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Online Registration of Partnership Firm or Deed – Eligibility and Procedure 

A partnership firm is one of the most popular types of business organizations. When two or more people come together for performing the business activity for monetary consideration, it is known as the partnership. Any partnership filed with the local authorities is known as the Partnership firm. The partnership is one of the most flexible types of business organizations and still the basic one. The partnership can be formed with two or more partners.

A partnership between the partners can be formed easily via an Oral medium or Written medium. The written agreement is preferred by everyone. So, it has more details about the partnership. The written agreement of partnership is known as the Partnership Deed. The Partnership Deed contains detailed information about the Nature of the Business, Name of the partners, profit sharing ratio, and other agreed conditions for partnership. The partnership deed, once signed by the partners, comes into force and is legally considered as a valid document.

Online Registration of Partnership Firm or Deed – Eligibility and Procedure

online-registration-of-partnership-firm-or-deed

What is the Need of Partnership Deed? 

The written document, which has all of the conditions of running the partnership business is handy. So, the partners having the Partnership deed will find it helpful to run the business operations smoothly. The agreed terms and the guidelines will help the partners to execute the business effectively according to the same. Also, a registered Partnership deed acts as the Memorandum of Association in some aspects for a partnership firm. A Registered Partnership Deed proves to help solve the business disputes amongst the partners.

The deed mentions all of the aspects of the business. Be it the information about the partners, tenure of partnership, capital contribution, rights and liabilities of the partners, and many others. The partnership deed has many uses as it is the registered agreement between the partners.

Requirements for forming Partnership Firm. 

When Two or more partners come together for business, it’s a Partnership. So, these are the eligibility parameters for registering a Partnership Deed.

  • Minimum of Two and Maximum of 20 Partners can form a non-banking partnership firm.
  • Minimum of Two and Maximum of 10 Partners can form a banking-sector partnership firm.
  • No Minimum capital contribution required in the initial stages of the Partnership firm.
  • No Audit Required for Partnership firm.

Contents of Partnership Deed

A partnership deed is a written partnership agreement, which contains conditions. The partners agreed on the terms and clauses. It ensures swift business operations. Here are the typical contents and provisions of the partnership deed.

 

  1. Names and Addresses of the partners.
  2. Name and Address of the Firm Office.
  3. Contribution amount of the Capital by the Partners.
  4. Accounting Period for the Firm.
  5. Instructions regarding the use of the Firm’s Bank accounts.
  6. Salaries Payable to the Partners.
  7. Profit and Loss Distribution Ration amongst the partners.
  8. Rights and Liabilities of the Partners.
  9. Commencement Date of Partnership Firm.
  10. Instructions Related to Dissolution of Firm.
  11. Instructions for Loss Distribution on the insolvency of Partner(s).
  12. Specific Instructions on Business Operations and Ethics.
  13. Date of Partnership Deed
  14. Signature of all of the Partners.

Documents Required for ONLINE Registration of Partnership FIRM OR Deed

The partnership deed registration procedure is partly online. So, if you are living in big cities, then you will have the option of registering the Partnership Deed online. Otherwise, you have to visit the Registrar Office for registration. It is better to hire the professional Partnership Deed Creation and Registration services from Efiling.co.in. The professionals will handle all aspects of the partnership deed creation. Also, the registration with the concerned authorities on your behalf. Here are the detailed instructions to register the partnership deed manually.

    1. First of all, collect all of the required documents for registration of Deed of Partnership.
    2. After that, visit the Registrar of Firms website of your state. If your state or location is not serviceable for online application, visit the Sub-Registrar office.
    3. After visiting the site, fill-up the registration form. Then, upload all of the required documents. And then complete the procedure. Take a print-out of the duly-filled application form.
    4. After that, Pay the fees to complete the registration.
    5. Once done, take print of all of the documents and registration forms. Then, Submit the form to either the divisional sub-registrar office or with the Assistant Registrar of the Firm’s office.
    6. After that, the officials will scrutiny your application and will approve the same. Now, your partnership deed registration is complete.

ONLINE Partnership Deed Registration Procedure 

The partnership deed registration procedure is partly online. If you are living in big cities, then you will have the option of registering the Partnership Deed online. If you are living in a small city, then you have to visit the Registrar Office for registration. It is better to hire the professional Partnership Deed Creation and Registration services from Efiling.co.in. The professionals will handle all aspects of the partnership deed creation and registration with the concerned authorities. Here are the detailed instructions to register the partnership deed manually. 

  1. First of all, collect all of the required documents for registration of Deed of Partnership.
  2. After that, visit the Registrar of Firms website of your state. If your state or location is not serviceable for online application, visit the Sub-Registrar office. 
  3. After visiting the site, fill-up the registration form, upload all of the required documents, and then complete the procedure. Take a print-out of the duly-filled application form.
  4. After that, complete the procedure by paying the required fees. 
  5. Once done, take print of all of the documents and registration forms. Then, Submit the form to either the divisional sub-registrar office or with the Assistant Registrar of the Firm’s office. 
  6. After that, the officials will scrutiny your application and will approve the same. Now, your partnership deed registration is complete.

Professional Partnership Deed Services from Efiling.co.in

Looking at the procedure and the compliances, it is difficult for the first-timers. Correctly registering the partnership deed is a difficult task. The partners need professional help from the qualified Chartered accountant or an Advocate. Professionals will help you to create a partnership agreement. Also, we will assist you with the registration. The experts at Efiling.co.in will help you to create the partnership deed by considering legal aspects. All you have to do is to contact Efiling.co.in experts and provide all of the documents to ensure the quick registration of the Partnership deed for your new business adventure.


Frequently Asked Questions about Partnership Deed

#Q1 – Which Act Governs the Partnership Firms? 

In India, the Partnership Act, 1932, is the one that governs the Partnership firms. The Act governs the registered firms with the Partnership agreement.

#Q2 – Is Registration Compulsory for Partnership Firms? 

According to the provisions in Partnership Act, 1932, there is no compulsion for registration of the Partnership firm. Although, it is highly advised to register a Partnership firm to stay away from the legal disputes. For example, any unregistered partnership cannot recover any pending dues above Rs.100/-.

#Q3 – What is the Importance of a Partnership Deed? 

A partnership deed is the registered legal document that has the details of the partnership firm. The deed contains the names of the partners, profit sharing ratio, the liability of the partners, and many other things. It can be used to resolve business disputes and have numerous legal benefits.

#Q4 – How do you Draft a Partnership Deed? 

Fortunately, Drafting a partnership agreement is simple. All you need to do is to write the name of the Firm, partners, addresses, and the clauses. The other details include the nature of the business, ethics, operations, profit sharing, and other agreed conditions. Otherwise, hiring professional services from Efiling.co.in will help you a lot.

#Q5 – Can One Deal with one of the partners of a Partnership Firm?

According to the Indian Partnership Act,1932, each partner can act as the agent for the others. This is the core principle of the Partnership firm. As the Partners should act for or behalf of other partners in good faith.


Professional Partnership Deed Services from Efiling.co.in

Looking at the procedure and the compliances, it is difficult for the first-timers. Correctly registering the partnership deed is a difficult task. The partners need professional help from the qualified Chartered accountant or an Advocate. Professionals will help you to create a partnership agreement. Also, we will assist you with the registration. The experts at Efiling.co.in will help you to create the partnership deed by considering legal aspects. All you have to do is to contact Efiling.co.in experts and provide all of the documents to ensure the quick registration of the Partnership deed for your new business adventure.

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