Partnership Company Registration Service
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From Startup Specialist
A partnership firm is a well-recognized business structure formed with mutual consent of all the partners for a profitable purpose. A partnership company is managed, owned and controlled by a set of people that are known as partners and have some shared capital in the firm. A partnership firm incorporation or partnership company registration is done under the Partnership Act, 1932 with very less documentation and formalities. Legal Corner provides best Partnership Company Registration Service in Kolkata, India
Partnership firms are distinguished as registered and non-registered firms. Partnership firm registration is not mandatory to register but it is advisable to do so. Partnership Company Registration offers various benefits that do not apply to the non-registered ones.
Advantages of registering a Partnership Firm
Registering a Partnership Firm in India offers the following benefits:
Incorporating a partnership firm is relatively easy and seamless as compared to another form of business. The incorporation of a partnership company begins with drafting a legal contract, known as a partnership deed. Keep in mind that the partnership deed is the only fundamental document required for incorporating a partnership firm or partnership company.
Attracts minimum Compliances
As compared to the other business structures like LLP, a partnership firm has very minimal compliances. The absence of directors in a partnership firm mitigates the requirement of securing the DSC, i.e. Digital Signature Certificate or Director Identification Number. Reconstitution of the partnership firm via partnership deed is seemingly easier than other business structures. Also, these firms attract minimal operation-based compliances. The dissolution of such firms can be done without addressing heaps of compliances.
Quick decision making
The absence of a large management structure allows partnership firms to make swift decisions. Since the majority of the decision making is in the hand of the serving partners, there is no need of appointing additional officials to serve such a purpose.
Profits and Loss Ratio is at the partners’ discretion
Partners have the absolute right to decide on the Profit and loss ratio as per mutually agreed terms and accordingly there is no disparity or vagueness among the serving partners, thereby ensuring the improved stability of the firms.
In view of this, the individual partner is not required to address the entire loss. The presence of the associate partner can help them compensate for the loss on the agreed terms.
Documents required for incorporating the Partnership firm in India
The documents required to be furnished before the Registrar of Firms of the partnership firm includes;
- Application form, i.e. Form 1, duly signed by the serving partners.
- A true copy of Partnership Deed enclosing the seal and signature of the concerned authority.
- Specimen of an affidavit authenticating all the information cited in the partnership deed & documents are legitimate.
- Permanent Account Number, i.e. PAN & resident proof of the partners.
- Proof the business place, i.e. lease agreement or rent agreement.