Partnership Firm is the popular form of doing business. Where two or more persons wants to carry on business a proper business structure is required in place for proper carrying on business, Partnership is traditional and most used form of business structure.
In India, Partnership is governed by the Indian Partnership Act, 1932. Partnership is defined as per section 4 of the Indian Partnership Act 1932 is as the relation between persons who have agreed to share profits of the business carried on by all or any of them acting for all.
Information required to start Partnership Firm and drafting of partnership deed:
- Name of Firm
- Name , Address, Age, PAN , Aadhar Card Copy of Partners
- Capital Contribution
- Profit Sharing Ratio Among Partners
- Whether bank A/c be operated by all partners jointly or severally
- Whether all bonds, bills, notes, bills of exchange, hundies or promissory notes or other securities given on behalf of the partnership (except cheques) shall be signed, endorsed, accepted or executed jointly or severally
Documents Required for Partnership Firm Registration :
- Partnership Deed.
- ID & Address proof of all Partners. (Copy of Passport/PAN/Voter ID/Driving License/Aadhaar Card)
- Two Photographs of all Partners.
- Ownership Proof eg. Electricity bill/ water bill/Property receipts, POA, sale deed etc. in the name of applicant in case it is self own or Rent agreement and copy of ownership proof in the name of Land Lord accompanied by NOC, in case it is rented