Hi all,
I want to the procedures of registration of partnership firms.
32 Replies
Mukesh
(Self employed)
(71 Points)
Replied 19 December 2007
Hi Naina,
U have to keep in mind Partnership act as well as Income tax act implications on P Firm.
CA. Amit Daga
(Finance Controller CA. CS. CFA. CIFRS. M.COM. )
(9017 Points)
Replied 19 December 2007
Procedure for Registration of Partnership Firms
A partnership deed should be drawn up in writing incorporating the necessary clauses of terms and conditions under which the partnership business is to be carried on.
For registration of the same , one has to file an application with the Registrar of Firms at its office in Bandra.(Assume Partnership deed is filled in mumbai)
The application for Registration should be accompanied with the following documents for registration of the firm
A certified true copy of the Partnership deed entered into.
A certified true copy of the Marathi translation copy of the Partnership deed (if the original Partnership deed has been entered into writing in any other language)
Court fee stamp of Re. 1
A Blank Envelope
A Blank stamp paper of Rs. 10
Application for Registration in Form A duly filled in and notarised.
Necessary Registration charges.
On registration of the firm, the Registrar would send a copy of the Registration record on the stamp paper of Rs. 10.
A partnership deed should be drawn up in writing incorporating the necessary clauses of terms and conditions under which the partnership business is to be carried on.
For registration of the same , one has to file an application with the Registrar of Firms at its office in Bandra.(Assume Partnership deed is filled in mumbai)
The application for Registration should be accompanied with the following documents for registration of the firm
A certified true copy of the Partnership deed entered into.
A certified true copy of the Marathi translation copy of the Partnership deed (if the original Partnership deed has been entered into writing in any other language)
Court fee stamp of Re. 1
A Blank Envelope
A Blank stamp paper of Rs. 10
Application for Registration in Form A duly filled in and notarised.
Necessary Registration charges.
On registration of the firm, the Registrar would send a copy of the Registration record on the stamp paper of Rs. 10.
Saroj Rana
(MBA Finance)
(417 Points)
Replied 31 December 2007
It is not “necessary” to registar a partnership with the Govt. in most states of the country. (In Maharashtra it is almost compulsary. Check the laws in your state to be sure.)
However, if you do not register your partnership, you will not be legaly protected from disputes between partners etc. So, it is always wise to register your parnership with the Govt.
In any case, even if you choose not to register your partnership, you should still prepare a “Partnership Deed” which will help resolve problems when disputes between partners arise.
The general procedure for registering a partnership firm all over India is quite similar:
* You have prepare a “Partnership deed”
* Fill in the required form at the “Registrar Of Firms” office near you.
* Submit the required form, the “Partnership Deed” and other supporting documents to the “Registrar Of Firms” for approval.
Preparing the “Partnership Deed”
The “Partnership Deed”, as stated above, must contain:
* The amount of capital contributed by each partner
* Profit or loss sharing ratio
* Salary or commission payable to any partner, if any
* Duration of business, if any
* Name and address of the partners and the firm
* Duties and powers of each partner
* Nature and place of business; and
* Any other terms and conditions to run the business
The partnership deed is usually not very hard to prepare through a local lawyer.
This partnership deed must be made on stamp paper as per the laws of the place of signing. The whole process of drafting the partnership deed can be done through a trusted lawyer. It should cost you around Rs.1000/- to prepare the deed.
After preparation of the deed, it must be signed by all the partners. It must also have signatures of independent witnesses.
The deed is then submitted to the “Registrar Of Firms” along with the registration form and other supporting documents. On approval of these documents by the “Registrar Of Firms” the “Partnership Firm” is established as a legal entity and can start business under the chosen name.
(Guest)
Thanks to all. The whole page has provided me enought information. But I would like to know apart from the expenses made to get a partnership deed, what will the expenses to be incurred for registeration of partnership firm at the time of submission of relevant documents. After getting a copy of resitration from the Registrar, are we supposed to pay anything? Does it require renewal every year. If so, how much the renewal fees is?
Harish Jayraman
(student)
(21 Points)
Replied 11 July 2008
| Originally posted by :C.A Amit Daga | ||
| " | Procedure for Registration of Partnership FirmsA partnership deed should be drawn up in writing incorporating the necessary clauses of terms and conditions under which the partnership business is to be carried on. For registration of the same , one has to file an application with the Registrar of Firms at its office in Bandra.(Assume Partnership deed is filled in mumbai)The application for Registration should be accompanied with the following documents for registration of the firm A certified true copy of the Partnership deed entered into. A certified true copy of the Marathi translation copy of the Partnership deed (if the original Partnership deed has been entered into writing in any other language) Court fee stamp of Re. 1 A Blank Envelope A Blank stamp paper of Rs. 10 Application for Registration in Form A duly filled in and notarised. Necessary Registration charges. On registration of the firm, the Registrar would send a copy of the Registration record on the stamp paper of Rs. 10. | " |
I think the procedure also requires an "affidavit" duly notarised to be filed along with the above mentioned documents could any1 tell what kind of affidavit it is? or what shld be its contents? who shld be the signatories to the affidavit?
CRUX ACADEMY
(chartered accountant)
(20 Points)
Replied 18 July 2008
| Originally posted by :Guest | ||
| " |
Respected Sir, CRUX |
" |
Haresh Bhanushali
(Accountant)
(89 Points)
Replied 28 July 2008
Can anybody please tell whether the partners of the partnership firm to be registered should be present at the registered office for registration.
Thanks
(Guest)
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