Partnership Firm Registration in Andhra Pradesh
Partnership Firm Registration in Andhra Pradesh
Partnership firms are the second most popular type of business entity in our country after proprietorship. Under section 58 of the Indian Partnership Act, 1932, a firm can be registered at any time by applying with the Registrar of Firms. In Andhra Pradesh, Partnership Firm can be registered with Registration and Stamps Department. In this article, we look at the procedure for Andhra Pradesh Partnership Firm Registration in detail.
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Benefits of Partnership Firm
Benefits of partnership firm registration are given in detail below:
- The main benefits of a partnership firm are that more than one person can invest and run a business
- Compared to LLP, partnership firms can register easy, as there is no need for obtaining DSC, DIN, and name approval
- LLP registration falls under the Central Government (Ministry of Corporate Affairs) laws, while partnership registration falls under State Governments laws.
Know more about LLP Vs Partnership firm
Indian Partnership Act, 1932
As per section 58 of Indian Partnership Act, 1932, a firm can be registered at any time not only at the time of its formation by subsequently with an application at Registrar of Firms, Registration and Stamps Department. Registering of Partnership Firm needs to be done in the State where the partnership firm is situated or proposed to be located.
Before Registering a Firm
Before registering the partnership firm in the Registrar, the applicant needs to verify that the proposed name of the firms is not similar to an existing company name or LLP name or trademark. If a partnership firm registered with a similar name, it will lead to legal hassles in the future. Hence, it’s important to do a name availability check and trademark search.
Acceptable Name for Firm
After finishing a name check and trademark search, the applicant needs to consider the following rules while selecting a name for the firm.
- The names must not be too identical or similar to the name of an existing firm doing similar business if it’s same then it will lead to confusion. The reputation of a firm may be injured if a new firm could adopt an allied name
- Name of the firm must not contain words like Emperor, Crown, Empire, Empress, words expressing the sanction, approval or patronage of Government except when the State Government connotes its assent in composing for the use of such words as a component of the firm name
Create a Partnership Deed
A partnership deed is a document which provides for the rights and obligations of the members of the partnership firm. Partnership deed agreement must be a written document while being registered. Following characteristics are essential for partnership deed.
- Name and address of the firm
- Name of the partners
- Nature of business
- Date of commencement of business
- Duration of the partnership (fixed period or project)
- Capital contribution by each partner of the firm
- The profit-sharing ratio among the partners
According to the Indian Stamp Act, the partnership deed should be on a stamp paper. All partners should have a copy of the partnership deed.
Following documents need to be furnished for registering a partnership firm:
- Partnership firm application from
- Partnership deed
- Lease deed
- ID proof of partners
- Address proof of partners
- Photographs of all partners
- Rental agreement or declaration attestation by a competent authority
|1||Firm registration (For each partner)||Rs.100|
|2||Change of firm name or principle place||Rs.100|
|3||Noting of closing and opening of new branches||Rs.100|
|Noting of changes in name and address of the partner||Rs.100|
|Dissolution of a firm||Rs.100|
|6||Rectification of mistakes in registration||Rs.100|
Application for Partnership Firm Registration
Before proceeding online process, fill the details in Application Form.1 and get it signed by Gazetted Officer, Advocate, Attorney, Pleader, Honorary Magistrate or Chartered Accountant.Partnership Firm Registration in Andhra Pradesh
Procedure to Register a Partnership Firm Online
To register a firm in Andhra Pradesh, follow these step by step guidelines given here:
Step 1: Visit website of Registration and Stamps Department of Government of Andhra Pradesh.
Step 2: Select Registration of firm (under section: 58) option from the home page. The link will redirect to the next page.
Step 3: Enter Applicant details such as Name, Gender, Aadhaar number, Address and contact details.
Step 4: Provide the following details regarding the firm:
- Firm name
- Firm duration
- Industry type
- Premises type
- Business type
Place of business
Step 5: Fill details of principle place of business and enter other places of business, if any by clicking on the box.
Step 6: Partners details have to be entered, such as Name, Age, joining date and Address.
Step 7: The applicant can provide more than one partner details by clicking on Add partner details button shown below.
Step 8: The applicant needs to upload application form 1 along with all other documents (refer above) by selecting the document type. Enter the document name and click on choose file option to upload.
Step 9: Click on Save Draft; go through all details before making payment.
Make Payment and Submit Application
Step 10: Click on Pay and Submit. Once the payment is successful, the Application will be forwarded to concern Registrar.
Register of firms maintained at the Registrar office contains up-to-date information about the registered firm. All partnership firms must apply for PAN card in the Income Tax Department. After obtaining a PAN Card; the Partnership Firm need to be required to open a Current Account in the name of Firm and operate all operations through this Bank Account.
Check Status of Application
The applicant can check the status of the application online. Enter the reference number and click on submit. Status of application will appear.
Register of firms maintained at the Registrar office contains up-to-date information about the registered firm. All partnership firms must apply for PAN card in Income Tax Department After obtaining a PAN Card; the Partnership Firm need to be required to open a Current Account in the name of Firm and operate all operations through this Bank Account.