What Process for Partnership Registration in Chennai


What Process for Partnership Registration in Chennai

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The most common form of business is a partnership firm, which allows multiple people to share profits and losses through a contract. While it is not mandatory to register a partnership firm in India, it is advisable for them to do so to protect their interests and avoid legal disputes.

To register a partnership firm in India, the partners need to draft and sign a partnership deed which will contain all the terms agreed by them, including profit/loss sharing ratio, conditions for admission of new partners, capital contribution, rate of interest on investment by non-working partners, etc. The partnership deed is then filed with the registrar of firms in the city/town where the business is located along with an application and requisite stamp duty.

Once the registration is complete, the registrar will enter the name of the firm in his records and issue a Certificate of Registration. This will serve as a proof that the firm is registered and has been granted all the rights and benefits available to registered businesses under the Indian Partnership Act.

A registered firm can claim tax benefits and obtain a PAN card for the firm. After getting the PAN, the firm will have to register its name with the Registrar of Companies/Department of Industries office.


 

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