Partnership Firm Registration

Partnership firm registration refers to the process of registering a partnership firm with the Registrar of Firms in India.

Partnership Firm Registration

The law relating to partnership firms in India is prescribed in the Indian Partnership Act of 1932. This Act lays down the rights and duties of the partners between themselves and other legal relations between partners and third persons, which are incidental to the formation of a partnership. Partnership firm is a business entity which has been created by persons who have agreed to share the profits and losses in a predetermined ratio of a business.

What documents are required to register a Partnership firm?

For the partners, it is necessary to submit a PAN card along with the identity and address proof. It is recommended to draft a Partnership Deed which is to be signed by all the Partners.

What are the advantages of registering a Partnership firm?

It is very advisable to register a Partnership firm as a Registered Partnership Firm can file a suit in any court against any of the Partners or firm for the enforcement of any right arising from the contract referred by the Partnership Act. Also, only a Registered Partnership Firm can claim set-off or other proceedings in a dispute with a party.