A partnership firm is one of the oldest forms of business entity, which has existed since 1932 under the Indian Partnership Act, 1932. As its name implies, for the incorporation of a partnership company, 2 or more partners are required. However, that’s not enough to avail benefits like easy access to loans, because for that a partnership company registration needs to be done.
So, before understanding the steps involved in partnership company registration, we will have a look at some of its aspects –
- Includes two or individuals to control or operate a business.
- Run by objectives of partnership deed.
- Partners share liability, capital, or profit.
It is clear from the aspects of a partnership firm that it could be a great way to contribute the skills, experience, and knowledge of a partner to grow a business. However, there is always a slight possibility of non-agreement between partners, considering the fact that one partner represents all – a partnership company registration is a wise decision to eliminate such conditions.
To make our argument clear, let’s understand the need for partnership company registration.
Why Should You Choose a Partnership Company?
A partnership company registration is a wise decision to tackle issues like legal redressal, sharing the burden, suing a partner/ or being sued in case of discrepancy, and more. However, legal redressal can not be pursued if a partnership firm is not registered.
Apart from that, a registered partnership provides a clear and reliable jurisdiction in case legal redressal is required – which would make operating a partnership firm easier.
Some more benefits of a partnership firm are –
- No need to file a corporate tax return, however, it does not eliminate the need to maintain a proper record of income and expenditure.
- Provides financial support, including a perfect combination of expertise, knowledge, and skills contribution by respective partners.
- Easy to commence as it includes a few legal obligations.
- As compared to other forms of business such as NIDHI company, Insurance company, etc it is economical.
- Easy access to loans from banks and financial institutions.
- Filing government tenders.
Here, hope you have understood why it is essential to register a partnership firm. Now, let’s have a look at – how to do a partnership company registration.
How to Do a Partnership Company Registration?
- An appropriate name for the partnership firm will be chosen without intervening trademark or any other laws.
- Once the name will be chosen, Form – 1 will be filed.
- Along with the form, an affidavit specimen will be submitted.
- Thereafter, partnership deeds will be submitted along with the required documents.
- Then, documents indicating the principal location of work will be submitted.
- A registration certificate will be issued if the submitted documents comply with the registration.
The above-mentioned series of steps will be followed for partnership company registration, although documents like identity proof, partnership deed, rental/lease agreement, and more play a major role in the registration process.
That further requires proper coordination with officials to meet their requirements and needs, if any may arise. So, here, let’s see how JR Compliance – India’s leading compliance service provider makes partnership company registration hassle-free.
How We Make Incorporation of Partnership Easy?
- Our partnership firm consultants will provide you with unmatched support from the first to the last step of registration.
- To avoid any inaccuracy, we will take care of documentation, including coordinating with officials to meet their requirements.
- Our team will work tirelessly to complete partnership company registration easily and timely.
- We are Delhi’s leading compliance service provider, who will ensure proper follow-ups and acknowledgment to provide transparent services.
- Our partnership firm consultants will keep you updated in regard to the status of your application.
- Being the #1 corporate compliance consultants in Delhi our consultants will be available 24*7 to resolve any query you may have.
Conclusion
We – Delhi’s leading corporate compliance consultants understand the need for partnership company registration, not just to avail some benefits – but also for the growth and diversification of a business.
Considering its importance, we have come up with an integrated approach to taking care of documentation, meeting the corporate compliance requirements applicable to a business entity, coordinating with officials, and more.
Our approach to dealing with compliance issues is completely client-centric – which allows us to meet your expectations. Contact our experts for partnership company registration immediately.
