A business structure in which at least two people handle and
operate the activities of the organization as per the terms and conditions
mentioned in the Partnership Deed refers as Partnership Firm. Its insignificant
consistence necessities, simplicity in setting up, and low cost make it a
sensible choice for most of the people. A partnership
firm registration is usually governed by the agreement which specifies the
responsibilities and obligations of the partners. As per the law, it is
administered by the Indian Partnership Act, 1932. There is no penalty in case
of Non Registration of Partnership Firm in India, hence it is not compulsory to
register. One can file the application with the Registrar of the Firms of the
area, where your firm is located.
To enroll your
organization you must follow the steps that are as follows:-
1. Choose the Name of The
Partnership Firm- The partners of the firm
are allowed to pick any of the name that subject to the accompanying
guidelines:-
a.
In order to avoid
confusion, the name must not be comparative or indistinguishable which makes it
impossible to compare with the name of another current firm.
b.
The name of the firm
should not contain words like, Emperor, Empress, Empire, Crown, or any sort of
other words that infer the endorsement or support of the Government, with the
exception that the state government may connote its assent for using such word
as the name of the firm.
2. Next Step is How to
Create Partnership Deed- The document that
contains the rights and commitments of the partners of an organization is
composed in a partnership deed agreement.
A Partnership deed agreement can be written or oral, basically, an oral
understanding doesn’t last long hence it ought to be written.
Have a look at the basic key highlights of a Partnership
deed agreement:-
a.
Nature of the Partnership
firm,
b.
Date of commencement of
the business,
c.
Duration of partnership
(settled period or extended period),
d.
Name and address of the
firm alongside the same for the Partners,
e.
Profit sharing
proportion among the partners,
These are the basics that are mentioned in the partnership
deed agreement. Extra provisions may also be specified in this agreement, which
depends upon the attentiveness of the partners. Here is a list of specified
extra provisions that could be stated in the agreement if required:-
a.
Commissions payable to
the partners,
b.
Interest on the
partner’s capital and partner’s loan, to be charged,
c.
Division of undertaking,
responsibilities, and commitments of the considerable number of partners.
Every partner must have a duplicate copy of the partnership
deed and it must be written on the stamp paper as per the Indian Stamp Act. And
a copy of Partnership Deed Agreement
must be given to the Registrar of Firm in case if it is being registered.
3. How To Register a
Partnership Deed in India- Now as per the Indian
Partnership Act, 1932, the partnership
firm registration is discretionary. If you don’t want to register your firm
then you will be unable to take the advantages that the registered firm avails.
The Partnership
Firm Registration must be done at the beginning
of the business. The procedure to apply for the registration is genuinely basic.
It simply required an application to be filed and the endorsed charges are to
be submitted to the Registrar of the Firms of the State where it is located.
The Documents That Are
to be Submitted alongside the Application are:-
·
Application for the Partnership firm registration in the
Form No. 1,
·
Original copy of the
Partnership Deed Agreement,
·
Properly filled example
of Affidavit,
·
Verification of the
place of the business either through the rental agreement, or electricity bill,
etc.
0 comments:
Post a Comment