we will do it together
The partnership could be registered or unregistered. Partnerships are ideal for small businesses in the unorganized sector having multiple promoters. RandL offers partnership registration from Rs.9000/- + Rs500 with Deed.
ROF Fee without Deed: Rs. 4500
( No additional charges )
Easily Register a Partnership
Overview of Partnership Firm Registration
A partnership firm is a well-recognized business structure formed with mutual consent of all the partners for a profitable purpose. The firm is managed, owned and controlled by a set of people that are known as partners and have some shared capital in the firm. A partnership firm registration is done under the Partnership Act, 1932 with very less documentation and formalities.
Partnership firms are distinguished as registered and non-registered firms. Partnership firm registration is not mandatory to register but it is advisable to do so. Partnership firm registration offers various benefits that do not apply to the non-registered ones.
What are the Benefits of Partnership Firm Registration?
- Easiest Business Structure
Partnership firms are one of the easiest business structures that can be started by formulating a partnership deed for which partnership firm registration is necessary. Hence it can be started when the partners are ready and with minimum documentation whereas other firms require at least 10-15 days covering up all the formalities like obtaining DSC, DPIN name approval, etc.
- Ease In Decision Making
It’s easier and faster to make a decision in a partnership firm registration as you don’t have to follow regulations to pass a resolution. A partner can perform transactions on behalf of the firm without any consent of other designated partners.
- Raising Funds
In competence to other firms such as proprietorship firm, funds can be easily raised in a partnership firm. Multiple partners are capable of making more feasible contribution. It must be noted that banks consider a partnership firm more favorable for sanctioning credits and loans.
- Easy Management without any Disputes
All the partners are assigned works and responsibilities as per their capability, as mentioned in the partnership deed. Partnership deed helps in avoiding any type of conflicts between the partners.
- Ability to file case against Third Parties
The designated partners of the registered Partnership Firm can file a case against Third Parties to resolve disputes that have been aroused during business operation or any other case relating to the Partnership Firm in India.
You must also note that any unregistered Partnership firm loses the right to file the case against third party to resolve any disputes till the procedure of Partnership Deed Registration has been completed.
- Can file suit against Co-partners
It is evident in the contemporary world that the Court of Law best resolves the resolution of any dispute as no one knows when the dispute between the Partners may arises in terms of the sharing of profits or any other case relating to the operations of the Partnership Firm. In continuation to the above said, the Partners of an unregistered Partnership Firm cannot enforce any clauses of registered Partnership Deed.
- Ability to claim Set-off
After availing the Partnership Firm Registration, the partners enjoys the right power to claim set-off. If there is any claim against third Party, Partnership Firm can claim the set-off when any third party files a suit against the registered Partnership Firm. This particular power of claim set-off is not available when the Partnership Firm is unregistered under the Act, Indian Partnership Act, 1932.
- Enjoys Higher Credibility
A Partnership Firm which has successfully completed the procedure of Online Registration of Partnership Firm enjoys higher credibility in comparison to an unregistered Partnership Firm. Even though, both registered and unregistered Partnership Firms are legally valid under the given Act Indian Partnership Act, 1932, the Registered Firm is highly referred in continuation by authorities over unregistered ones.
- Easy Conversion of Entity
The conversion of the registered Partnership Firm into any other establishment such as a Private Company or Limited Liability Partnership, which are broadly known as the corporate structure, can be easily accomplished.
Know More Details
Benefits of a Partnership
Simple To Begin
General Partnerships can begin simply with an unregistered deed of the partnership within 2-4 business days. However, having registration for the same has its own perks and advantages. The primary advantage for having a registered firm is that it will allow you to book lawsuits in courtrooms opposing another business or the business associates in the firm for the administration of rights addressed in the Partnership Act.
For General Partnerships, there is no need for an auditor to be appointed or, if the company is still in the process of registration or incase unregistered, annual accounts filing with the registrar is not necessary either. When compared to LLP, annual compliances are also fewer. Further, taxes depending on turnover, service and sales tax also need not be filed in General Partnerships.
In comparison to LLP, a General Partnership is much cheaper to begin. Even in the longer run, it will still work out inexpensive as the compliance requirements are very minimal. For example, there is no need for an auditor. Therefore, Home businesses still opt for this, although it offers unlimited liability.