DOCUMENT REQUIRED

1. Partnership Deed:

• A Partnership Deed is the foundational document that outlines the terms and conditions of the partnership.
• It must be signed by all partners and notarized on a stamp paper of appropriate value.
• Key details to include in the deed:
  -> Name of the firm.
  -> Details of partners (names, addresses, etc.).
  -> Profit-sharing ratio.
  -> Roles and responsibilities of partners.
  -> Capital contributions

2. Application Form for Registration:

The application form, typically Form 1, must be duly filled and submitted to the Registrar of Firms in the state where the business is established.

3. Address Proof of the Firm:

Provide proof of the principal place of business of the firm. Acceptable documents include:

• Rent Agreement (if the premises are rented) along with a No Objection Certificate (NOC) from the landlord.
• Utility Bill (electricity, water, or property tax receipt) if the premises are owned.

4. Identity and Address Proof of Partners:

Each partner must submit valid identity and address proof. Common documents include:

• Identity Proof:
  -> Aadhaar Card.
  -> PAN Card.
  -> Voter ID.
  -> Passport.
  -> Driving License.
• Address Proof:
  -> Passport.
  -> Voter ID.
  -> Utility Bills (electricity, water, gas).
  -> Bank Statements.

5. Passport-Sized Photographs of Partners:

Recent photographs of all partners are required.

6. PAN Card of the Partnership Firm:

After registration, the firm must apply for a PAN Card in its name from the Income Tax Department.

7. Authorization Letter for Submission:

If a partner or third party is authorized to submit the documents, an Authorization Letter signed by all partners must be provided.

8. Registration Fee Payment Receipt:

The receipt or proof of payment of the registration fee is required to complete the application process.

REGISTRATION PROCEDURE

Step 1 – Choose Your Business : The foremost step of registering a partnership firm is that the partners need to decide the business that shall be carried out in the firm. While filing the form for registration, the exact nature of the business of the firm has to be mentioned.

Step 2 – Choose Name : Choosing a name for your partnership firm is a critical step. The name has to be unique and should reflect the nature of your business. It is advisable to avoid confusion and to be similar to a well-known company or trademark.

Step 3 – Draft the Partnership Deed : This is the most important document. It formally lays down all the rules and regulations of the partnership firm. The partnership deed should clearly specify the following:

• The name and address of the firm.
• Who are the partners, and where do they live?
• How profits and losses will be shared.
• Each partner’s role in the business.
• What happens if someone wants to leave or join the firm?

Step 4 – Documents Preparation : The following documents are needed to register the partnership:

For the partners:

• PAN card of each partner (yes, even if the partner is a company).
• Aadhaar card or passport for identity proof.
  Photographs of all the partners.
• Proof of address (could be a utility bill or bank statement) for each partner.

For the firm:

• Proof of the business address (such as a lease agreement, utility bill, or property tax receipt).
• The partnership deed is signed by all partners.

Step 5: Fill Out Form 1

Form 1 is the official which is needed to register your partnership with the Registrar of Firms. It’s basically an application for registration and includes:

• The name of your firm.
• A description of your business.
• The full names and addresses of all partners.
• The date your business starts.
• And other basic details.

Step 6: Submit the Forms
Once you have filled out Form 1, you need to submit it to the Registrar of Firms in your state, along with all the documents we just mentioned (partnership deed, proof of address, PAN cards, etc.). Some states allow you to do this online, while in others, you might need to do it physically. The fees for registration vary from state to state.

Step 7: Wait for Approval
The Registrar of Firms will look over your documents. If everything is in order, your partnership will be registered. After the registration, Registration Certificate is issued for your firm, which is the legal proof that your partnership exists.

Step 8: Apply for PAN & TAN
After your firm is registered, it is mandatory to get a PAN card for the firm itself (this is a must for filing taxes and other financial dealings). If your firm will be deducting taxes at source (TDS) from payments, you’ll also need a TAN (Tax Deduction and Collection Account Number).

Step 9: Register for GST (if applicable)
If annual turnover of the firm exceeds a certain limit (currently Rs. 40 lakh for goods or Rs. 20 lakh for services), GST registration is mandatory.

Step 10: Open a Business Bank Account
After the registration of the partnership firm, a bank account in the name of the partnership firm needs to be opened.

By following these simple steps, you can handle the partnership company registration process quickly, form a legally compliant partnership, and set a sound basis for your business efforts. Experts will support you at every stage, from advice to compliance, ensuring a smooth and successful registration experience for your partnership business.

Compliance after Partnership Registration

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