What is the procedure to register a partnership firm in Bangalore?

In general, partnership firm registration in Bangalore refers to an agreement between a group of people that shares their profits or losses arising out of actions taken by all or one of them. Individuals who enter into such agreements are called ‘partners’ and are collectively referred to as ‘payers’ or ‘partnership payers’. The maximum number of members that can exist in a partnership is 10 in the case of a bank running a business while the limit is 20 in the case of any other business. Hence two or more people decide to co-own a company while also sharing profits and losses in a partnership. In addition, we can formally register the company as a partnership firm. Additionally, there are several benefits to registering a partnership firm. Here’s a simple way to online registration of a partnership firm is to make things easier for you.

Features of Partnership firm registration

Agreement: Agreement or contract between partnership partners. The agreement between the partners can be written or oral. In most partnership pay firms, it is in written form

Number of partners: As per Companies Act 1956. The number of partners in a partnership pay firm should not exceed 20, but it has 10 partners in the banking business. But in the Companies Act 2013, the maximum number of partners can exceed 100.

Profit sharing: The main purpose of a partnership firm registration in maruthi seva nagar  is to make and share profits. In the absence of a partnership deed, the partner will share the profit and loss equally.

Activity: There must be a business activity that at least one of the members does.

Trust between partners: Trust between partners shows strength and bond between them. Lack of trust in any member than if the business is not working properly

Agency relationship: Generally speaking, each partner is considered an agent of the pay partners as well as other partners. There is an agency relationship between the partners. The business may be run jointly by one nominated partner on behalf of all. Any acts committed by the nominated partner in good faith and on behalf of the firm are binding on the other partners as well as the firm.

Unlimited Liability: All partners are jointly and multiple responsible for all activities carried out by the partnership. In other words, where the firm’s assets are not sufficient to meet the liability of the creditors in the pay cases, the private assets of the partners can also be attached. Creditors can hold any partner – who is financially sound and will satisfy their claims.

No separate legal entity: The firm does not have a personality of its own; the trade ends in death, bankruptcy or insanity of any of the partners.

Interest Transfer: The partner will not be able to transfer his interest in the money to outsiders unless all other partners agree. The partner is the agent of the pay and his interest is unwilling to transfer to one-sided outsiders.

Mutual trust and confidence: Partnerships are built around the principles of mutual trust, confidence and understanding between partners. Each partner is supposed to work for the benefit of all. If trust is broken and partners work on cross motives, the firm will be crushed under its own weight.

Documents required for firm registration

  • Partnership deed.
  • Partnership firm PAN card.
  • Address Proof of the partnership firm.
  • Identity proofs of all the partners.
  • Partnership registration certificate, if partnership has been already registered
  • Normally GST certificate is submitted or any registration document issued under the central or state government.

Procedure for partnership firm registration in Bangalore

Step 1: Draft the partnership deed

The partners of the proposed pay firm are required to draft a mutually agreed partnership deed in bangalore by the partners. The required of partnership deed is printed on Rs. 300 stamp paper. This will be the original document of the registration process

Step 2: Other documents required to registration of partnership firm in Bangalore:

A copy of the following documents such as a photocopy is required after the partnership deed:

Certified photocopy of proof of address and ID proof of all partners

Leased space if lease agreement

NOC for own space

Letter of authorization from partners to authorize a professional

 Note: The authorization letter issued by the partners to authorize a professional to be present in the registrar’s office fee will be given by the authorized person, the firm and the witnesses of the partners.

Step 3: Register Reg Online in the Registrar of Firm Websites

Creating a user ID in the firm website

The firm has to register on the website and create credentials. After creating the Login credentials the user has to login to the website. Click Firm Registration in the Request tab of the application and the application form will be displayed.

Filling the application form (Form-1) and submission

The application form needs to be filled online. All the information that has to be filled in the application form will be on the draft of the partnership  firm registration in chennai. Required details will include the name of the person who witnessed the page such as his name, occupation, date of birth and page number of the person who testified.

Uploading supporting documents and signing Form-1

A scanned copy of all the specified documents is uploaded as supporting document. Form-1 will be generated after successful registration of details. This needs to be signed by the partners and by the witness person himself. The witness may be an auditor / advocate / notary public / IT practitioner.

Step 4: Payment of government fees

After submitting Form-1 with require fees. A print out is required to accept payment.

Step 5: Submit documents manually with the Registrar in fees

Submission online submission to the Registrar of Firms Portal and after payment of fees the documents mentioned in the final step of the registration process will be submitted manually.

Documents with the concerned registrar with fees are required.

Step 6: Notification from the department for successful registration of partnership firm in Bangalore

Application After successful verification of the paper submitted with the online application, the Registrar of partnership Firms will notify by email the status of the firm which is registered with the firm registration number. The registration certificate of the partnership firm will usually be issued by the department in 2-3 days. The time taken for firm registration is usually 7-10 days. Partnership registration in Bangalore helps the standard of business and legally approved partnership firms can avoid fraudulent.