Steps for Partnership Firm Registration in Chennai

What is a Partnership Firm:

As already discussed in our early article, partnership firm is where two or more people joint together with a common intention to form a business organisation. This is the most popular and the simplest way of forming a business. The partners are the owners of the firm, they are the investors and they are the deciding authorities in the firm. The profit and the loss are divided among the partners as per the Partnership Deed.

Why to choose a Partnership Firm

1. If you have some domain skill but new to business, join hands with someone who had business skill

2. If you know some business, but you lake with Finance, go for partnership with a trust worthy partner.

3. The risk is shared among the partners

 

Is Registration Compulsory in a partnership business?

 

As per the Indian partnership Act,  1932, Registration is not compulsory. Hence even an unregistered partnership firm can operate business activity. By simply signing the partnership deed, the partnership firm comes into existence. 

How to form a unregistered Partnership firm.

Step 1: Let the partners decide on the investment, share on profit and loss and other terms.

Step 2: Draft a Legal partnership from for a experienced Corporate lawyer

Step 3: Print the content in Stamp paper worth Rs.300/-

Step 4: All the partners need to sign the Partnership deed, after reading the document clearly.

Step 5: Get is signed from two witnesses.

Step 6: Get it Notarised from a Notary public Lawyer

How to Form a Registered Partnership Firm

Step 1: After deciding on the terms, conditions, investment ration, profit and loss proposition, draft a partnership deed through a Corporate Lawyer.

Step 2: Print the same in Stamp Paper, sign the document, get it witnessed.

Step 3: Get appointment on a fixed date by the Registrar

Step 4: All the partners need to be present on the specific day along with two witnesses for getting Partnership Registration in Chennai 

Step 5: Get it registered and collect the stamp paper

After Registration Activities

 

Apply for PAN Card

After collection of the Partnership deed, you need to apply for a separate PAN Card for the partnership firm. You cannot use the partners PAN Card as that of a Proprietorship to start a Bank Account. Apply for a separate PAN Card.

Open a Current Account

It is always recommended to make the business transactions though a Current Account. Don't ever use your personal account for business transactions. But to open a current account, your Business PAN card is mandatory in order to comply the KYC requirement.

Register your Trademark 

 

As you all know the most voluble assert in your business is a nothing but the Brand and the Company Names. To protect the same form copying, Trademark Registration is the best and the only Tool. This acts as a sward against duplication.

 
GST Registration:
 
GST is Goods and Service Tax which is also famously called as called as Good and simple Tax. Every Manufacturer or Service provider whose turnover crosses 20 Lakhs need to get registered under GST. 

 
A.ARIVAZHAGAN ADVOCATE
LE INTELLIGENSIA LAW FIRM
http://leintelligensia.com/
Call: 9941993399