Partnership Firm Registration

General Partnership: Traditional partnership where all partners share equal responsibility and liability for business operations and debts.
Limited Liability Partnership (LLP): A hybrid structure combining the benefits of partnership and corporate entities with limited liability protection.
Limited Partnership: A Structure where some partners have limited liability while others maintain unlimited liability.
         
Key Features of a Partnership Firm

A partnership brings together multiple people to run a business and share its rewards and risks.
Two or More Partners: You need at least 2 people to start a partnership, with each person bringing money , skills, or work to the business.
Shared Control: Every partner can make business decisions and sign contracts that legally bind the entire firm.
Profit and Loss Sharing: Partners divide profits and losses according to their agreed percentage or split them equally.
Personal Liability: If the business owes money, partners must pay from their own pockets if the business's funds run out.
No Legal Separation: The law sees the firm and its partners as the same - there's no difference between them legally.
Mutual Agreement: Partners join willingly and can end the partnership when they all agree to do so.

 Right to Sue

o   A registered firm can file a case in court against:

§   A partner

§   A third party

o    An unregistered firm cannot do this.

  Legal Recognition

o    Registration gives the firm legal identity and credibility.

o    Helpful while dealing with banks, suppliers, and government departments.

  Enforcement of Rights

o   Partners can enforce their rights arising from the partnership agreement (profit share, duties, etc.).

  Better Business Opportunities

o   Registered firms find it easier to:

§   Get loans                     

§   Open bank accounts

§   Enter contracts

§   Participate in tenders

  Trust and Goodwill

o   Registration increases trust among clients and investors.

Partnership Deed (Most Important)

·Should include:

    Firm name

    Names & addresses of partners

    Nature of business

    Capital contribution

    Profit & loss sharing ratio

    Date of commencement

·Prescribed form for registration

·Aadhaar Card · PAN Card ·

·Passport

·Aadhaar Card

·Utility bill (electricity, water, etc.)

·oooIf owned:

    Property tax receipt / ownership proof

    Utility bill

·Declaring correctness of details and intention to form partnership

·GST Registration if applicable

·MSME / Udyam Registration