Step 1: Choose a firm’s name
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In the space provided, you can enter the name of the company that you wish to register and see if it has already been registered by another entity. In addition, this site allows you to check if the name is protected under a trademark or a domain name.
Step 2: Drafting the Partnership Deed
Partnership deeds are unique to each partnership firm. When drafting the partnership deed, you should always hire a professional legal expert. The document should generally include the following information:
- The firm’s name and address, as well as that of its partners
- Business start-up date
- Each partner has contributed a certain amount of capital
- A measure of how partners share profits and losses
- Payables to partners, such as commissions and salaries
- What the partners are entitled to, what they are obligated to, and what they owe to each other.
- The process to be followed in the event of a partner’s death or retirement
- In the event that the firm dissolves, what should be done
- As mutually agreed by the partners, other clauses may apply
For more information, contact our experts.
STEP 3: Execution of Partnership Deed
A partnership deed must be executed (signed by all partners) once it has been finalised. The deed must also be signed by two witnesses, along with their addresses.
Next, stamp duty must be paid according to the state’s regulations. A non-judicial stamp paper or franking must be used for signing the deed.
STEP 4: Document Preparation
Before registering, you need to prepare the following documents:
- Online registration form for partnership firms (Form 1)
- The partnership firm registration deed must be certified as true and accurate
- An affidavit sample, duly filled out
- All partners’ PAN cards (as proof of identity)
- As proof of address, each partner must have an Aadhaar card, a voter ID card, a passport or a driving license
- A copy of the firm’s PAN card
- For rented offices, a copy of the lease contract and a copy of the utility bill would be required. The landlord’s NoC is also required in the case of rental premises.
- Certificate of GST registration in the name of the corporation
- An overview of the company’s current bank account
STEP 5: Registering the partnership firm
Registration of a partnership firm in Chennai is overseen by the Registrar of Firms (RoF), Government of Tamil Nadu. It is necessary to forward to this authority an application along with the documents listed above. The application form must be signed by each partner. In addition, you must pay the requisite fee when registering a partnership firm in Chennai.
STEP 6: Approval and Firm Registration Certificate
A Registrar reviews the application and accompanying documents once the application is submitted and the requisite payment is made. Registration of the firm will be approved after the authority is satisfied. After the registration process has been completed, a registration certificate will be issued to the official email address of the company. Upon registration, your firm will also enjoy all the benefits associated with registered partnerships.
In accordance with the Indian Partnership Act, 1932, partnership firms are not required to register. Each partner has the option of registering their firm or not. Unregistered firms, on the other hand, are not able to take advantage of several benefits that registered firms enjoy.
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