What Process for Partnership Registration in Chennai


What Process for Partnership Registration in Chennai

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The partnership form of business organisation helps pool the resources, expertise and capabilities of two or more persons or partners. It enables the business to leverage the strengths of each partner and maximise the gains for the firm. One of the key benefits of a partnership firm is its ability to borrow funds, whereas the borrowing capacity of a sole proprietorship or a private limited company is limited.

One of the most crucial aspects of a Partnership firm is its Partnership Deed. This is the document that defines all the important attributes of a partnership including its aim and goals, capital contribution, profit/loss sharing ratio, admission of new partners, agreed rules, salaries, etc. It also mentions the procedures for a voluntary withdrawal of a partner, the procedure to be followed in case of a bankruptcy of a partner and other important aspects.

After you complete the above steps, submit all the documents mentioned above to the Registrar of Firms, along with the applicable fees and stamp duty (the exact amount depends on your location). Once your application is accepted, the Registrar will enter the name of your firm in its books and issue a Certificate of Registration that can be used as proof of the existence of your partnership firm.

It is important to note that although registering a partnership firm is not mandatory, it is highly recommended as it provides various benefits which are not available to unregistered firms. For example, an unregistered partnership firm cannot file returns or pay taxes and hence can be subject to fines and penalties.An application form has to be filed to the Registrar of Firms of the State in which the firm is situated along with prescribed fees.  Also, a registered partnership firm can avail several government grants and benefits.

 

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