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How-to-Create-Partnership-Deed-and-Registration-of-Partnership-Firm

 

How to Create Partnership Deed and Registration of Partnership Firm

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Introduction-

When two or more persons are engaged in carrying on any business or profession, they mutually agreed on terms and conditions prepare an agreement which is called partnership deed. Partnership deed includes the name of the firm their rights and duties, name of the partners with their address, profit sharing ratio and other terms & conditions. Partnership firms have less compliance as compared to LLP’s and Companies.
 

Partnership deed may be registered or non-registered. When start to form a partnership deed, first to choose-

The Name of Partnership Firm-

We have to choose the best name of the firm, we have to consider the following things in mind while choosing the name of the firm-

  1. The name must be different from other firms doing similar business.
  2. A firm name shall not contain any of the following words, namely- Crown, Emperor, Empress, Empire, Imperial, King, Queen, Royal or words expressing or implying the sanction, approval or patronage of Government, except [when the State Government] signifies [its] consent to the use of such words as part of the firm name by order in writing (Section 58(3).
 

How to create Partnership deed-

The partnership deed should be written on judicial stamp paper of the value of Rs. 2,000/- which is signed by all the partners contains his duties & rights.

Partnership deed contain the following information-

  1. Name of the partnership firm
  2. Details of registered or principal place of the firm.
  3. Name and address of Partners with their joining date
  4. Pan details of the partners
  5. Date of commencement of business
  6. Information about their capital contribution
  7. Profit sharing ratio of the partners
  8. Period of partnership deed for example 1 year, 2 years, 3 years, 5 years etc.
  9. Interest paid on capital, Interest charged on Drawings etc.
  • Remuneration (like Salary, Commission & Bonus etc.) paid to partners
  • Rules regarding admission, retirement or death of a partner.

 

The following documents required for registration-

  1. Partnership Deed
  2. Copy of Pan number of partners
  3. Copy of Address proof of partners
  4. Pan number of the firm
  5. Address proof of the firm.
 

How to register Partnership firms in India-

Registered Partnership firms are regulated under the Partnership Act 1932. There is no compulsory to register partnership deed but there are lot of benefits to register partnership deed. The following steps to be taken to register partnership deed in India-

  1. Application is filed for registration in Form No. 1
  2. Duly filled Affidavit
  3. Certified true copy of the partnership deed
  4. Proof of principal place of business.

The said application must be signed by all the partners send to the Registrar of Firms, when the registrar satisfied with the application along with information, he stated or record the said information in a register which is called Register of Firms which contains details of all registered firms and there after issue a certificate which is called the “Certificate of Registration”.

 



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