A partnership firm is formed when a group of people joined together in the pursuit of business. All partnership firms are formed in India under the Indian Partnership Act, 1932. In this article, we look at the procedure for partnership firm registration in Maharashtra. Partnership firm registration is an easy form of registration, there is nothing complex about its business formalities which are required to be fulfilled. Partnership registration is not compulsory and is at the discretion of the partners whether they want to register the partnership firm or not. But a partnership firm cannot avail legal benefits if it is not registered; hence it is always advisable to register under Partnership firm.
Partnership firm Registration Process
- Registration process
- Log on to Online Partnership firm registration website.
- Mention all the required details in the application form.
- Enter the CAPTCHA code and proceed.
- Steps while filing Form A
- Enter the applicant’s details.
- Enter partners details
- Provide the required documents, attach them and submit them.
Benefits of Partnership Firm Registration
- Easy Formation
Formation of Partnership Firm is easy and not much legal formalities are involved in formation. Registration of Partnership Firm is not compulsory. So a Partnership Firm can start its business immediately after entering into Partnership Deed. However, registration of a Partnership Firm is always advisable as there are many add on benefits given to a Registered Partnership firm.
- Name Selection
Name of a Partnership Firm is not registered. Partners are free to select any name of their choice for the firm. However, partners should always be very careful to make sure that the chosen name does not infringe any trademark or copyright of the third person. It is also advised to get a trademark of the name chosen for a Partnership Firm, otherwise, some other person may also use the same name for his company.
- No Annual Returns
The Registrar of Firms does not require the Partnership Firms to file Annual Returns like the Ministry of Corporate Affairs in case of Companies or Limited Liability Partnerships. As the annual compliances are lesser, it reduces efforts and cost for the Partnership Firm.
- No Statutory Audit
A Partnership Firm is not required to file Audited financial statements with the Registrar of Firms. Therefore a Partnership Firm is not required to get its books of accounts audited. However, it might be necessary as per the provisions of Income Tax Act, to do Tax Audit if turnover exceeds prescribed limits.
- Compliances and Regulations
The annual and event-based compliances and regulations to run the business are considerably less in case of a Partnership Firm as compared to Company of LLP.
Documents required for Partnership registration
- Certified copy of partnership deed.
- Certified Copy of Marathi Translation Partnership Deed.
- Blank stamp paper.
- An authority letter signed by firm partners.
- Covering letter with court fee stamp.
- Demand Draft.
The above-mentioned details of Partnership registration are useful to grow your business. If you’re wondering for Partnership firm incorporation then you should visit Online Partnership firm registration portal.
EZOTO Software – By Downloading this Accounting Software you would be able to manage invoice, accounting, credit, inventory, customers, etc and fulfill all your accounting needs.