Partnership Registration

what is partnership Firm

According to Indian partnership act 1932 There are Two types of partnership firm registered and unregistered partnership .

Unregistered partnership Firm: In accordance with the rules of the Indian Stamp Act 1889, the partnership deed must be written on non-judicial stamp paper mentioning the participation between partners, coworker, account operator, sleeping partner and certified by notary and partner signature. All partners must have a copy of the company deed.

Registered partnership Firm: A partership firm may register under Section 58 of the Indian partnership act 1932 at any time, even after formation. the registration of firm is done through the Registrar of firms in which state partneship firm is located. When the Registrar is satisfied that the provisions of Section 58 are met, an entry record of the declaration is made in the Registrar of firms and a Certificate of Registration is issued.

It is not mandatory to register a partnership firm; however, it is advisable to register  partnership firm due to the additional benefits. Partnership firm  are created by writing a partnership deed between partners and TaxCaller can help start a registered or unregistered partnership company in India.

Partnership firm is a popular form of business constitution for businesses that are owned, managed, and controlled for-profit by  Partners

Partnership firm are relatively easy to start and popular among small and medium-sized companies in unorganized sectors. With the introduction of limited liability companies in India, partnership firms are rapidly losing their prevalence due to the additional benefits that a limited liability company offers.