Get your Partnership Firm Registration in PUNE
Benefits of choosing Partnership Firm Registration
Clients value the personalized service from partnerships, as partners are directly involved in the business.
No minimum capital is required to form a partnership, making it accessible for businesses with limited funds.
Partnership firms enjoy pass-through taxation, avoiding double taxation, and partners can claim tax deductions, reducing overall tax liability.
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Information
As per the Partnership Act 1932, it is not compulsory to register a partnership firm. The firm does not have a separate legal identity and registration will not alter this fact. However, registration is the definite proof of the existence of the firm and its legality.
Non-registration of a firm has some real-life legal consequences for the partners and the firm itself. So it is always advisable to draw up a written partnership deed and register the firm with the Registrar of Firms. The consequences of not doing so are as follows,
- The firm cannot file legal proceedings against any third party for any situation. For example, if the client has not paid his dues to the firm, the firm cannot sue him if it is unregistered.
- An unregistered firm cannot fail a case against a partner for any reason (like mismanagement, theft etc)
- A partner of an unregistered firm cannot file a suit against one of the other partners either.
Process of Partnership Firm REGISTRATION
Required documents
- Partnership Deed (Attested Copy) (if English then attached Marathi draft Copy )
- Sign in the presence of the Notary office
- Authority Letter
- Stamp Paper
- Affidavit
FAQs
The act for partnership in India is the Indian Partnership Act, 1932. It governs partnerships and partnership firms, and provides the legal framework for their formation, operation, and dissolution.
- Indian Partnership Act, 1932: Governs partnerships and partnership firms.
- Registration of Firms (Maharashtra) Rules, 1984: Specifies procedures and fees for registration.
- Bombay Registration of Firms (Maharashtra Amendment) Act, 1984: Amends the Indian Partnership Act for Maharashtra.
Registration : Under Section 58 of the Indian Partnership Act, 1932, a firm may be registered at any time (not merely at the time of its formation but subsequently also) by filing an application with the Registrar of Firms of the area in which any place of business of the firm is situated or proposed to be situated.
Individual: Any person who is of sound mind, not a minor, not an undercharged insolvent, and not disqualified from entering into a contract by law can become a partner in a partnership firm. Firm: A registered partnership firm can become a partner in another partnership firm or any other business organization.
The following are the minimum requirements for partnership firm Registration: Minimum 2 Partners are required. Agreement between Partners. Valid ID proof of partners.
Therefore, a partnership consists of three essential elements. A partnership must be a result of an agreement between two or more individuals. The agreement must be built to share the profits obtained from the business. The business must be run by all or any of them representing the rest.
It is not mandatory to form a partnership deed in India under the Indian Partnership Act of 1932 However, it is better to register a partnership firm. If the firm is not registered it cannot avail any legal benefits provided to the firm under the Partnership Act, 1932.
Minors (individuals under the age of 18) Persons of unsound mind. Insolvent individuals. Individuals who have been disqualified by law from entering into a partnership.
A partnership is a legal arrangement that allows two or more people to share responsibility for a business. Those partners share the ownership and profits, but they also share the work, responsibility, and potential losses.
The Indian Partnership Act 1932 governs partnership but does not regulate the maximum no of partners in a partnership firm. It is determined by the Companies Act 2013 (section 464), which allows up to 100 as the maximum no of partners in partnership firms.
There are only two ways to remove a Partner from a Partnership: Expulsion – but only if you have a Partnership Agreement which allows for this; and. Negotiating a voluntary departure.
The procedure for such a registration is as follows,
- Application to the Registrar of Firms in the prescribed form (Form A).
- The duly signed copy of the Partnership Deed (which contains all the terms and conditions) must be filled with the registrar.
- Deposit/pay the necessary fees and stamp duties.
The length of existence of a partnership depends on the terms specified in the partnership agreement. It can range from a specific period (fixed-term partnership) to an indefinite duration until dissolved by mutual agreement or other circumstances outlined in the partnership deed.
Checking Partnership Firm Registration Status on www.rof.mahaonline.gov.in
Even if the firm registration is not done a third party can bring legal action against the firm. It is also, important to note that despite these disabilities, the non-registration of a firm does not affect the following rights: The right of a third party to sue the firm or any partner.
