Partnership Firm Registration in Delhi NCR

    - Suitable for starting any small business with partners
    - Kickstart your firm with just Rs 1,999/-
    - Hassle free, online registration process provided by professionals.
    - Get your firm started in 2-3 working days.

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Partnership Firm Registration

Partnership firm is put together by two or more individual in the interest of sharing the resources to initialize the business and share the resultant profit generated by the business by the mutual effort of the people involved or to reap the benefits of one person who has acted on behalf of the others. The above is established in terms of written agreement marking the commitment of the individuals involved by “Partnership deed” is governed by Partnership Act, 1932. The thus established agreement would signify business, politics, knowledge or individual level relationship professionally. The deed would imply basis of complex negotiations and how they are addressed. An individual part of the set agreement is referred to as a partner and the members are collectively addressed as partners in official terms thus the agreement in turn is “Partnership deed” which signifies all the above in legal terms for the benefit of the partners. A silent partner is an individual that is a member of the deed, but does not directly involve in the functional and decisional point of view in the management, but reaps just the profit generated by the actual business setup. At Unilex Consultants we provide you a hassle free registration process which would be dealt by our professionals within a time frame of 8-10 working days and is subjective to governmental processing time. Our team takes care of the documentation and aids in provide you the realistic estimation of cost.

Advantages of registering a partnership firm

LEGALLY ENFORCEABLE -

The written agreements are legally enforceable meaning they are valid as long as they go by Contract Act of Indian Government under Partnership Act of 1932.

BINDING THE FIRM -

All individuals in the deed can act to bind the firm or one individual can act to represent the team.

LIMITED LEGAL IDENTITY -

The firm would have limited tax exposure identity apart from the actual individuals involved in the deed.

PARTNERS COUNT -

In-order to establish a partnership firm, the minimum there must be 2 individuals involved to maximum of 50 individuals can be the part of the firm to be established.

Documentation for partnership firm

PAN card of Partners

Address Proof of Partners

Partnership Deed

Sale Deed (if owned)

Utility Bill as Business Address Proof

Rent/ Lease agreement of business address and NOC from owner (if)

Current account bank details of firm

NOC

Packages



Note:


Process involved in registering a Partnership Firm Registration in Delhi NCR

1

Analyzing and understanding your business model

2

Preparing the documentation

3

Obtaining the PAN and TAN

Requirements for registering a firm online

    - The Name decided for the firm.
    - The place where the firm would be established out of.
    - The list containing the Name, address and date of joining of the partners for forming the firm.
    - If the firm is started to address for a particular period alone then the time frame should be mentioned.
    - The actual objective of the firm must be provided if at all any are present.
    - profit sharing ratio and capital contribution among partners.

Type of Partnership firms in India

Unregistered Partnership Firm

In this scenario the partners would proceed with the operations of the business as stated in the agreement and the firm is not established i.e registered with the registrar.

Registered Partnership Firm

In this scenario we are looking at a setup where the actual firm is registered under the registrar and falls under the rules of the jurisdiction hence the total set up is legally for the place of business of the firm.

Is Partnership firm registration mandatory ?

It is not mandatory according to Indian law to register a partnership firm but, it is advisable as the benefits are there for functioning as a registered partnership firm, this does not directly mean that it discredits the transaction being done in unregistered agreement basis establishment.

  • - Privilege to firm: Only a legally registered firm is entice to take legal actions on third party in-case of any such situation arises and at the same time it is easy to mould the business and branch out.
  • - Privilege to partners: The partners are legally covered in terms of law as in the case of registered partnership firm, the internal dispute can be settled in a fair legal manner and this applies for the same with third party matters too.
  • - Privilege to creditors: In this case, the money the firm owes to the third party would be the responsibility of all the individuals who are part of the set firm, hence they are liable equally.
  • - There must be a minimum of 3 board directors.
  • - Privilege to incoming and outgoing partners: The actual matters involving the incoming and outgoing partners covering both death and retirement. They can fight for the privileges they had with the company, but this is only backed up legally if the firm is registered at the first place.

Unique Features of partnership firm

    - They are the best way to kickstart your business as they are minimal and cost effective.
    - Legal way of pooling in resources to put forward the business.
    - The company would be flexible as the partners are limited and the decision with prior notice can be made to be in effective with a short period of time with the consent of the partners.
    - The deed acts as a protection for equal rights and also against fraud.
    - Equal distribution of risk among the partners.
    - Risk is shared among partners, resulting in more risk taking decisions for business expansion.

FAQs About partnership firm

How long would the actual registration process span ?
The registration would take anywhere between 10-15 working days and is actually subjective to the registrar.
Can a NRI or Non Indian Citizen be a part of a firm ?
Yes, they can be part of the firm as long as their proof clears the requirement of the registrar.
Should the capital be put forward equally ?
No, there is no such rule, the capital that is put forward initially for the establishment of the business are more based on the mutual consent and the actual agreement the partners decided on.
Can a person part of the firm transfer his interest to outside ?
Yes, it is legally possible but only with the unanimous agreement of the rest of the partners.
What are my limitations as a partner in a partnership firm?
As a partner you cannot do the following without the consent of the other partners: 1. Submit a dispute relating to the business to arbitration. 2. Open a bank account on behalf of the firm in your own name. 3. Compromise or relinquish any claim or portion of a claim of the firm. 4. Withdraw a suit or proceeding filed on behalf of the firm. 5. Enter into partnership with an outsider on behalf of the firm. 6. Acquire or transfer immovable property belonging to the firm. 7. Admit any liability in a suit or proceeding against the firm.
Can a new partner be a part of the firm ?
The actual process and provisions are based upon the partnership deed that was put forward while the business was established.

Why choose Unilex?

Well with highly qualified professionals in our team along with the technology gives edge over others, as a result highly rated professional services with full customer satisfaction is assured. We help to grow and manage your business letting you to concentrate on your business.

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