Partnership firm is a form of business between two partners as per the partnership registration act in India. Partnership business has been growing immensely in these days as compared than other form of business due to its easy and simple formation procedures. Therefore, partnership firm registration is extremely important for all those business entrepreneurs who are coming with partnership business ideas. Partnership firms are defined by the Indian Partnership Act 1932 and all the new partnership firms should have go as per the rules and regulation laid down by the partnership act. These days, there are two types of partnership firms are present including unlimited partnership and limited liability partnership firm. In case of limited liability partnership firm, no partner is responsible for another partner's misconduct or any wrong doing as per the contract. But, when it comes to unlimited partnership, both partners are equally responsible for any legal action as per the contract.
Partnership Firm Registration Procedure
Partnership firm registration is a procedure and every aspiring business entrepreneur should follow the rules and regulations defined by the Indian Partnership Act 1932. As partnership business is thriving in India in these days in almost all sectors but its registration process should take time like any other legal enterprise. Registrar of Partnership is the governing body, which administers and provides certificate of registration to partnership firms if they suit all the terms and conditions as per the Indian Partnership act. There are some legal firms and corporate professionals those are well qualified in handling partnership registration. Under the Section 58 of the Indian Partnership Act 1932, the application for partnership registration should accompany the following documents in order to get the registration certificate:
- Name of the Firm
- Place of the original business
- Date of each partner's joining
- Name and full address of partners
- Duration of partnership firm