The process to register a partnership firm
Introduction
Starting a firm as a one-man army is no easy task, but having a team or someone to assist you to grow through the ups and downs of business is a huge plus, making partnerships the most popular business structure.
A partnership firm is a type of business formed by two or more persons who agree to share their business profits and losses in a predetermined ratio, regardless of the circumstances. To date, the limited liability partnership (LLP) is the most popular corporate structure. While the Limited Liability Partnership (LLP) was founded in 2010, the Partnership Act was passed in 1932, demonstrating that partnership enterprises are the most desired and trusted.
Partnership Firms registration in Pune
The only need for starting a business in the form of a business is to form and finalize a partnership deed under the Indian Partnership Act, 1932.
There are two types of Partnership Firms registration in Pune:
Unregistered Partnership Firms registration in Pune
Registered Partnership Firms registration in Pune
There is no requirement to register a company to start a business, and there is no penalty for failing to do so. It is entirely up to the partners and business owners to make this decision. Once the company is constituted, it can be registered. The unregistered firm’s only disadvantage is that it is entitled to the benefits and rights provided under Section 69 of the Partnership Act.
However, it is usually advisable to register the company sooner rather than later to legitimate it and enjoy the many advantages that come with it.
Registration of a Partnership Firms registration in Pune and the Documents Required
The process of registering a Partnership Firms registration in Pune is simple. The Indian Partnership Act, Section 58, governs its registration. Depending on where the firm is located, the process entails submitting application paperwork and fees to the Registrar of Firms in that state.
All of the firm’s partners must sign the application and give their approval.
The firm is documented in the entry of statements and the registration certificate is finally issued in the name of the firm once all of the provisions under Section 58 have been confirmed and met by the Registrar of Firms. Even though the names- Registrar of Firms and Income Tax Department are not interchangeable, the firm must apply for registration with both.
It is also necessary for the company to have a PAN card. As a result, future bank account openings, processes, and transactions will all be done with the same account.
You must also provide the following papers in addition to the Application Form:
A copy of the Partnership Deed in its current form.
Form for registering.
The following documents must be included in the partners’ address and identification proof:
PAN Card, Driver’s License, Aadhar Card, Voter Identification Card, and Passport
If the property is rented or owned, you must provide proof of ownership.
Electricity or water bill receipt.
Benefits of a Partnership Firms registration in Pune
The incorporation and compliance processes are simple, making it possible for anybody to start a Partnership Firms registration in Pune. These are considerably superior to LLPs and other firms because they do not require the filing of returns or taxes on a monthly or annual basis. This renders the company’s financial statements confidential.
Partnership Firms registration in Pune Disadvantages
Partnership Firm’s registration in Pune is restricted to a specific size. When investors, venture capitalists, and others approach, the companies remain cautious. Their operations are not as transparent as those of other companies and corporations registered in various ways.
Conclusion
As a result, forming a Partnership Firms registration in Pune is a fantastic approach to start a business and select the type of firm based on what the individuals and partners want from their company and firm. Contact Legal Way for the best service if you wish to start your business endeavor through a partnership firm.
