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Partnership Firm Registration in Bangalore

A partnership firm is a popular type of legal entity in which two individuals join together and undertake a business for profit.

Advantages of Partnership Firm

It is easy to start: A Partnership firm is the easiest to start as the only requirement to start a partnership firm in the majority of the cases is a partnership deed. It requires a maximum of 25 working days to register under the partnership firm. In some cases, it can start on the same day.

No Prescribed Minimum Capital: There is no prescribed limit of minimum capital required on formation. Partners can start with any capital which suits their business.

Decision Making is faster: No concept of the passing of resolutions are required in a partnership firm. The partners enjoy a wide range of powers. They can undertake any transaction on behalf of the partnership firm without the consent of partners.

Raising Funds is easy: A partnership firm can easily raise funds. Banks view a partnership in a favorable manner while sanctioning credit facilities.

Minimal Compliance: It requires minimal compliance.

A Sense of Ownership: Every partner owns and manages the activities of the firm. This Ownership creates a sense of accountability, which paves the way for a diligent workforce.

Documents required to Register a Partnership Firm Registration in Bangalore

  • Self-attested PAN Card (2 Copies)
  • Self-attested Address Proof - Voter ID/Adhaar Card/ Driving License/Passport (2 Copies)
  • 4 passport size photographs
  • Self-attested Bank Statement/ Electricity Bill/ Mobile Bill/ Telephone Bill not older than one month (passbook copy is not accepted)
  • Rental agreement and electricity bill of office address(Electricity bill not older than 1 month) if rented premises

Partnership Firm Registration Procedure

  • Select the name of the partnership firm.
  • Prepare a partnership deed/agreement for the firm.
  • Make an application in Form A to the Registrar of Firms for registration of partnership firms.
  • Partnership deeds need to be filed with the Registrar.
  • Pay the required fees and stamp duty.
  • Get the certificate of partnership firm from the Registrar.

The documents you will get after Registration of your Company.

  • Certificate of Partnership Firm
  • Partnership Deed
  • PAN of Partnership Firm
  • TAN of Partnership Firm

Monthly Servay

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Testimonials

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Mike Hussy

Co-Founder

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Zenifar Lopez

Marketing

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Accountant

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Frequently Asked Questions

Is it mandatory to notarize a partnership deed?

Yes, it's necessary to notarise a partnership deed. It's best to get it registered before the magistrate. Notarization and registration give legality to the act without which the partnership will just be an agreement without enforceability.

private limited company?

Partnership lacks distinction between the owners and the management. This is available under the Pvt Ltd structure. The partnership structure is not suitable for raising funding from Private Equity investors.

The Ministry of Corporate Affairs governs the company registration process with rules and regulations framed following the law.
  • Application for DSC (Digital Signature Certificate).
  • Apply for the DIN (Director Identification Number)
  • Application for name availability.
  • Filing of the EMoa and eAoA to register a private limited company
  • Apply for the PAN and TAN of the company
  • Issued certificate of incorporation by RoC with PAN and TAN
  • Opening a current bank account on the company name

LLP?

Due to higher compliances and transparency in operation, the credibility of LLP is higher, and thus it eases the fundraising from financial institutions. Compared to partnership firms, other body corporates are having higher credibility and hence are less preferable.

You are required to make a withdrawal letter or notice. The intricacies of a partnership withdrawal process depend on factors like size, structure, and business success. In a general partnership business scenario, you can write a withdrawal partnership letter if you intend to withdraw your partnership. This letter would serve as a notice of intimation to your other associates concerning your impending exit. This notice would mention the date from which your withdrawal will be implemented.

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