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Partnership Firms present a traditional yet effective business structure, fostering collaboration and shared responsibilities among partners. Offering simplicity in management and taxation, Partnership Firms are ideal for small to medium-sized enterprises looking for a straightforward approach to business ownership. At Srprof, we understand the importance of partnerships and offer tailored solutions to ensure smooth operations at every step. From establishment to ongoing support and strategic planning, our team is committed to helping Partnership Firms thrive. Choose Srprof as your dedicated ally for personalized guidance and reliable assistance in realizing your partnership’s full potential
To establish a Partnership Firm, you must fulfill certain minimum requirements. These requirements are related to the number of partners, name of the firm and its registered office. Additionally, Partnership Firm Registration is not possible without the submission of proper and accurate documents. In the table below, we have enlisted both the minimum requirements for Partnership Firm formation and the documents required for Partnership Firm registration in India. Entrepreneurs must fulfill both these checklist requirements to establish, incorporate and operate a Partnership firm without hindrance.
1. Colour Photo
2. PAN Card
3. Aadhar Card
4. ID Proofs
5. Latest Address Proof
1. Proof of Address
2. NOC from the Property Owner
3. Rent Agreement/Property Tax Receipt
1. Partnership Deed
The procedure of registration of partnership firm in India requires an application to be filed to the Registrar of Firms in the prescribed mode. Where the mode is online, applications can be accessed, filled out and submitted on the website of the Registrar of Firms (ROF). Where the mode is offline, the applicant needs to visit the ROF’s office in the state and file the application manually. Regardless of the mode of application, the applicant must navigate through the following steps to complete the Partnership Firm Registration process.
The Partnership Registration process in India starts with preparing the necessary documentation. Partnership Firm documents required include KYC documents of all partners, including their PAN, Adhar, and personal address proof. Additionally, the proof of the firm’s Registered Office address must also be submitted. Besides, if the office is rented, the applicant must submit the stamped and notarised Rent Agreement along with an NOC from the property owner.
The name of your Partnership Firm must be unique and communicative of its brand and business activity. Moreover, it should not be identical or similar to the name of an existing business or a registered trademark. To check the availability of the selected name, you can use the name search tool on MCA and IP India websites.
Partnership Deed is the legal basis of Partnership Firm formation in India. The deed is drafted on a Stamp Paper, and stamped by a public notary. All partners sign the document in the presence of the notary and two other witnesses. Payment of stamp duty and notary charges completes the process of Partnership deed Registration.
The application for allotment of PAN of the firm is made in Form 49A. PAN is used for Income Tax compliance. However, for TDS compliance, TAN is necessary. The application for TAN is filed in Form 49B. The Government assigns PAN and TAN to the firm after the approval of these applications.
To fulfil compliances related to GST, like payment of taxes and filing of tax returns, GST Registration for Partnership Firm is necessary. For this, an appropriate application along with the required documents must be uploaded on the online GST portal. After the GST registration is granted, the Department allotts a unique GSTIN to the firm. This GSTIN can be used for all GST-related activities in the future. .
To register a Partnership firm in India, you must first check the mode of application in your state. If your state allows online registration of Partnership Firm, you can visit the official website of ROF, and submit the application along with necessary documents and government fees. However, if the application mode is offline, you can visit the ROF’s office, get the application, and fill it manually for submission. After the application is processed, the ROF will register your firm and issue Partnership Firm Registration Certificate in its name.