Partnership registration In Ahmedabad

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We at K M GATECHA & CO LLP help clients for partnership registration in ahmedabad. According to Section 4 of Partnership Act, 1932. Partnership Firm is a relation between two or more persons who have agreed to share the profit & loss of the business continued by all or anyone of them acting for all. Partnership firm is a mutual agency. It is not a separate legal entity. it must be for some lawful business with a legal contract among the Partners. It’s a type of business organisation in which two or more individuals invest their capital, skills and other resources, and share profit and loss in accordance with the terms of the partnership deed or agreement. There are some advantages of partnership firm.

Partnership registration In Ahmedabad

Partnership registration In Ahmedabad

  • Advantages of Partnership Firm

    • A partnership business is easy to form since very minimum legal procedures are mandatory.
    • The Partnership Firm can be easily dissolved in the insolvency retirement or death of a partner, no legal procedures are required.
    • Division of work among the partners lead to efficient management.
    • The partnership business is quite easy and flexible since it is free of government control.
    • In the Partnership Firm, every partner bears the risk equally and individually.
    • A partnership firm are not required to maintain books of accounts and audited financial reports.

    Disadvantages of partnership firm

    • Partnership business has unlimited liability which effect the financial property of individual partners.
    • Public has less faith and trust in partnership firms.
    • Sometimes decision making is difficult in the partnership firm.
    • All the partners equally responsible for any actions taken in the name of the business by all the partners.

    Documents required for partnership firm: –

    • Application for partnership Firm Registration in Form 1.
    • An affidavit (a declaration of facts) starting the partner’s intension to join the partnership firm.
    • Partnership deed on stamp paper notarized with ROF or without ROF of Gujarat.
    • Pan and Aadhaar of all the partners and passport size photographs.
    • Business address premise proof like rental agreement or electricity bill with NOC (by ROF and GST etc).

     

    Application Procedure of Registration on Partnership Firm in Gujarat: –

    Following are the instruction for registration a partnership firm in Gujarat –

    Step 1) – Select an appropriate name for the company followed by law.

    Step 2) – Draft a partnership deed with the expert or draft yourself through templates

    • Name and address of all the partners
    • Nature of the business
    • Date of starting of business and capital to be contributed by each partnership mentioned in the partnership deed
    • Profit and loss sharing ratio among the partners

    Important clause-

    • Profit sharing clause
    • Capital contribution
    • Dispute resolution
    • Retirement termination clause

    Step 3) – Print on stamp paper worth at least 500/- as per Gujarat state Stamp Act which deeds on the capital or contribution and notarised the same that deed.

    Step 4) – Registered deed with ROF of Gujarat.

    Step 5) –   apply for PAN and TAN through NSDL.

    Step 6) – open a current bank A/C with any bank.

    Step 7)- while attaching all the documents, the partners must sign in all the required documents and application form.

    After that, the authority will check the applicant form for any potential errors and makes the required changes. Once the authority gets satisfied, they will grant the certificate of Registration to the Partners within a week.

    FAQS on Partnership registration In Ahmedabad

    A partnership deed is an agreement between the partners of a firm that outlines the terms and conditions of partnership among the partners.

    Yes, the members and HUF can claim all deductions and exemptions separately as different entities.

    5 elements which constitute of a partnership namely: (1) There must be a contract; (2) between two or more persons; (3) who agree to carry on a business; (4) with the object of sharing profits and (5) the business must be carried on by all or any of them acting for all.

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