ganapathy 20 August 2019

Account opening for partnership firm

we are a group of 5 doctors who have entered into a partnership deed to practice in a few branches of a corporate hospital. we have not registered our firm. we do not have any formal letter head and only use the prescripttion pad of the hospital with our names on it. To open an current account with the bank , the bank is asking for a letter on our letter head which we do not have and is not willing to accept the hospital letter head as it has the hospital name on it. what is the alternative or way out. Similarly the address of the firm is given as the residential address of one of the partners as we do not have any office space. the bank also wants proof of address of the firm in the form of rental agreement or utility bills etc- again what is the way out as we do not have any of these

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4 Replies

G.L.N. Prasad (Retired employee.) 21 August 2019

Any computer operator can provide you such a letter through his computer appearing as though it was a letter pad. It is simple and contact any good computer operator.

H.M.Patnaik (Proprietor) 21 August 2019

Dear Querist, Thank you for posing your professional confusion in this forum. When you say you run a Partnership firm ( a For profit venture) with five qualified professionals as partners,you refer to Partnership firm formed under the Indian Partnership Act,1932 and need to abide by its provisions. So, pl. get in touch with an experienced lawyer dealing in commercial matters who will assist you in preparation and registration of a Deed of Partnership for running the desired business incorporating all requisite data and terms of partnership therein . The deed is prepared in Non-judicial stamp paper of rs.200/- only and duly signed by all partners along with witness and registered with the appropriate registering authority of your district. Now for opening a Current account in the name of your business firm in any bank, you need to attach a copy of the Firm PAN card, Rent agreement of Registered office/ any address proof like Electricity bill and Registered Deed of partnership along with the account opening form of the bank duly filled in and submit the same to the bank with minimum deposit amount. Hope, this meets your query.

ganapathy 21 August 2019

Dear Mr patnaik- thank you for your reply . Our partnership firm has a properly charted deed - though not registered - which to my understanding is not mandatory .reg address proof as I have mentioned we do not have a formal office as we are doctors practicing in a corporate hospital and hence do not have any rentals agreement or utility bills - the registered office mentioned in the deed is my residence address . Moreover unlike mentioned by you account opening is not so simple and is quite complicated with a lot of.paper work with banks asking for several docs