Where can I register a firm in India?
Where can I register a firm in India?
Knowing where to register your firm is essential if you want to start a partnership firm in India. In India, partnership firms are registered with the Registrar of Firms (RoF) under the Indian Partnership Act 1932. The registration process involves applying Form 1, the partnership deed, and other required documents to the RoF. Once the registration application is verified and approved, the RoF issues a Certificate of Registration.
Registration of firm in India
In India, Partnership Firm Registration can be registered with the Registrar of Firms (RoF) under the Indian Partnership Act 1932. The RoF is under the state government’s jurisdiction, so the registration process may vary slightly from state to state. Note that registration of a partnership firm is not mandatory. Still, it is recommended as it provides legal recognition to the partnership and offers various benefits such as access to bank loans, protection of rights and interests of partners, and more.
Procedure for the registration of a partnership firm
Registration of a partnership firm is governed by section 58 of the Indian Partnership Act 1932. Here is an overview of the application process for registration of a partnership firm under this section:
Step 1: Choose a Name for the Firm
Choose a unique name for the partnership firm and ensure it does not infringe any existing trademark or violate any other legal requirements.
Step 2: Draft a Partnership Deed
Draft a partnership deed that outlines the terms and conditions of the partnership, such as capital contributions, profit-sharing ratio, rights, and duties of partners, etc.
Step 3: Get the Partnership Deed Notarized
Get the partnership deed notarized by a Notary Public.
Step 4: Obtain a PAN Card for the Partnership Firm
Apply for the partnership firm’s PAN card from the Income Tax Department.
Step 5: Application for Registration
The application for registration of a partnership firm should be made to the Registrar of Firms (RoF) in Form-1 of the Indian Partnership Act, 1932. All partners or agents authorized in writing should sign and verify the application. Details to be furnished: The application should contain the following details:
- Name of the firm
- Nature of the business
- Place of business
- Date of commencement of business
- Names and addresses of partners
- Duration of the partnership, if any
- Capital contribution of each partner
- The profit-sharing ratio among partners
- Other terms and conditions of the partnership agreement
Step 6: Filing of Documents
Apply along with the following documents to the Registrar of Firms (RoF):
- Partnership deed
- Proof of ownership or lease of the office premises
- PAN card of the partnership firm
- ID and address proof of all partners
- Specimen signatures of all partners
Step 7: Pay the Required Fees.
Pay the requisite registration fees as prescribed by the RoF.
Step 8: Verification and Registration:
The RoF will verify the documents and, if satisfied, will register the partnership firm by entering the details in the Register of Firms.
Step 9: Obtain the Certificate of Registration
Once the RoF verifies the documents and is satisfied with the application, it will issue a Certificate of Registration, which serves as conclusive evidence of the registration of the partnership firm.
