The Indian Partnership Act, 1932 governs and regulates partnership firms in India. The persons who come together to form the partnership firm are knowns as partners. The partnership firm is constituted under a contract between the partners.
Partnership Deed are registered in two ways in the state.
- Via Notary.
- At Sub Registar Office
Required documents
- All Partner id card - Addhar Card & Pan card
- 2 Witness - Addhar Card & Pan card
- 2 Identifier - Addhar Card & Pan card
- All Parties Photo-2 Nos
- All Parties Mo. No. & Email I'd
Process of Partnership Deed
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Frequently Asked Questions
Partnership deed can be written on stamp paper and registered in Sub Registry Office like any other document. In this case, only the deed is registered, which does not mean registration of the firm. The firm can be registered after following the procedure laid down in Sec. 59 of The Indian Partnership Act 1932.
Yes, notarisation of the partnership deed is essential along with registration, as it makes the agreement between partners a legal one which can be defended in the court of law, if any conflicts arise between the partners.
A notarised partnership deed is not regarded as a valid document in case of legal disputes. It will not be considered to have a legal status with only notarisation, but it will be considered to have a legal status if the partnership firm is registered.
Partnership registration is not compulsory and is at the discretion of the partners whether they want to register the partnership firm or not. But a partnership firm cannot avail legal benefits if it is not registered, hence it is always advisable to register it.
Unlike registered partnerships, where partners can sue the firm or other partners in the firm's name, unregistered partnerships lack this privilege. Partners can only file a suit in their individual names, making legal action more complex.
A partnership deed can be prepared by a lawyer and needs to be made on stamp paper as per the law.
The only rule is that in the absence of a written Deed, partners don't draw a salary and instead share profits and losses equally. Partners have a duty of loyalty to the other partners and must not enrich themselves at the expense of the partnership.
There are three charges in deed:
- 1) Stamp Duty -
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As per Article 47 of the Maharashtra Stamp Act:
(a) Where there is no share of contribution in partnership, or where such share contribution brought in by way of cash does not exceed rupees 50,000 500/- (b) Where such share contribution brought in by way of cash is in excess of rupees 50,000, for every rupees 50,000 or part thereof Five hundred rupees, subject to a maximum duty of rupees five thousand (c) Where such share contribution is brought in by way of property, excluding cash The same duty as is leviable on Conveyance under clause (a), (b) or (c) of Article 25, on the market value of such property (2) Dissolution of partnership or retirement of partner— (1) Where on a dissolution of the partnership or on retirement of a partner any property is taken as his share by a partner other than a partner who brought in that property as his share of contribution in the partnership The same duty as is leviable on a conveyance under clause (a), (b) or (c) of Article 25, on the market value of such property, subject to a minimum of rupees one hundred (2) In any other case Two hundred rupees - 2) Registration Fees -
- Registration fees is also a variable of sale value up to a certain limit, then it is fixed for all values above that limit.
Note: Registration value is 1% of sale value or 30,000/-, whichever is higher. - 3) Document Handling Charges (DHC) Fees -
- Online through the collected Sub Registrar office for document handling, for every page of the document, a fee of Rs. 20/- is applicable.
Typically registered within 2-3 working days.
The process involves:
- Prepare the document
- Signing by both parties
- Pay stamp duty (as applicable)
- Submit the document to the Sub-Registrar's 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.