Application for Registration: The application for registration must include details such as the firm’s name, principal place of business, names of partners, date of joining the partnership, duration of the partnership (if any), and a signed partnership deed.
Partnership Deed: A partnership deed is a written agreement that outlines the terms and conditions of the partnership, including profit-sharing ratios, capital contributions, rights, and responsibilities of partners, etc. It is essential to draft a partnership deed before applying for registration.
Benefits of Registration: Although registration is not mandatory, it provides certain advantages to the partners. These include the right to sue the firm or other partners, the right to seek legal remedies, and the ability to claim set-off or counter-claims in legal disputes. Registered firms also have a stronger legal standing in case of disputes between partners or with third parties.
Proof of Existence: Registration establishes the existence of the partnership firm as a separate legal entity. It helps in providing evidence of the firm’s existence and its rights in case of any legal proceeding
Public Notice: After registration, the Registrar of Firms publishes a notice in the Official Gazette and maintains a record of registered firms. This public notice serves as a public record and provides information about the firm’s details.
Stamp Duty and Fees: Each state in India has its own prescribed fees and stamp duty for the registration of partnership firms. The exact amount varies depending on the capital and the rules of the concerned state.
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