A General Partnership is a business formation in which two or more individuals manage and operate a business in agreement with the terms and objectives set out in the Partnership Deed. This structure is reflection to have lost its relevance since the preamble of the Limited Liability Partnership (LLP) because its partners have unlimited liability, which means they are individually liable for the debts of the business.
However, low costs, ease of set up and minimal compliance requirements make it a reasonable option for some, such as home businesses that are unlikely to take on any debt. Registration is not obligatory for General Partnerships.
How Online Registration of Partnership Firm is Possible?
Yes, online listing of Partnership Firm is Possible. You have to choose the right legal service provider like ASA which helps you to get done your Partnership Firm Registration. Simply you have to place the request on ASA portal with the basic details & email the papers in the soft copy. Be Relax, you work has been completed.
What is Partnership Deed Registration from Registrar of Firms?
Partnership Deed Registration is optional component in case of the partnership firm. If you incorporate a partnership firm then you have to form a partnership deed between the partners. So if you want to enjoy file case/suit or claiming on 3rd Party by partnership firm then you have to list your deed with the Registrar of Firms.
What is Naming safety measures in Partnership Firm?
The name of the partnership firm must not be too related or identical to the name of any other existing company performing significant business to regret duplication in the name of firms.
Also, the name should not contain terms like Emperor, Empress, Empire, Crown or the terms indicating the approval of Govt, sanction only if the State Government signifies its approval in writing to the acceptance of such words as part of the name of partnership firm.
Documents required for Registration:-
- 1. Passport Size Photograph of all the Partners
- 2. PAN Card of all Partners
- 3. Identity Proof of all the Partners (Aadhar, Driving License/Passport/Voter ID)
- 4. Electricity Bill or any other utility bill for the address proof of the Registered Office
Advantages of Registering Partnership Firm
Simple to start: Partnership firm can be registered compared simply to Limited Liability Partnership, as it is not required to get DSC, DIN, and Name approval. LLP registration drop under Central Government (Ministry of Corporate Affairs) laws while State Governments laws direct the registration of partnership firm.
Firm Name: Partnership firms can prefer to have any name as it long as it does not violate a registered trademark.
Annual filing not necessary: Partnership firms are not necessary to file its annual reports with the Registrar of firms each year, unlike a Limited Liability Partnership or Private limited Company. Know also about company annually return filing.
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