Partnership Firm registration
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A General Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and objectives set out in the Partnership Deed. This structure is thought to have lost its relevance since the introduction of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are personally liable for the debts of the business. However, low costs, ease of setting up and minimal compliance requirements make it a sensible option for some, such as home businesses that are unlikely to take on any debt. Registration is optional for General Partnerships.
A. Basic Documents to Start a Partnership
- Notarised Partnership Agreement
- Registered address proof
- It should not be older than 2 months
- NOC from the owner of the premises
B. Documents of all partners of the Firm
- Two Photograph
- Copy of PAN Card
- Valid Identity Proof
- Latest Address Proof
Step-1:Documentation – Day – 1
The process begins with the documentation of the partners and the place of business from where the firm will conduct its business in India. Ensure that the documents are updated and correct. The list of required documents is provided above the list of documents required for your reference. We will also need information in the Partnership Formation Questionnaire, a questionnaire for the Partnership Formation.
Step-2:Selection of Name – Day – 1
The name of the partnership firm should be cross-checked with the trademark registry to avoid infringement of any other trademark or brand name. Choosing a proper name should be the starting point, we search the firm’s proposed name in the trademark register to avoid any infringement on someone else’s trademark. To learn more on Treadman.
Step-3:Drafting of Partnership Deed – Day – 1
A partnership agreement or deed is the main document of the firm and is also considered to be the constitution of the firm which sets out the mutual rights of the partners among themselves. This document also specifies the ratio of capital and profit sharing and how the firm will operate by partners.
Step-4:Payment of Stamp Duty for the Partnership Deed – Day – 1
After the draft the partnership agreement is approved and adopted by the parties, the stamp duty is to be paid on the partnership deed which varies from state to state and the capital of the partnership agreement. We have not included the value of stamp duty in any of our packages and are required to be paid by customers on an actual basis.
Step-5:Signing of Partnership & Notary of Deed – Day – 2
Finally the partnership deed is signed by the partners in the presence of two witnesses and then the deed must be noted by presenting it to a notary public.
Step-6:PAN Number Allotment – Day – 2-7
The partnership firm needs to make an application in the prescribed form before the income tax department for the allotment of PAN, The acknowledgement of pan application for the partnership firm is received within the same day, however, the pan is allotted within a week time.
Step-7:TAN Number Allotment – Day – 2-7
The tan number is a permanent number assigned to the business to comply with the provisions of the tax. You need to deduct TDS while making the payment, so the next step is to get a TAN number, which is mandatory to submit TDS return.
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