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Partnership Firm Registration in Punjab

Posted on July 30, 2022July 30, 2022 By ELXiOYXt No Comments on Partnership Firm Registration in Punjab
Partnership Firm Registration

Whenever an association of people joins together for a business purpose to share profits, a partnership firm registration is recommended. Partnership firms in India are governed by the Indian Partnership Act, 1932, and are required to register under this act. The purpose of this article is to provide a detailed overview of the registration process for Punjab partnership firms. 

Laws relating to the registration of firms, 1932

Two or more persons who are qualified to contract for a business purpose may enter into a partnership firm agreement if they meet the following criteria:

  • According to the regulations, every person who has reached the age of majority.
  • Unsuspended from contracting under any law that prevents him from joining a partnership.

Partnership Firm Registration Benefits

Punjab partnership firms offer the following benefits:

Partnership firms are easier to register than LLPs (Limited Liability Partnerships), because they do not require DSC, DIN, and Name approvals. The Ministry of Corporate Affairs is responsible for LLP registration, whereas the State Government is responsible for partnership firm registration.

Partnership firms are not required to file annual reports with the Registrar, unlike Limited Liability Partnerships or corporations. Each year, Limited Liability Partnerships and organizations must submit their annual reports to the Registrar of Companies.

Click here to register: partnership firm in india

Partnership agreement

In a Partnership Deed, the law for partnership members is outlined. There are several elements to a partnership deed, including:

  • The name of the firm and the name of the partner.
  • The address of the firm and the partner.
  • The type of business that the partners of the firm will undertake.
  • The date on which the business/firm was founded.
  • Whether it is for a project or a fixed period of time.
  • Partners’ profit sharing ratio.
  • Contribution of each partner to the capital.

Every partnership deed should contain the elements represented above. Any additional clauses may also be covered by the partners if necessary. A partnership can also include the following provisions:

  • Any interest owed on the partnership loan, the partnership capital, and any interest, if any, is to be charged.
  • In a firm, partners in a partnership may be liable for commissions, salaries, etc.
  • Arrangements for making accounts and audits.
  • A division of responsibilities and tasks among the partners, i.e. their powers, duties, and responsibilities.
  • Term and conditions to be followed in the event of a partner’s death, retirement, or admission to the partnership.

Requirements for documentation

When registering a partnership firm, the following documents must be submitted.

  • Form No-1, application for registration of the firm.
  • A copy of the partnership deed duly attested by a notary public with Rs.1000/- on non-judicial stamp paper.
  • Each partner should have a passport-sized photo.
  • A copy of the partner’s identification.
  • Recipient of Rs.3/- registration fee, deposited into the treasury under the head of accounts.

Procedure for registering a partnership firm

The following steps will guide you through the process of applying for a registration certificate for a partnership firm in Punjab:

Contact the Registrar’s Office

The applicant must first approach the Punjab Registrar of Firms and Societies.

For your reference, you can also download the partnership firm registration application form in PDF format.

The details need to be completed

The second step is to complete the application form with the appropriate information, including the following:

  • Name of applicant
  • Birthdate
  • Name of firm
  • A description of each partner.

Fill out the form and submit it

Step 3: By remitting the prescribed fee for registration, submit the completed application form to the same Registrar office for verification.

Pay the bill

Step 4: Documents will be verified by the concerned officer after payment has been received

Receive Acknowledgement number

Step 5: A receipt from the relevant authority will be sent to the applicant as an acknowledgment for future reference.

Collect the Certified Copy

Step 6: Using the acknowledgment receipt, the applicant will receive a certified copy of the registered partnership firm.

Time required for processing

Within fifteen working days of submitting the application, the certificate will be issued by the concerned authority.

Read more,

  • Dissolution of a Partnership under Section 189
  • Registration of Partnership Firms in Sikkim
  • Firm Registration in Maharashtra for Partnerships
Tags: firm registration online originalpartnership deed partnership deed registration partnership firm in india partnership firm registration online

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