PARTNERSHIP FIRM REGISTRATION

Partnership firm is a business structure where more than one individual operate and manage a business according to the terms and goals mentioned in the Partnership Deed. It allows joint ownership of the business where the partners share the profits based on the percentage of ownership. The concept is ideal for small and medium-sized businesses in unorganized sectors as no fixed minimum capital is required. Registering a partnership firm is relatively easy but it requires following certain rules and regulations strictly while setting it up to avoid penalties made by authorities.

Partnership Firm Registration requires you to agree on a firm name and establish a partnership deed. The written document states respective rights and obligations of the partners. It is only valid in a written form. The Partnership Deed is drafted as per the guidelines of the Indian Partnership Act, 1932 complying with the interests of the partners. However, the provisions of the Indian Partnership Act would apply on any point in which the Partnership Deed is silent.

The Partnership Firm Registration has minimum compliance requirement. The statement should be signed by all the partners of the firm and it should be verified by affidavit in accordance with prescribed rules.