Partnership Firm – Highly Demanded Corporate in Indian Business Market, especially for a medium-scale business enterprise. Partnership is a business that has two or more members joined together to run the same business under an agreement. The partners share the profits, losses, equally responsible for any of liability. Partnership firm registration in Bangalore is done and controlled under section 58 of the Indian Partnership Act, 1932. After registering, you can start your business with your partners.
The Central Government has prescribed maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2014. Thus, in effect, a partnership firm cannot have more than 50 members. First, creating a partnership deed is very important and it has to be done to register that deed with the Registrar. To create a partnership deed follow the steps below:
The total cost of registering a Partnership Firm, including government and professional fees, would be Rs.2,499 Only. On average, it takes around 10-14 working days for registration of Partnership Firms in India subject to document verification by the concerned authorities.
Select a simple and short name that represents your business and most importantly select a unique name. Avoid the name which very similar or very familiar name which already created a mark in the market. Partnership firm can be registered by sending an application in Form No. 1. Along with the form, requisite fee and a true copy of the partnership deed also needs to be sent to the Registrar. Such an application needs to be filed with the Registrar of Firms of the area in which business is located.
Register trademark soon after choosing your registration of partnership firm in Bangalore for further legal protection like misleading the customers or public with similar fake names. The total cost of partnership firm registration is Rs.2,499 including government & professional fees for two partner.
PROCEDURE FOR REGISTERING A PARTNERSHIP FIRM
Step 1: Application for Registration. An application form has to be filed to the Registrar of Firms of the State in which the firm is situated along with prescribed fee
Step 2: Selection of Name of the Partnership Firm
Step 3: Certificate of Registration
- Name and address of the firm
- Names and address of the partners
- Nature and type of business
- Contract period of your partnership
- Initial investment of each partner
- Ratio in which profit / loss is agreed to be shared among partners
- Salaries or commissions payable to partners
- Procedures followed after the retirement or death of a partner
- Procedures to introduce a new partner
- Responsibility and powers of each partner
- Procedure in auditing
How to register the partnership firm?
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Apply online for partnership registration with little document requirements.
