Partnership firm registration in Chennai is provided as per the Partnership Act, 1932. Partnership firms are registered with the registrar of firms of your respective state. Also, you need to form a partnership deed between the partners of the firm to determine the responsibilities, profit share, rights, etc
Name for a Proprietorship or Partnership company is decided by the promoter themselves and there are no restrictions for the same. There cannot be two companies with the same name until and unless it is a sister concern company. Each company should have a unique name to get registered as a Pvt Ltd firm in Companies Act.
Process for Registering Partnership Firm
Draft a partnership deed
A deed of partnership is required to be made out and registered under the Indian movable property Act together with other movable properties involved.
Fill Form 1
This is the Prescribed Registration Form for Incorporation of a firm. It should be filled and along with documents to be submitted to ROF
Submission
Submit the duly filled Form 1, stamped partnership deed and Lease agrrement to RoF(Registrar of Firms)
Certificate of registration is issued by RoF
After verification of all Submitted documents, RoF will issue Certificate of Registration
Documents Require For Partnership Firm
- Copy of PAN Card of directors
- Original copy of Partnership Deed, signed by all partners
- Copy of Aadhaar Card/ Voter identity card
- Copy of Rent agreement (If rented property)
- Affidavit declaring intention to become partner
- Statement in Form 1 with the prescribed fees
Benefits for Registering Partnership Firm
- Power to file case in a Court by a partner against the firm or other co-partners
- Power to file case in Court by firm against 3rd parties
- Power to claim set-off
- Sense of Ownership
- Raising of Funds
- Easy to Start
- Decision Making
FAQS OR Frequently Asked Questions
Partnership is an agreement between two or more people to share the profits of a business. The business can be carried on together by all the partners or any one partner representing the others. A partnership can be for a fixed period of time or it may be limited to a specific project or it may be dissolved at will.
No. However, it is usually a good decision for partners to work out the details of the partnership and create a written agreement. If you do not, the state’s rules regarding partnerships will govern your partnership.
Digital signature is process to authenticate and validate records electronically. DSC is required for every director of the company as the Ministry of Corporate Affairs (MCA) mandates digital signature of directors on some documents.
A partnership is a for-profit business association of two or more persons. Because the business component is defined broadly by state laws and because “persons” can include individuals, groups of individuals, companies, and corporations, partnerships are highly adaptable in form and vary in complexity.
Yes, a partnership firm can be converted into private limited company by following the procedure laid down in Companies Act 2013.