easy to start are is prevalent amongst small and medium sized businesses in the unorganized sectors. With the introduction of Limited Liability Partnerships in India, Partnership Firms are fast losing their prevalence due to the added advantages offered by a Limited Liability Partnership.
Partnership firms can be registered and un-registered Partnership firm. It is not mandatory to register a Partnership firm although, it is advisable to register a Partnership firm. Partnership firms can be formed by a Partnership deed amongst the Partners.
Choosing Name of your Partnership firm
- Any name can be given to a partnership if you fulfil the below conditions:
- The name shouldn’t be similar or identical to an existing firm doing the same business,
- The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.
Following details are required in a partnership deed:
- Name and address of the firm and all the partners
- Nature of business
- Date of starting of business Capital to be contributed by each partner
- Capital to be contributed by each partner
- Profit/loss sharing ratio among the partners
Apart from above, certain specific clauses may also be mentioned to avoid any conflict at a later stage such as
- Interest on capital invested, drawings by partners or any loans provided by partners to firm
- Salaries, commissions or any other amount to be payable to partners
- Rights of each partner, including additional rights to be enjoyed by the active partners
- Duties and obligations of all partners
- Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm.
- Other clauses as partners may decide by mutual discussion
We offer registration services like partnership firm, one-person company (OPC) registration, private limited company registration, Nidhi Company Registration, Section 8 Company Registration, Producer Company Registration and setting up permanent establishment for foreign companies. If you are interested in forming an entity, we at there for you. Get in touch for consultation with one of our experts.