A partnership is a legal structure for conducting business that is formed through the execution of a deed of partnership. A Deed is essentially an agreement between Partners regarding the entirety of the Partnership’s business.
The Indian Partnership Act of 1932 governs the operation of partnerships in India. Contact Today for your Partnership Registration in Bangalore.
A partnership firm is a type of business entity in which two or more individuals, known as partners, come together to operate a business with the goal of making a profit. The partners share the profits and losses of the business, and each partner is personally liable for the debts and obligations of the business. Partnerships are typically formed for the purpose of running a small or medium-sized business, such as a retail store, law firm, or consulting business. They are relatively easy to establish and require less formal structure and compliance than corporations or limited liability companies.
Any organisation relies on decision-making. In a partnership, there are no resolutions, so decision-making is faster. In most cases, partners in a partnership firm can conduct any transaction without the other partners' consent.
When compared to LLP and other pvt ltd co's, annual compliances in Partnership Firm are very less. Just submit your basic KYC documents, we will get your Firm Registered within 3 working days in Bangalore.
Total Business registration can be completed with an unregistered deed of the partnership within 2-4 business days along with simple PAN, GST and other compliances. Partner can start your business immediately.
To form a partnership firm, the following documents are typically required:
Partnership Deed: This is a legal document that outlines the terms and conditions of the partnership, including the name of the business, the nature of the business, the contributions of each partner, and the profit and loss sharing ratio.
PAN card of all the partners
Address proof of all the partners
ID proof of all the partners
GST registration (if the firm is going to do the business with turnover more than 20 Lakhs)
Shop and Establishment registration (if the firm is going to operate from a physical location)
Bank account in the name of partnership firm with partners’ signatures as per the bank’s requirement.
Step 1 : Application for Registration
A form must be filled out and sent to the ROFs of the state where the Firm is located, along with the standard fees. On the registration form, the proposed partners should sign their names.
Most of the time, a person who wants to apply can send the application form to the ROFs by registered mail. Check the following list before sending the application to the right person. The checklist has all of the required information that needs to be on the application form.
Step 2 : Choose the Firm’s official name
Consider the following things when coming up with a good name for the proposed Partnership Firm :
Step 3 : Get the Registration Certificate / Partnership Deed
If there are no mistakes in the form and documents that were sent in, the Registrar will give the registration certificate and add the proposed firms to the Register of Firms.
All the information about a registered firm is in the register of firms, which business owners, or partners, can access after paying the standard fees.
Get your Partnership Firm Registered today in Bangalore
Get Expert guidance at Prakasha & Co. for free, you’ll feel a breeze in Registering your Partnership Firm in Bangalore. Get Started Today
If everything is in order, registering a Partnership Firm in Bangalore usually takes between 7 to 10 business days. Avail our Expert advice at Prakasha & Co. to register your Partnership Firm in Bangalore.
Note : This timeline is also affected by how long it takes the government to process things, give approvals, and do other things.
When it comes to getting legal authorizations and registering a business with the state, Prakasha & Co. is among the best and most prominent options available. We are cognizant of the fact that one must be completely accurate with all papers and underlying legalities in order to complete the registration process without incident. We guide our Clients on each step to make the Registration process of Partnership Firm – Hassle free!
Getting a firm registered in India is a prerequisite for any kind of business activity in the country. This gives you legal credentials as well as the credibility to go about your business.
Incorporating a Firm in India is a simple process that can be accomplished within a few days. The process is streamlined by the Partnership Act. The Registrar of firms controls Firms business and it’s to get your firm registered in Bangalore.
Partnership firm registration can provide a number of benefits to businesses in Bangalore and other parts of India. A partnership firm is a type of business entity that is owned and controlled by two or more individuals, known as partners.
Here are a few key benefits of partnership firm registration:
Shared liability:
In a partnership firm, the partners are jointly and severally liable for the debts and liabilities of the business. This means that each partner is individually responsible for the full amount of the debts and liabilities, regardless of their individual contribution to the business. This can be a useful structure for businesses that want to share the risk of starting and operating a business.
Shared decision-making:
In a partnership firm, the partners are involved in the decision-making process for the business. This can be a more democratic and collaborative approach to business management, compared to other business structures where a single individual or group of shareholders makes all the decisions.
Ease of formation:
Partnership firms are relatively easy to set up and operate, as they do not require the same level of formalities as other business structures such as companies. This can be a convenient option for businesses that want to get up and running quickly.
Overall, partnership firm registration can provide a range of benefits to businesses in Bangalore and other parts of India, including shared liability, shared decision-making, and ease of formation.
Contact us to get a free consultation.
