Partnership business firm referred to the firm which is created by persons in an agreement to share profit and loss in the business activities. It is a very good choice in the business field for small contributions. It has easy formations and minimal requirements for regular compliances. The concept of a partnership recently came into introduction however the Partnership Act 1932 existed before it. Generally, Registered partnerships and unregistered partnerships are referred. However, there are no penalties for non-registered firms in this type of business. The partners have an option for registration after the formation of the business. There are some rights and authorization which are denied in section 69 of the partnership Act for unregistered partnership firms. Hence, any partnership should be registered sooner or later. Registration of partnership The process of registration can be done under Section 58 of the Indian Partnership Act even after the formation of the Partnership firm. The registration is done via the registrar of the firm as per the location of the partnership. If all the requirements are done under section 58 and the registrar of firms finds it relevant, a record of registration has been created by the registrar of the firm, and a certificate of registration is obtained.
Documents which are required to register:
– Drivers license/ Aadhar Card, Voters ID .
– Sale deed if applicable
– If the office is rented, rent agreement
– Copy of updated electricity/water bill or property tax receipt.