In the present times, there is a vast array of partnership firms. This is due to the multifaceted benefits that you can avail from having a partnership form. When you have a partnership firm, you can easily have the risks shared among the partners. It is the same when matters come to investments. The resources can be shared, and the profits are shared. The resources are larger than usual because all the partners of the firm do the gathering of the resources. There is also flexibility in the operations. The set of guidelines, objectives, and operations can be changed at any time by the mutual consent of the partners.
Due to these various benefits, it is advantageous to have a partnership firm registration. Another benefit that comes when you have a partnership firm is that you will not require any statutory audit with the Registrar of Firms. The management process is also better because there is more than one owner of the company. This helps with the management process of the company, and also there is no need for any annual returns. The winding up of the firm can also be easy if at any time needed. All you need to do is enter into a dissolution deed with all the other partners.
Aspects of Importance for a Partnership Firm
There are several important factors to take care of when you are starting up a partnership firm. In the process of the partnership firm registration with MyAdvo, the documents required and other things to keep in mind are all parts of the important aspects.
Documents Required for Partnership Firm Registration
1) Partnership Deed – This is what holds the rights, regulations and obligations of the firm. Most of the partnership deed can be done itself orally; however, the deed is made to prevent any future clash. The partnership deed is made in a legal stamp paper of INR 2000.
2) Partners’ Documents – The documents of the partners are important for the registration as well. The address proof of the partners is important, and this is what holds the highest importance. It can be the Voter ID, passport, driving license or the Aadhar card of the partners. Other than these the PAN card of the partners are also necessary for the registration process.
3) Address Proof of the Firm – In case the office is rented or leased, then you need any utility bill levied on that address. You will also need a NOC certificate from the owner of the property. If the property is purchased, then a service charge must be submitted and also a NOC from the proprietor is required.
4) Additional Documents required for the Partnership Firm – There are a few other documents as well that are required for a partnership firm. For instance, you will need ID, deed of the organization, confirmation of the firm and also accomplices to the Registrar of Partnerships are needed.
5) GST Registration Documents – You will also need the GST registration documents for the partnership firm registration. For the GST registration process, you will need address proof, PAN number, few other documents of the firm.
Process of the Partnership Firm Registration
The process of partnership firm registration is simple and effortless. The organization must be enlisted for the registration process, and the enlistment can be done before the business or even during the working of the company. This enlistment process has two steps: accommodation of required archives and recording an application. The application is recorded with the Registrar of Firms. Then again the assertion must be printed on a Non-Judicial Stamp Paper. the next step is to submit the application to the registrar, and he or she will check it. If everything is fine, then the registrar will register the firm.