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Guide to registration of Partnership firm in India

Here's a quick and easy guide to registration of partnership firm in India and how Taxolawgy can make it a cakewalk for you.

PMalhotra
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Guide to registration of Partnership firm in India

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  1. About Us Taxolawgy is an online marketplace for providing highest quality of Legal and Financial services in the most transparent environment at affordable rates, while opening global business opportunities for experts like Advocates, CA, CS, etc.

  2. Partnership Firm In India Guide To Registration Of Partnership Firm In India Partnership Firm In India

  3. Need to know what exactly is a Partnership Firm? When two or more people decide to co-own a company while also sharing profits and losses it’s a partnership.

  4. there are a set of rules upon who can become a partner at a Partnership firm. Types Of Eligible Partners Rules upon who can become a partner at a Partnership firm. Any person who’s eligible can become a partner. A partnership firm cannot be a partner in another partnership firm as an artificial legal person. A Private Limited company can be a partner at a Partnership firm as these companies are artificial legal persons. The Trustees of that firm are bound by the company bye-laws they can become partners in the firm as well.

  5. Firstly, Partnership at will is a type of partnership that can be dissolved by any partner at any time. Moreover, these partnerships don’t have a binding document or agreement to hold the partnership together. Such partnerships are not formal. A Fixed-term partnership has a fixed term for the partnership. Thus when the term ends so does the partnership. Although, the contract can be extended. A Particular partnership is struck when the two involved parties want to carry out only a special venture. After which the partnership dissolves automatically. Moreover, it’s like collaborating on a project. Lastly, General partnership is the most simple partnership which can be formal or not depending on the partners. Partnership at will is a type of partnership that can be dissolved by any partner at any time. Such partnerships are not formal. Partnership has a fixed term for the partnership. Term ends so does the partnership. Contract can be extended. General partnership is the most simple partnership which can be formal or not depending on the partners. Types Of Partnerships

  6. Types Of Partners • Active partners: Takes part in the day-to-day activities of the company • Sleeping partner: Technically an inactive partner • Nominal partner: Only lends his or her name to the firm and has absolutely nothing to do with the running or profits of the company. • Partner in profit shares: Only the profits of the company & isn’t liable for any losses. • Minor partner: Junior partner not liable to enter into contracts or vote in the firm.

  7. Documents Required Statement in the form for registration of partnership firm (Form-1) with prescribed fees Notarized true copy of the partnership deed Proof of ownership/rent/lease of the head office of the firm.

  8. Fees For Registration Of Partnership Firm Fess for registration of partnershipfirm is INR 1000. Additional costs like court fees, stamping fees, etc which are minimal. The real cost is to hire an expert to do this for you. You can take the easier route and find an expert for you at Taxolawgy.

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