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Partnership Registration

Partnership Firm Registration

Registration of Partnership is very simple and there are not many formalities are involved. There are basically two type of Partnership in India

1. Unregistered Partnership
2. Registered Partnership

    a. Registered with Registrar of Firms (State Level)
    b. Registered with Registrar, Ministry of Corporate Affairs (National Level)

The basic document of Partnership is its Deed, which contains its terms and conditions and profit and loss sharing ratios. In case your deed is silent on some issue then the provisions of Partnership Act shall apply.

In case a partnership is not registered it is deprived with certain benefits.

Benefits of Partnership Firm Registration

SETTLEMENT OF CLAIMS

Registered firms can file suit against the third parties. The rights of registered firms are safe guarded by law.

PROTECTION OF RIGHTS OF PARTNER

The partners of an unregistered firm cannot sue its fellow partners or the firm for the enforcement of their rights.

BETTER IMAGE

A registered partnership have better image as compared to un registered partnership.

FREQUENTLY ASKED QUESTION

Is there is any restrictions with respect to minimum and maximum number of partners ?

There should be atleast two designated partners to form a llp however there is no upper limit.

Yes nominee of body corporate may became partner in partnership.

As per provisions of the LLP Act, in the absence of any LLP agreement, the mutual rights and liabilities shall be as provided for under Schedule I to the Act.

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