Procedure To Register a Partnership Firm In India (Tamil Nadu)

Partnership Firm – Highly Demanded Corporate in the Indian Business Market, especially for a medium-scale business enterprise. A partnership is a business that has two or more members joining together to run the same company under an agreement. The partners share the profits and losses and are equally responsible for any liabilities. The Registration of Partnership Firm is done and controlled under section 58 of the Indian Partnership Act, 1 32. After registering, you can start your business with your partners. 
The Central Government has prescribed a maximum number of partners in a firm to be 50 vide Rule 10 of the Companies (Miscellaneous) Rules,2 14. Thus, in effect, a partnership firm cannot have more than 50 members. First, creating a partnership deed is very important, and it has to be done to register that deed with the Registry.

To create a partnership deed, follow the steps below:

The total cost of registering a Partnership Firm, including government and professional fees, would be 3999 only. On average, it takes around 10-14 weeks to register a Partnership Firm in India, subject to document verification by the concerned authorities.
Select a short and straightforward name that represents your business, and most importantly, select a unique nname Avoid the name that is very similar to or very familiar with a name that has already made a mark in the mar eA partnershiphip firm can be registered by sending an application in Form No. 1. Along with the forthe m, requisite fee and a true copy of the partnership deed alneededs to be forwarded to tRegistrar ar. Such an application needs to be filed with the Registrar of Firms of the area in which the business is located.
It is better to register the trademark soon after choosing your partnership name for further legal protection, like misleading customers or the public with similar fake names. The total cost of partnership firm registration is Rs . 3999, including government & professional fees for two partners.

Procedure for Registering a Partnership Firm

A Partnership is easy to form as no cumbersome legal formalities are involved. However, if a firm is not registered, it will be deprived of certain benefits. The Registrar of Firms is responsible for registering partnership firms.

Basic partnership deed

The partnership deed is the list of fundamental duties and rights of each partner in the company. Here are some responsibilities and rules that must be addressed in the partnership deed

•  and the Address of the firm
• Names and addresses of the partners
• Nature and type of business
• Contract period of your partnership
• Initial investment of each partner
• The ratio by which profit/loss is agreed to be shared among partners

Following specific details can also be mentioned  

• Salaries or commissions payable to partners
• Procedures followed after the retirement or death of a partner
• Procedures to introduce a new partner
• Responsibility and powers of each partner
• Procedure in auditing

The above additional clauses will be helpful in a hypothetical situation or if any dispute arises among the partners.

Pin down the Partnership deed in a proper format.

After including all the rules and guidelines, your partnership deed must undergo procedures, such as printing the contract on stamp paper and partners’ signatures. Every partner should have a copy of this partnership deed, and an original copy should be kept in the business records. 

Get a PAN Card for a Partnership Firm First

PAN card for a Partnership firm is a must to register your partnership firm with the FI. Start oFi.. You can apply for a PA PA AN card online at the official Government Website. Check the Full Guide to apply for a PAN Card Online.
After completing the Proper Partnership agreement, you can follow the procedure for Registration of a Partnership Firm.

Fill Your Registration Application

The procedure of registering a Partnership firm starts with filling out the Registration Application. This form includes the name of the partnership, the names and addresses of all the partners, the date the business started, and the duration of the partnership. Every partner should present and sign the Application form in front of a notary, who will notarize the signature. 
You can find the Application for Registration of a Partnership firm here
https://www.tn.gov.in/forms/atoz/A?page=5
And also have a glance at a blank copy of the application form here 

 

Submission of the application form

Submit the Application form to the Registrar of Firms, which is near you, along with supporting documents, which include

• A certified Partnership Deed – Orifirm’s
• Your Partnership firm’s PAN card 
• Address proof (partnership deed or lease) of the firm’s partnership deed or lease
• Address proof and PAN cards of all partners
• An affidavit certificate to prove that all the details filled in the application are correct

You may like to know what a PAN Card is for a Company in India, and why companies need a PAN Number?

Fees and stamp duties of Partnership Firm Registration

While submitting the documents, the Registrar will inform you about the fees and stamp duties that you have to pay. The fees and the stamp duties vary depending on the location of your business.    Your partnership will be registered only after all fees and duties are paid in full.

Your application is the next step in the final process from the Registrar

The next s.    If everything is correct, the Registrar will formally register your partnership firm. Theofficial registration ccertificateiill be mailed to yyour don’tessaddress in a few wweeks But you don’t have to wawaito start the b.u sines,  Ah, All the!!e st!!