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Important Update / News / Due Date

PARTNERSHIP FIRM REGISTRATION

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A business organization in which two or more individuals manage and operate the business. The owners of a partnership business are individually known as the "partners" and collectively as a "firm".


A partnership is formed by an agreement :which may be either written or oral. When the written agreement is duly stamped and registered, it is known as "Partnership Deed"


TYPE OF 


PARTNERSHIP


UN-REGISTERED PARTNERSHIP
REGISTERED PARTNERSHIP
LIMITED LIABILITY PARTNERSHIP (LLP)

REGISTRATION 

APPLICABILITY

Un-Registered Partnership


Registered Partnership


Limited Liability Partnership (LLP)

Not compulsory to be Registered


Registration with Registrar of Firm


Registration - Ministry of Corporate Affairs

Legal Provision Regulated 

& 

Controlled by

For Registered & Un-registered - Indian Partnership Act, 1932


For Limited Liability Partnership (LLP) - Ministry of Corparate Affairs

General Contant 

of 

Partnership Deed

# Name of the firm.
# Nature of the business to be carried out.
# Names of the partners & their Profit Sharing Ratio
# The town and the place where business will be carried on.
# The amount of capital to be contributed by each partner .
# Loans and advances by partners and the interest payable on them.
# The amount of drawings by each partner and the rate of interest allowed 

   thereon.

# Duties and powers of each partner.
# Any other terms and conditions to run the business.

Advantage of Partnership


# Your business is easy to establish and start-up costs are low
# More capital is available for the business & greater borrowing capacity
# Less statutory compliances as compared to Private limited Companies.
# Better decision making and control over the business.


Dis-Advantage of Partnership

# Limitations to keep the firm in converting in a large business scale.
# Unlimited liability. General partners are liable without limit for all debts     

   contracted and errors made by the partnership.
# Since decisions are collective ,disagreements can occur.

Registration Process

Un-Registered 

Partnership

Registered 

Partnership

Limited Liability Partnership (LLP)

# Draft Partnership Deed 


# Noterized the Deed


# Obtain PAN 


# Obtain TAN


# Open Bank Account 


# Start the Business

 

# Draft Partnership Deed 


# Appear both partners &   

   submit required documents 

   with Registrar of Firm


# Obtain Registration Certificate


# Obtain PAN & TAN

 

# Open Bank Account & Start 

   the Business

 


# Obtain DIN No. & DSC of all 

   partners


# Name Approval filed in Form-1 & 

   Form-2 sent for MCA after approval


# LLP Agreement (Partnership 

   Deed) is drafted and filed along        with Form-3 within 30 Days.

# Get the Incorporation Certificate.


# Obtain PAN & TAN


# Open Bank Account & Start