Partnership registration process
advharshavardhan
(Querist) 20 March 2013
This query is : Resolved
What is the procedure for registration of the partnership firm............ what is the approx. duration required for complete formation......
Raj Kumar Makkad
(Expert) 21 March 2013
Draft the deed, get signed by all partners, go to the office of Registrar of Firms and societies, pay the requisite fee and get it registered on the same day or next.
Sankaranarayanan
(Expert) 21 March 2013
No more details to advise. My friend mr makkad given fully
Adv k . mahesh
(Expert) 21 March 2013
Mr Raj Kumar Makkad had given and the step by step procedure i am giving follow:
HOW TO REGISTER A PARTNERSHIP FIRM
Registration of a Partnership firm is not compulsory, though usually done as registration brings many advantages to the firm. Since ‘partnership contract’ is a ‘Concurrent Subject’ as per Constitution of India, registration of firms and related work is handled by State Government in each State.
Section 71 authorizes State Government to make rules for prescribing fees for filing documents with registrar prescribing forms of various statements and intimations are to be made to registrar and regulating procedures in the office of Registrar.
legal liability
Partner cannot sue if firm is unregistered - No suit to enforce a right arising from a contract or conferred by this Act shall be instituted in any court by or on behalf of any person suing as a partner in a firm against the firm or an{ person alleged to be or to`have been a Á partner in the fir} unless the firm is registered and the person suing!is or has been shown in the Register of Firms as a partner in the firm.$ [section 69(1)]. Thus, a partner cannot sue the firm or any otheÄ ” partner if firm is unregistered. If third party files suit against a partner, he cannot claim of set off or institute other proceeding to enforce a right arising from a contract. Suit or claim or set off upto Rs 100 can be made as per section 69(4)(b), but it is negligible in today’s standards. Criminal proceedings can be filed, but civil suit is not permissible.
This step will be useful in the future
Unregistered Firm cannot sue third party - No suit to enforce a right arising from a contract shall be instituted in any Court by or on behalf of a firm against any third party unless the firm is registered and the persons suing are or have been shown in the Register of Firms as partners in the firm. [section 69(2)]. If third party files suit against the unregistered firm, the firm cannot claim set off or institute other proceeding to enforce a right arising from a contract. - - Suit or claim or set off upto Rs 100 can be made as per section 69(4)(b), but it is negligible in today’s standards. Criminal proceedings can be filed, but civil suit is not permissible.
REGISTRATION PROCESS
For Registering a partnership firm an application in Form 1 is required to be filed along with certain documents. The followings are the requirements:
1. Minimum 2 Persons –Name , Address , Occupation, Age, Father’s Name
2. Address Proof- Ration Card / Voter I.D / Driving license
3. Partnership Deed on Rs. 200/- stamp paper
4. Registered/Power of Attorney of the premises where Firm is to be Registered.
5. If rented, Rent deed, Rent Receipt
6. NOC from Landlord
7. Electricity Bill / House tax Receipt / Water Bill photocopy
8. Signatures on Partnership Firm Registration FORM-1
OTHER REQUIREMENTS OF A PARTNERSHIP FIRM:
1. PAN Card and Income Tax Return
2. Auditing -P&L and Balance Sheet and auditing if covered under Income Tax.
3. TDS Registration, Monthly deposit, TDS Returns Quarterly, Assessment and other correspondence with the department, Issue of TDS certificates.
4. Sales Tax Registration under VAT and CST, Tax deposit, Quarterly Returns, Assessment and other correspondence with the department.
5. Service Tax Registration, Tax deposit Monthly, Half Yearly Returns, Assessment and other correspondence with the department.
6. Excise Registration, Tax deposit, Returns, Assessment and other correspondence with the department.
7. Import Export Code No, Amendment and other correspondence with the department.
8. Books of Account - Supervision or Maintenance - Computerised with Voucher system, Ledger, Accounts, Trial Balance, Provisional B/S and Bank Reconciliation Statement monthly
9. MoU, Affidavit, Deed, Settlement, Franchising, Power of Attorney, Company Forms and Documents, Bonds, Loan Documents, Notices, Bank Guarantee, Advertisements and any other agreement- on demand.
10. Registration under PF, ESI., SSI., ISO.-9002, ISI., SEBI, Factories Act, Gratuity Act, Pollution, Water, Electricity, Society, Trust, Entertainment
11. Insurance & Investment of Funds in Mutual Funds, PPF, FD, Shares, Govt. Bonds, MIS, Post office Savings, NSC etc
hope this steps is must and i gave you because this steps of each partner will be clear while submitting the application at Registrar office
prabhakar singh
(Expert) 21 March 2013
Exhaustive and correct guidance by Mr.Mahesh
Adv k . mahesh
(Expert) 21 March 2013
thanks
i thought will be useful if explained step by step
