Partnership, in essence, is an agreement entered into by two or more persons who have mutually consented to share the profits or losses arising from a jointly conducted business. The individuals involved in a partnership arrangement are individually known as partners and collectively referred to as a firm.
Partnership Firm
A partnership firm is a business entity formed by two or more individuals working together under a single enterprise. There are two main categories of partnership firms:
- Registered Partnership Firm: A registered partnership firm is one that has undergone formal registration with the ROC and has received a registration certificate as evidence of its legal existence.
- Unregistered Partnership Firm: Any partnership that lacks a registration certificate from the Registrar of Firms is referred to as an unregistered partnership.
- Registered Partnership Firm: A registered partnership firm is one that has undergone formal registration with the ROC and has received a registration certificate as evidence of its legal existence.
To register a partnership firm, you generally need:
- Minimum Two Partners: At least two individuals (or entities).
- Legal Capacity: Partners must be adults and legally capable of entering into contracts.
- Legal Purpose: The business must be for a lawful purpose.
- Partnership Deed: A written agreement detailing the terms of the partnership.
- Registration: Submit necessary documents and fees to the relevant authority (if required).
- Minimum Two Partners: At least two individuals (or entities).
- Legal Recognition: A registered partnership firm is legally recognized and can sue or be sued in its name.
- Business Continuity: Provides a clear structure for business operations and continuity in case of any disputes.
- Ease of Funding: Banks and financial institutions prefer to lend to registered firms, increasing access to funding.
- Tax Benefits: Potential tax benefits and ease of tax filing as a registered entity.
- Credibility: Enhances the credibility and trustworthiness of the business in the eyes of customers, suppliers, and other stakeholders.
- Legal Recognition: A registered partnership firm is legally recognized and can sue or be sued in its name.
- Partnership Deed Drafting: Draft a comprehensive Partnership Deed outlining the terms and conditions agreed upon by the partners.
- Document Collection: Collect identity and address proofs of all partners, and proof of the registered office address.
- Stamp Duty and Notarization: Purchase requisite stamp paper and get the Partnership Deed notarized, if required.
- Application Submission: Submit the application form along with the Partnership Deed and supporting documents to the Registrar of Firms.
- Verification and Registration: The Registrar verifies the application and documents. If everything is in order, the Certificate of Registration is issued.
- Post-Registration Compliance: Obtain PAN, open a bank account, and register for GST if necessary.
- Partnership Deed Drafting: Draft a comprehensive Partnership Deed outlining the terms and conditions agreed upon by the partners.
1. Partnership Deed: A signed copy of the Partnership Deed.
2. Identity Proof of Partners:
- PAN card of all partners.
- Aadhaar card, Voter ID, Passport, or Driving License of all partners.
3. Address Proof of Partners: Utility bill (electricity, water, and gas), bank statement, or any other address proof of all partners.
4. Registered Office Proof:
- Utility bill (electricity, water, gas) of the registered office address.
- Rent agreement or property ownership document
5. Photographs: Passport-sized photographs of all partners.
- Initial consultation and name selection.
- Prepare comprehensive partnership deed.
- Assist with collecting and verifying necessary documents.
- Arrange stamp paper and notarize the deed.
- Registration with the Registrar of Firms.
- Ensure issuance of the registration certificate.
- Helps in Obtaining PAN, assist with bank account, GST registration, and compliance advice.
The registration process typically takes a few weeks, depending on the timely submission of documents and processing by the Registrar of Firms.
A registered partnership firm is legally recognized and has undergone formal registration with the Registrar of Firms, receiving a registration certificate. An unregistered partnership firm lacks this certificate.
A partnership deed is a legal document outlining the terms and conditions agreed upon by the partners, including profit-sharing ratios, duties, and responsibilities.
Yes, a partnership firm can be converted into other business structures like a limited liability partnership (LLP) or a private limited company.
Legal Disclaimer
The information on this website is provided for general informational purposes only. It does not constitute legal or professional advice. We do not guarantee the accuracy, timeliness, or completeness of the information provided. You should always seek the advice of a professional consultant or attorney regarding your specific situation. Use of this website is at your own risk and subject to our Terms of Use.
SS Auditors understands the importance of client satisfaction and strives to provide high-quality auditing services. However, it is important to note the following refund policy:
Cancellation & Refund Policy
S S AUDITORS AND TAX CONSULTANTS believes in helping its customers as far as possible, and has therefore a liberal cancellation policy. Under this policy:
• Cancellations will be considered only if the request is made immediately after placing the order. However, the cancellation request may not be entertained if the orders have been communicated to the vendors/merchants and they have initiated the process of shipping them.
• S S AUDITORS AND TAX CONSULTANTS does not accept cancellation requests for perishable items like flowers, eatables etc. However, refund/replacement can be made if the customer establishes that the quality of product delivered is not good.
• In case of receipt of damaged or defective items please report the same to our Customer Service team. The request will, however, be entertained once the merchant has checked and determined the same at his own end. This should be reported within Only same day days of receipt of the products. In case you feel that the product received is not as shown on the site or as per your expectations, you must bring it to the notice of our customer service within Only same day days of receiving the product. The Customer Service Team after looking into your complaint will take an appropriate decision.
• In case of complaints regarding products that come with a warranty from manufacturers, please refer the issue to them. In case of any Refunds approved by the S S AUDITORS AND TAX CONSULTANTS, it’ll take 3-5 Days days for the refund to be processed to the end customer.Legal Disclaimer
The explanations and information provided on this page are only general and high-level explanations and information on how to write your own document of a Shipping Policy. You should not rely on this article as legal advice or as recommendations regarding what you should actually do, because we cannot know in advance what are the specific shipping policies that you wish to establish between your business and your customers. We recommend that you seek legal advice to help you understand and to assist you in the creation of your own Shipping Policy.
Shipping Policy - The Basics
Having said that, a Shipping Policy is a legally binding document that is meant to establish the legal relations between you and your customers. It is the legal framework for presenting your obligations to your customers, but also to address different possible sicarios that may accrue, and what happens in each and every case.A Shipping Policy is a good practice and it helps both sides - you and your customers. Your customers may benefit from being informed about what they can expect from your service. You may benefit because people may be likely to shop with you if you have a clear Shipping Policy in place since there won't be any questions about your shipping timeframes or processes.