• +91-9888940571
  • omtaxsolutionsweb@gmail.com
  • Chandigarh

Partnership Firm Registration

Partnership Firm

An Entrepreneur is an individual who chooses to go into business by himself. Often entrepreneurs decide to stay a one-person company to keep decisions and quality of work under control. These single entrepreneurs are often called solo entrepreneurs, too. These entrepreneurs are often referred to as free agents, freelancer, self-employed, sole proprietor, or home based business owner (although not all single person entrepreneurs are home-based). This often depends on the professional field they work in

Advantages Of Partnership Firm

Easy To Start

A Partnership is easy to form as no cumbersome legal formalities are involved. Its registration is also not essential. However, if the firm is not registered, it will be deprived of certain legal benefits. The Registrar of Firms is responsible for registering partnership firms.

Business Name

Since the name of a Partnership firm is not registered, a Partnership firm can choose to have any name – as long as it does not infringe on a registered trademark. However, since the name is not registered, any other person can also use the same business name unless trademark registration is obtained

Risk Sharing

As per the provisions, the risk is shared by all the partners. The burden of losses doesn’t come on one individual.

Annual Filing Not Required

A Partnership firm is not required to file its annual accounts with the Registrar each year unlike a Limited Liability Partnership or Company. Limited Liability Partnership’s and Company’s are required to file their annual accounts with Registrar of Companies each year

Liability

The partners of the partnership have unlimited liability. This means that personal assets of the partners may be used for paying debts of the company.

Partnership Deed

In a Partnership firm, the partnership deed will determine the ownership of the firm, profit sharing ratio, rights and responsibilities of each of the Partner. A partnership deed can be registered with the Registrar.

Documents Required For Partnership Firm Registration

1. Self-Attested PAN card copy of All the Partner.

2. Self- Attested Proof of Identity (Like-Voter ID, Passport, Driving License, Aadhar Card) any one of All the Partner.

3. Business address proof (Any One of Electricity Bill, Telephone Bill, Property, Gas Bill, Tax Bill).

4. Firm Name .

5. Firm Service or object or product Name.

 6. One Purchase Bills.

7. Firm Stamp