Partnership Firm

A partnership firm can be formed in two ways — either by executing a notarised partnership deed or by registering the firm with the Registrar of Firms under the Indian Partnership Act, 1932. A notarised partnership firm is created when partners mutually agree on terms and conditions, record them in a Partnership Deed on appropriate stamp paper, and get it notarised by a Notary Public. This deed typically covers essential details like the firm’s name, business nature, address, capital contributions, profit-sharing ratio, and rights and duties of partners. While such a firm is legally valid between partners and can apply for a PAN, GST registration, and open a bank account, it has certain legal limitations.

On other hand a registered partnership firm undergoes a formal registration process with the Registrar of Firms of the respective state. Along with the notarised Partnership Deed, an application in Form 1, affidavit of intent, address proof of the firm, and identification documents of partners are submitted, followed by the applicable fee. Upon approval, a Certificate of Registration is issued, granting the firm full legal recognition.

Partnership Firm

Spar & Affiliates LLP

Startup

GST

Office

Partnership Firm

Related Services:

Private Limited Company

Limited Liability Partnership (LLP)

One Person Company (OPC)

Partnership Firm

Spar & Affiliates LLP

Enquire Now