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    Partnership Registration with Registrar of Firms

    It is a legally accepted form of business in which two or more individuals share the responsibilities and the profits as well. Usually, the terms of the business are discussed and agreed between each other. For these legal terms and conditions, all of the partners sign a written agreement named a partnership deed. Partnership businesses are similar to sole proprietorships in a way that their owners are not separated from their business.

    Benefits
    • It’s relatively inexpensive to set up and subject to few government regulations;
    • There is no requirement of Annual Audit of financial statements; and
    • There is no legal compliance for preparation of Financial Statements and submission with legal authorities.
    Limitations
    • Shared decision making can result in disagreements between partners;
    • Each partner is personally liable not only for his or her own actions but also for acts of all partners;
    • Unlimited liability of all the partners;
    • In case if a partner of a partnership firm is also deriving a income from any other source then the rate of tax chargeable will be considered on Total Income from all sources.
    Rules & Regulations

    Registration of the partnership firm is compulsory with Registrar of Firms which enables the business to get the Bank Account opened.

    A statement (Form-A) with the following prescription will be handed over to Registrar:

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      Attachments

    • Business Letterhead

    • Two Passport Size Pictures of all partners

    • Business Letter Head

    • Business Activity


      • All partnership businesses follow the rules under the Partnership Act, 1932


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