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Partnership Firm Registration Online, Fees, Format & Eligibility
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Yes, a partnership firm can be registered online by submitting the required documents and paying the registration fee.
Partnership firms are registered by preparing a partnership deed, applying for PAN and TAN and filing the registration application with the Registrar of Firms.
There is no minimum capital requirement for registering a partnership firm. Partners can mutually agree on the capital contribution.
The tax rate for partnership firms in India is a flat rate of 30%, plus surcharge and cess, if applicable.
The cost of partnership firm registration varies by state and usually ranges between Rs. 500 to Rs. 1200, depending on the state regulations and document submission process.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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A Partnership Firm is a popular business concept in India, where two or more individuals come together to share profits and losses. Partnership firm registration can offer various benefits, including legal recognition and easier access to Banking and loans. In this blog, we will explore how to register a partnership firm online, the fees involved, the format, eligibility criteria and the benefits of firm registration.
What Is a Partnership Firm?
Let’s understand what do you mean by partnership. A Partnership Firm is a type of business where two or more individuals (partners) agree to share the business's profits and losses. This firm registration is governed by the Indian Partnership Act 1932. Each partner contributes resources, such as capital or labour and share responsibilities and decision-making. In India, while registering a partnership firm is not mandatory, it is advisable for legal and operational advantages.
Steps for Partnership Firm Registration Online
Registering a partnership firm online is a simple process if you follow the right steps. Here are the steps for the firm registration process:-
1. Prepare the Partnership Deed
The partnership deed is the most crucial document for registering a firm. It contains essential details about the partnership, such as:-
2. Obtain a Digital Signature Certificate (DSC)
For online firm registration, a Digital Signature Certificate (DSC) is required for the partners. This is essential for authenticating documents submitted online. You can obtain a DSC through government-authorised agencies.
3. Apply for PAN and TAN
You will need to apply for a PAN for the firm, which is necessary for tax purposes. In addition, a Tax Deduction and Collection Account Number (TAN) is required if the firm will be deducting tax at source.
4. Filing the Application for Registration
Once the partnership deed is ready and you have obtained the necessary documents required for firm registration (PAN, TAN and DSC), you can proceed with submitting the registration application on the official portal of the Registrar of Firms.
Here’s the process:-
5. Verification and Issuance of Certificate
After submitting the application, the Registrar of Firms will verify the documents and details. If everything is in order, the registrar will issue a Certificate of Registration for the partnership firm.
Eligibility Criteria for Partnership Firm Registration
To register a partnership firm in India, certain eligibility criteria must be met:-
1. Number of Partners
2. Age and Legal Requirements
3. Indian Citizens and Foreign Nationals
What are the Benefits of Registering a Partnership Firm?
Read Also : FSSAI Registration Process – Documents Required, Benefits
Conclusion
Partnership firm registration is a smart move if you are planning to start a business with partners. It not only gives your business a legal identity but also helps in managing operations smoothly. The registration process involves creating a partnership deed, applying for PAN and TAN and filing your application with the Registrar of Firms. Make sure to meet the eligibility criteria and prepare all necessary documents for a hassle-free process.
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