Partnership Deed Registration - Legalize Your Partnership
A Partnership Deed is a written legal document containing a Partnership agreement between the partners of a firm that summarises the terms and conditions of their partnership under the 'Indian Partnership Act 1932'. Get help from the experts of Legal251 for making PDR.
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A Partnership Deed is a written legal document that outlines the rights and
responsibilities
of all partners of a business or firm. Contact us to get your Partnership deed drafted
in
the best way by the best legal team!
While partnering up with others for a business/establishment, one must prepare their
Partnership Deed, an agreement that explains all terms & conditions about/for all
respective
partners to avoid any future/legal disputes. It is used to guide all parties in business
conduct and deter unwarranted misunderstanding, unpleasantness and harassment among the
partners at the time of the dispute.
The Partnership Deed is made under the "Indian Partnership Act of 1932" to deter
uncertainty
of the Partnership Deed. Nevertheless, one can create a partnership firm without
registration. However, you must register your partnership firm under the Indian
Registration
Act for security from future uncertainties. One must take professional legal advice/help
for
drafting their Partnership Deed. You are at the right place if you are looking to start
a
partnership business because we have the best legal team who will help you with all the
necessities needed for a Partnership Deed.
What is a Partnership Deed?
A partnership deed is an agreement between the partners containing a Partnership agreement between the partners of the firm. The said deed includes the terms and conditions of the partnership like the nature of the business, a specific state in which the firm will operate its business activities, partnership firm structure or a clause related to the dissolution of the firm under the “Indian Partnership Act of 1932”.
Having a registered partnership deed is not at all mandatory, but it is advised to register the firm. The registration of a partnership is done before the Registrar of Firms. Registered Partnership Firm serves as an important reference point, resolving unpredicted conflicts between the partners and protecting their interests. A registered Firm is like having a contract with one friend before starting a business together, as it ensures a smooth and successful partnership.
A Partnership deed plays the role of a roadmap for operating a smooth business between two or more people who are partners in such a business. It outlines partners' roles, rights and responsibilities.
This roadmap to a successful business operation of a Partnership firm includes the following:-
-
Names and contributions of partners -
Profit and loss share ratio
-
Duties and Decisions of each partner
-
Adding or removing a partner
-
Dissolution of Partnership
Documents required for Partnership Deed Drafting
Identity and Address Proof of Partners
PAN Cards of Partners
Passport-sized Photographs of Partners
Proof of Office Address from where the business will be operated
Utility Bill of Registered Office Address like electricity bill
No Objection Certificate (NOC) from the Property Owner (if applicable)
Rent Agreement or registry papers of the property from where the business will be operated
Stamp Paper for Partnership Deed Notarization
Partnership Firm Registration Fees
The registration fees for Partnership Firm Registration may vary from state to state. Further, the fee structure can be broken down into three heads Government Fees, Professional fees, and Additional Costs. Further fees for registration of a partnership firm may be influenced by factors such as the type of partnership and the services provided by the registration authorities.
The main government fee can be concerning Stamp Duty and charges to be paid during the online registration on the concerned government portal. These fees vary significantly between states, ranging from Rs. 200 to Rs. 2,000. Professional fees cover the charge for services like drafting the deed, uploading relevant documents and information and liaisoning or submitting the same.
Additional Costs consist of the cost incurred for notary of affidavits, stamp paper costs and any other bank charges if applicable. Online registration generally incurs lower professional fees compared to offline filing. Legal251 provides various customized packages for relevent drafting and formal registration of a partnership based on your specific needs, ensuring transparency and avoiding any hidden costs.
Advantages of a Partnership Firm
-
Subject to Fewer Regulations
-
One can apply for registration without any strict formalities associated with other business structures.
-
Flexibility in Decision-Making
-
Just like a registered firm an unregistered firm cannot enjoy certain benefits and legal protections.
-
No Mandatory Annual Filings
-
No Minimum Capital Requirement
-
Unlike a Limited Liability Partnership (LLP), a partnership firm is not mandated to obtain a certificate of registration.
-
Conversion of type of firm is easy
-
A unique identification number or registration certificate is not mandatory for a partnership firm.
-
The registration process for a partnership firm in India is relatively less lengthy.
Documents and Details Required for Registration
-
Partnership Deed
-
Form 1- Application for registration which is available online
-
PAN cards of the partners
-
Aadhar Cards of the partners
-
Address proofs of the partners
-
Address Proof of Office Address (electricity bill, rent agreement, etc.)
-
Affidavit from partners per the Partnership Act
-
The firm's current account details along with other relevant bank documents
Procedure for Online Registration of Partnership Firm
Our legal experts will review all the documents you submit to lessen the chances of incorrect or misleading information to make the process smooth.
Our best Partnership Deed experts are here to help you with document requirements and registration necessities.
The respective professional will move further with your documents to apply for your Partnership Deed Registration.
After acceptance of your application by the Registrar of Firms, your Partnership Deed certificate will be generated.
You are supposed to wait until our expert reaches out to notify you of the generation of your Partnership Deed Certificate.
Validity of Partnership Registration in India
Following are some of the factors to keep in mind regarding the validity of a registered firm:
-
A registered partnership firm can continue its operations up to the wish of the partners
-
Flexible Changes in Partnership Agreement
-
Filing of proper Annual Returns even though it is not mandatory
-
The registration becomes invalid upon the dissolution or termination of the partnership
-
Partners must comply with applicable laws and regulations governing partnerships
-
It is crucial to follow the legal procedures for the conversion of a partnership into another business structure
FAQs about Partnership Deed
Partnership Act 1932 is responsible for Partnership Deed Registration in India.
A minimum of 2 persons are required to form a partnership firm and a maximum of ten persons if an organization is in the banking business. A firm can have up to 20 partners in the case of non-banking business.
No, it is not mandatory. However, to avoid future disputes, it is advised to register your business firm under the Partnership Deed Registration Act 1932.
Form No. 1 is required to get registered under the Partnership Act.
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In India, there are two types of partnerships: Partnership at Will and Particular Partnership.
In India, the time for obtaining the Registration of a Partnership Firm varies from 14-16 working days.
Some significant grounds on which your partnership can be termed invalid are when your firm is engaged in an illegal or unlawful activity or if the court finds the firm invalid.
The main disadvantage of an Unregistered Partnership Firm is that it does not have the right to claim set-offs and cannot sue third parties or partners.
Yes, a foreigner is eligible to become a partner in an Indian Partnership Firm and can contribute to the firm's capital in some cases. There are no restrictions for a foreigner to become a partner in an Indian firm. However, the law restricts foreign investment by NRI.
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Why choose Legal251 to Register a Partnership Firm
Convenient Partnership Registration
With Legal251, users can easily register online just by filling his/her name, email ID, contact number and required service. After your online registration, our team will contact you and further move with the concerned process.
Best Online Platform
Legal251 has one of the biggest online client base, thus it makes us one of the best online platforms in India, which can help you with your firm Registration. It doesn't matter where you are, we are ready to serve you online.
Best Customer Support
The legal251 team is also known for its complete support and assistance among its clients. We not only will support you after your registration but we also appreciate your feedback.
Experienced Team
We are familiar with the registration process as we 10 years of experience in this industry. Thus, choosing us will benefit you by working with experienced experts, that will ease and smooth the process of your service.
On-time Service
Our team is ready to provide you with on-time service without any delay. We know the value of your time thus without wasting any time we immediately start working on your firm registration process.
Pocket-friendly Services
We offer nominal and pocket-friendly services without any compromise on the quality of the work. With your every investment in our service, we make sure that your satisfaction and budget are our priority.
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