START & GROW YOUR BUSINESS - Partnership
Make More Possible
Registration of partnership firm is not mandatory, however, it is advisable to register a partnership firm under the Partnership Act, 1932 due to added advantages and certainty provided under the said Act.
How to create
a partnership firm?
- Choose a suitable Name: you are free to choose any name subject to – the name must not be too identical or similar to the name of another existing firm doing similar business, and the name must not contain words like Crown, Empress, Empire or words expressing or implying the sanction, approval or patronage of the Government, except when the State Government signifies in writing to the use of such words as part of the firm name.
- Finalize Partnership Deed: the partnership deed comprises essential aspects such as name and address of the firm as well as of all the partners, nature of the business to be carried on, date of commencement of business, duration of partnership, capital contribution by the partners, profit sharing ratio among the partners, interest on capital, loan to partners and interest thereon, drawings, salaries or commission, method of preparing accounts, and audit, etc.
- Stamping & Registration: the partnership deed should be on stamp paper in accordance with respective State Stamp Act. The copy of the partnership shall be filed with the Registrar of Firms for registration.
How
Mind Sync
Can Help?
We’re committed to finding a way out, always ready to take up the toughest tasks. We take pride in being different. Mind Sync offers a formula of professional services uniquely crafted to address your business challenges, opportunities and create something you didn’t even know you needed.
We team up together with our clients to tackle the business challenges presented by a dynamic world and discover and implement innovative, efficient and effective business solutions.
Do you have any queries?
This information is in summary form and is therefore intended for general guidance only. It is not intended to be a substitute for detailed research or the exercise of professional judgment. Mind Sync does not accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any information provided herein. On any specific matter, reference should be made to the appropriate advisor.