Partnership Firm Registration In Sikkim
Partnership registration in Sikkim is done when two or more parties sign a formal agreement to manage and operate a business. A partnership firm is where the businesses share both the profit and losses.
Registering a partnership firm in Sikkim is an ideal choice for small enterprises as the formation is simple and there are very few regulatory compliances to comply with. Partnerships are one of the oldest types of business entities in India as the Partnership Act has been in existence since 1932. A partnership firm can be registered in Sikkim even after it is formed. There are no penalties over non-registration of a firm but it is always better to register a partnership firm as unregistered firms are denied certain rights under section 69 of the partnership Act.
What documents are required to obtain Partnership registration in Sikkim?
When an application is made for registering a partnership firm the following forms are to be included in the prescribed format.
- Identity Proof- PAN, Passport, Driver License, Aadhar Card, Voters ID.
- A real copy of the partnership deed is to be attached
- Proof of the principal place of business.
Proof of business premise can be established by submitting the following documents:
- Sale Deed in case the partner owns the place
- Rental Agreement copy if the copy is on rental basis
- Copy of the latest electricity bill or the tax bill receipt.
Types of partnership firms in Sikkim
Partnership Firms in Sikkim can be classified into two types registered and unregistered Partnership Firms. The Indian Partnership Act states that the only criteria to commence business as a partnership is to is the finalization of the firm and the partnership deed's execution between the partners. This act doesn't make registration mandatory for partnership firms. Hence, a lot of partnership firms are unregistered firms.
There are no penalties for the non-registration of the Partnership firms. The partnership firms in Sikkim can be registered even after they are formed. But it is always better to get a partnership registration.
The whole process to register a partnership in Sikkim takes 7-10 days again that is subject to the submission of documents that are made by the person and the government processing. IndiaFilings can help you obtain Partnership Registration in Sikkim, you just need to submit the necessary documents online. Talk to our experts to know more about the incorporation of a Partnership firm and the relevant compliances.