The differences between LLP and partnership firms in India are as follows:
| Particulars | LLP | Partnership Firm |
|---|---|---|
| Governing law | The Limited Liability Partnership Act, 2008 governs LLPs. | The Indian Partnership Act, 1932 governs partnership firms. |
| Registration | The registration of an LLP as per the LLP Act is mandatory. | The registration of a partnership firm under the Indian Partnership Act is voluntary. |
| Registering authority | An LLP should submit the registration form and all the subsequent e-forms with the Registrar of Companies. | The firm must submit the partnership firm registration form and other subsequent forms with the Registrar of Firms.Creation |
| Creation | An LLP is created by law. | A partnership firm is created by contract. |
| Binding document | The LLP must file its annual statement of accounts and solvency and annual return with the Registrar of Companies every year. | A partnership firm need not file any annual returns with the Registrar of Firms. |
| Power to enter into contract | An LLP can enter into a contract in its name. | A partnership firm cannot enter into a contract in its name. |
| Separate legal entity | An LLP has a separate legal entity under the law. | A partnership firm has no separate legal status apart from its partners. |
| Liability of partners | The partner’s liability of an LLP is limited to the extent of their capital contribution to the LLP. | The partner’s liability of a partnership firm has unlimited liability. |
| Name | The name of an LLP must contain the word ‘LLP’ at the end of its name. | The partnership firm can have any name, and it need not mention any word in its name. |
| The partnership firm can have any name, and it need not mention any word in its name. | The partnership firm can have any name, and it need not mention any word in its name. | A partnership firm does not have perpetual succession, and its existence depends upon the will of its partners. |
| Maximum partners | There is no limit on maximum partners in an LLP. | The maximum number of partners in a partnership firm is limited to 100 partners. |
| Ownership of assets | The LLP has the ownership of assets which are independent of the partners. No partner owns the assets of the LLP. | The partners have joint ownership of all the assets belonging to the partnership firm. The firm cannot own the assets. |
| Power to own property | The LLP can hold property in its name. | The partnership firm cannot hold property in its name. It must be in the names of all partners or the authorised partner as per the partnership deed. |
| Agency relationship | The partners are agents of the LLP and not other partners. | The partners act as an agent of the partners and the firm. |
| Common seal | An LLP has a common seal which denotes the signature of an LLP. The common seal is used to sign documents. | There is no concept of a common seal in a partnership firm. The authorised partner must sign the documents. |
| Designated Partner Identification Number (DPIN) and Digital Signature Certificate (DSC) | Each designated partner of an LLP is required to have a DPIN before being appointed as a designated partner. They also need to have a DSC for signing documents digitally | The designated partners of a partnership firm are not required to obtain DPIN or DSC. |
| Administration | The designated partners are responsible for administering and managing the day-to-day business and other statutory compliances of an LLP. | The partners themselves administer the business of the partnership firm. There is no requirement to appoint managerial personnel. |
| Foreign National | The foreign national can form an LLP along with an Indian resident as a partner. | Foreign nationals cannot form a partnership firm in India. |
| Audit of accounts | All LLPs (except those having a turnover below Rs.40 lakh or contribution below Rs.25 lakh) in a financial year are required to get their accounts audited annually according to the provisions of the LLP Act. | All partnership firms must get their accounts audited as per the provisions of the Income Tax Act. |
| Dissolution | An LLP can be dissolved voluntarily or by order of the National Company Law Tribunal (NCLT). | A partnership firm can be dissolved by an agreement between partners, court order, mutual consent of partners, insolvency of partners, etc. |
| Arrangement, compromise and amalgamation | An LLP can enter into a compromise with its creditors or partners. It can also amalgamate with another LLP. | A partnership firm cannot enter into any arrangement or compromise with its creditors or partners. It also cannot amalgamate with any other firm. |
No, We have to first submit that only to RoF , if they raise objection against that we can modify the Form
Affidavit is mandatory if -
- Any particular business requiring License to carry out the business the copy of License is to be submitted along with the submission. If License is not obtained then a Undertaking in Affidavit form signed by all the partners should be submitted
- ) Any particular business requiring License to carry out the business the copy of License is to be submitted along with the submission. If License is not obtained then a Undertaking in Affidavit form signed by all the partners should be submitted.
Stamp paper must be in the name of firm or partners And we must submit back side of stamp paper also which contains purpose and name of purchaser of stamp paper.
Date of filling of documents must be within one month of such notarization.
The stamp paper which is used for execution of Deed of Partnership should be dated within 6 months of the date of issue of such stamp paper
If Deed is not duly stamp or in other case if six month has been lapsed after the execution of deed then in such cases the deed is required to be Adjudicated by the Stamp Authority. This is a cumbersome and less prevalent matter.
Form A – Registration
Form B – Change in principal Place/nature of business/firm name
Form B – Change in principal Place/nature of business/firm name
Form D – Change in the Name (Person/Limited Company) and Address of the Partner
Form E- Change in Constitution (Admission/Retirement/ Dissolution/Death of Partner/minor partner)
Form F – Minor attaining majority and elects tobecome/ not to become a Partner
Form A –Filing Fees Rs 1600 and Penalty Rs. 1000/-for a year or part thereof if filed after 1 year Other Form – Filing Fees Rs 1200 and Penalty RS Rs. 2000/- for a year or part thereof if filed after 90 days.
We have to apply to RoF office with request letter, letter of Authority if filed by CA, PAN of Partners, Copy of Form A Acknowledgement etc.
If there is Clause in deed that firm will not dissolve on death of partner we can add w.e.f. partner death any other partner if partner are less then 2 We can make change in constitution deed if we just want to record partner death without any new addition.
We can file online form A with revised fees and enclosing old Form Acknowledgement , RoF will process that application fast.
Yes we can file 2 changes in same deed with 2 effective dates but RoF will charge fees for both changes even for single form.
No, Same form cant be raised twice for different changes without first being processed, we have to first write letter to RoF that a changes have occurred further to old Form so please process old form fast so that we can raise new Form.
No its not required.
For faster application we have to give documentary proof why you need faster application , like if bank or any govt department ask for registration certificate to complete the transaction.
Stamp paper will be 1% of the amount of share contribution subject to maximum of Rs 15000
Stamp paper will be 1% of the amount of incoming share contribution subject to maximum of Rs 15000
Typically registered within 2-4 working days
The process involves:
- Prepare the agreement document
- Signing by all parties
- Pay stamp duty (as applicable)
- Submit the document to the office
- Sign in the presence of the Sub-Registrar
- Receive the registered document
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Fill simple form regarding your personal details on Shivay Services website to create a document draft. Upload Documents online on our website. or Send Email / What's app.
Stamp Duty and registration fees to be paid towards register office. Govt. Fee, Stamp Duty and Registration fees varies state to state. Shivay Services help you calculate stamp duty/fee as per current laws/rules.
Registration of document is must as per registration act. All parties has to visit concern registrar office or done online. After satisfactory scrutiny of documents and entities involved, document is registered with easily.