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Partnership Registration |
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PROCESS OF FORMATION OF PARTNERSHIP FIRM |
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The Indian Partnership Act, 1932 governs the formation of Partnership. A Partnership is defined by the Indian Partnership Act, 1932, as 'the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all. |
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STAGE I: DRAFTING OF PARTNERSHIP DEED |
Drafting of partnership deed involves the legal analysis and understanding of the agreed terms of the proposed partners. As this is the basic documents it should be drafted very carefully |
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STAGE II: REGISTRATION OF PARTNERSHIP DEED |
Registration of partnership deed is not compulsory as per the Partnership Act, 1932. However, due to future complexities, it would be suggested to get the deed registered. Further in few state (Like Maharashtra) registration of partnership deed is legally mandatory. |
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STAGE III: APPLY FOR PERMANENT ACCOUNT NUMBER |
Apply for permanent account number is also a legal requirement and it also facilitate for opening of a bank account. |
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STAGE III: OTHER STAUTORY REGISTRATION |
Partnership firm should be registered under the shop & Establishment Act, The Finance Act, 1994 (Service Tax) & Value Added Tax Act (as applicable) |
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