A Partnership Firm is a well-known type of business constitution for organizations that are claimed, overseen and controlled by an Association of People for profit. These kind of organizations are moderately simple to begin and are common among small and medium type of organizations in the unorganized divisions. With the presentation of Limited Liability Partnerships in India, Partnership Firms are quickly losing their commonness because of the additional favorable circumstances offered by a Limited Liability Partnership.
There are two kinds of Partnership firms, enrolled and un-enlisted. It isn’t obligatory to enlist a Partnership firm; be that as it may, it is fitting to enroll a Partnership firm because of the additional preferences. Organization firms are made by drafting a Partnership deed among the Partners and fcra registration services can help begin an enlisted or un-enrolled Partnership firm in India.
Why should you register your Partnership?
Simple to Start
A Partnership is anything but difficult to form as no unwieldy legitimate formalities are included. Its enlistment is additionally not essentially required. Be that as it may, if the firm isn’t enlisted, it will be denied of certain lawful advantages. The Registrar of Firms is in charge of enrolling association firms.
As the name of a Partnership firm isn’t enlisted, a Partnership firm can have any name – as long as it doesn’t encroach on an enrolled trademark. Be that as it may, since the name isn’t enrolled, some other individual can likewise utilize a similar business name except if trademark enlistment is acquired.
Yearly Filing is not required
A Partnership firm isn’t required to document its yearly records with the Registrar every year dissimilar to a Limited Liability Partnership or an organisation. LLPs and other organisations are required to record their yearly records with Registrar of Companies every year. For fcra registration process, the requirement of filing must be checked beforehand
In a Partnership firm, the association deed will decide the responsibility for firm, ratio of profit sharing, rights and obligations of every one of the Partner. This deed can be enlisted with the Registrar.
It is important to get a bank account opened for the sake of a Partnership firm. To open the account in the bank, the copy of the partnership deed and KYC archives of the Partner must be submitted alongside some other details as requested by the Bank.
The documents required are as under:
Identity and Address Proof
Proof of Identity and address will be required for all investors and directors of the organization to be joined. If there are Indian nationals involved, PAN Card is compulsory. For Indian nationals staying abroad, apostatized or notarized duplicate of international ID must be submitted compulsorily. All records submitted must be legitimate. Records of residence proof like electricity bill or bank statement must be under 2 months old.
Enrolled Office Proof
All organizations must have an enrolled office in India. To verify access to the enlisted office, an ongoing duplicate of the property tax receipt or an electricity bill or water bill should be submitted. Rent agreement or deed of sale and an authorization from the landowner with his/her agreement to utilize the workplace as an enlisted office of an organization should be submitted.
Signed association deed
Basic organization deed drafted by a Lawyer alongside deed enlistment, trademark recording and ledgers, bookkeeping programming, comprehensive of all administration expense and duties must be submitted.