PARTNERSHIP FIRM REGISTRATION ONLINE IN INDIA

If you are interested in opening a partnership firm, you need to approach an office nearby for registering the partnership firm.  The question is how to register a partnership firm in India.  A partnership company can also be called a registered partnership firm, one after the other following the procedure to register a partnership firm.

For a profitable purpose, the concern is mutual consent of all the partners of the company.  The partnership firm is a kind of business framework, which is well recognized by most of the entrepreneurs.

A partnership firm, one registered other is not registered firms.  Usually, the firm is managed and controlled, owned by set of persons known as partners with some share capital in the firm.  A registered firm enjoys lot of benefits as compared to nonregistered ones with very few documentation and formalities that a partnership firm is registered.

As per the Partnership Act, there are two different partnership firms. One is registered and other is not registered. It is highly recommended to register the partnership firm as it can enjoy the benefits given by the government as per the act with less documentation formalities and rules and regulations. A registered partnership firm entitles lots of advantages, which are not applicable to the nonregistered partnership firms.

BENEFITS OF ONLINE REGISTRATION OF A PARTNERSHIP FIRM

FUND RAISING

As per the structure of the partnership firm, it is very feasible for banks to easily approve loans, credits and advances. They get more feasible partners in the firm; pay the way to get a more favourable contribution.  In comparison to the proprietorship firm, the funds can favourably raise in the registration of partnership firm.

Easy Business Framework

Simply formulating a partnership deed for which registration process is necessary. The partnership firm is incorporated as it is considered as an easiest business framework, hence the partnership firm can be anytime formed as the partners are ready to contribute, as in comparison with the other firms, it generally requires 10-15 working days for catch up the requisite formalities such as getting DSC, DIN, DPIN, name approval and so on.

DECISIONMAKING

Without any concern of the designated partners, a partner can take a strong decision without the consent, even perform transaction or money related activities on behalf of partnership firm, even to pass a resolution in registration of partnership firm. It is very easy and simple to process and make decision in registration process.

EASY MANAGEMENT

The partnership deed is the main criteria as it helps the partners of the firm to manage the process smoothly without any disinterest and disputes as drafted in the partnership deed. The partners are designated with all responsibilities and duties considering their capabilities.

DISADVANTAGES OF THE ONLINE REGISTRATION OF PARTNERSHIP FIRM IN INDIA

UNLIMITED LIABILITIES

It is very unfortunate that the misfortune or debt, the personal assets of the partners will be used to clear the loans, debts and issues, hence the liabilities of the partners of the partnership firm are not limited as it is a big misfortune for the partners of the firm.

The maximum number of partners is limited to 20 in the partnership firm.

IT IS NOT TRUSTWORTHY.

Among the general public, the non-registered partnership firm is less trustworthy as it can be operated without any registration process and can also work without any rules and regulations.

ABRUPT DISSOLUTION

The registration of partnership firm is compulsory and can be dissolved easily in case of insolvency or death of any partner. Such conditions halter the growth and development of the business.

Dissolution is abrupt such as in case of insolvency or death of a partner, the firm can be dissolved easily; hence registration of partnership firm is compulsory.

REGISTRATION OF PARTNERSHIP FIRM IN INDIA

Liabilities Are Unlimited

All the partners or the members of the firm share the profits and loses in proposition of their respective ownership and contribution.  Thedecision to combine two or more individuals to merge the business is termed as a partnership firm.  Themain motive of the organization is to gain more profits.

The total amount of money invested is more as any member can contribute to the total amount of capital investment required.  Asin this case, the partner or member of the partnership firm have to travel in a collective or corporate terms in the decision making process of the business.

PROCEDURE FOR REGISTRATION OF PARTNERSHIP FIRM IN INDIA

·         A unique name must be chosen.

·         Form 1 application must be filed for partnership firm registration.

·         They have to submit the filled application form to the registrar of the firm of the state where the working place is going to start working, they have to submit it with specified fees amount.

·         They have to get the consent of all the members or partners before preparing the planned and well written partnership deed in the stamp paper.

Following are important components of Partnership Deed:

·         Partners’ information such as name,qualification and address.

·         Businessactivity involved and nature of the business.

·         Information about the capital contribution done by members or partners of the firm.

·         Partners’ interest and shares and all details.

·         Information of sharing of profit and loss of the partners of the firm.

·         Duties, responsibilities, salaries, rules and regulations or payable amount of the partners of the firm.

·         Loandetails offered by the partners of the firm.

·         The process that has to be followed if any of the concerned partner is in the stage of retirement or death.

·         Allother articles done with mutual consent of all the members or partners of the firm.

·         The partnership deed that was prepared by the partners of the firm and all the other documents required for partnership registration is to be submitted.

·         If all the formalities fall under the provisions of the act,then the documents are verified by the concerned authorities,after that the registration certificate is granted to the firm.