Introduction to Partnership Firm
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.
Benefits of Partnership Firm Registration in Bangalore
Minimum Compliance
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.
Simple To Begin
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.
What are the Documents required for Partnership Firm Registration in Bangalore?
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-by-Step procedure of registering a Partnership firm in Bangalore
Getting a Partnership Firm Registration in Bangalore becomes super-easy when you get in touch with Experts at Prakasha & Co.
- 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.
- Name of the proposed firm
- The main place where business is done if there is an extra unit, its address.
- The date that each partner joined
- Who the proposed partners are and where they live
- The year Partnership Firm was founded
- Step 2 : Choose the Firm’s official name
Consider the following things when coming up with a good name for the proposed Partnership Firm :
- The name shouldn’t cause a problem with anyone else or with the Firm that already exists.
- The name should be unique and stand out.
- The name must follow the current laws, such as the Trademark Act and the Emblem and Name Act, 1950.
- 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
How long does it take to set up a Partnership Firm in Bangalore?
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.
Here’s how we at Prakasha & Co. can assist with forming a Partnership Firm in Bangalore :
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!
- Guide you how to chose the right Partnership Firm name.
- Help in managing & preparing partners documents.
- Help with filling out Firm forms.
- All the way through Guidance – end to end Support.
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.
Not looking for Private Limited Company registration? Click below to find other forms of entity registration
- Setting up of Proprietary Concern in Bangalore
- One Person Company or OPC Registration in Bangalore
- Partnership Firms Registration in Bangalore
- Limited Liability Partnerships Registration or LLP Registration in Bangalore
- Subsidiary Company Registration in Bangalore
- Setup Branch / Liaison Office in India
Other registration required after Private Limited Company registration depending on business :
- GST Registration
- Registration under Karnataka Shops and Establishment Act
- Profession Tax Registration
- MSME | Udyog Aadhaar Registration
- Employee Provident Fund Registration (PF Registration)
- Employee State Insurance Registration (ESI Registration)
- STPI Registration or Non-STPI Registration
- Import Export Code (IEC)
- Trade License from BBMP
