Registration of partnership means the registration of partnership by its partners with the Registrar of Companies. Partners must register their business with the business registration agency of the state where the business is located. Since registration of a partnership is not mandatory, partners can request registration of the company as a partnership when the company is incorporated or thereafter at any time during its operation. To register a partnership, two or more people must become partners, agree on a business name, and sign a partnership deed. However, the partners cannot be members of an undivided Hindu family or couple.
Documents Required For Startup India Registration Online1) Partnership deed.
2) Partnership firm PAN card.
3) Address Proof of the partnership firm.
4) Identity proofs of all the partners.
5) Partnership registration certificate (if partnership has been registered).
6) Any registration document issued by central or state government (normally GST certificate is submitted).
7) Copy of electricity bill, telephone bill or water bill (not more than 3 months old).
8) Authorisation letter on the letterhead of the firm authorising a partner as authorised signatory for the bank account..
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Checklist for Partnership Firm RegistrationA registered company or its partners can sue a third party for breach of contract. If the business is not registered, the partnership cannot file a claim against a third party, but a third party can file a claim against the business. Additionally, in the event of a dispute with a third party, an unregistered company or one of its affiliated companies cannot claim compensation.
In a sense, the certificate of incorporation can be revoked upon dissolution. Dissolution can be declared automatically when all the partners or all the partners except one partner are declared insolvent or if the firm commits illegal activities.
A partnership can be registered at the time of incorporation or even thereafter at any time. However, it is advisable to register the company right from the start of its operations to enjoy the rights that only a registered company can benefit from.
It is not mandatory to register a partnership under the provisions of the Partnership Act, 1932. However, it is best to register a partnership. If the company is not registered, it cannot enjoy the legal benefits granted under the Partnership Act, 1932.
