Are you looking forward to registering a Affiliate business in Chennai? Look no further, as this article will tell you everything you need to know about starting and registering a affiliate business in Chennai.
In India, an affiliate business is one of the most commonly used business structures. It is much easier to form, and the compliance burden for a affiliate business in chennai is much lower than that of a company.
STEP 1 – Choosing the Name of the Business
You need to make sure that the name of your affiliate company is unique and does not match any existing business entity. For this, you can visit the MCA (Ministry of Corporate Affairs) website: https://www.mca.gov.in/content/mca/global/en/home.html
You can enter the chosen business name in the space provided and check if it has already been taken by another entity. You can also use this site to see if the name is protected by a trademark or a domain name.
STEP 2 – Drafting of the Affiliate Agreement
AN affiliate agreement is unique to every affiliate business in chennai. You should always engage the services of professional legal experts while drafting the affiliate agreement. Broadly, it should mention the following details:
- Name & address of the business and its partners
- Date of starting the business
- Capital contribution of each of the partners
- The ratio of profit/loss sharing among the partners
- Commissions/salaries or other payables to the partners
- The rights, duties, and obligations of the partners.
- The process to be followed on account of death/retirement of partner(s)
- The process to be followed in the event of the dissolution of the business
- Other clauses as mutually agreed by the partners
Click here to get registered: Partnership Firm Registration
STEP 3 – Execution of the Affiliate Agreement
Once the affiliate agreement format has been finalised, it must be executed ( signed by all of the partners). Two witnesses must also sign the deed, and also provide their respective addresses.
And after that, stamp duty should be paid in accordance with the amount prescribed by the relevant state. The deed must be signed on non-judicial stamp paper or by franking.
| Franking is the payment of stamp duty through banking channels, and it is equivalent to purchasing stamp paper. The deed must be notarized after the payment is made. |
STEP 4 – Preparation of Documents
You should keep the following documents ready before proceeding with registration –
- Application form to register the affiliate business online (Form 1)
- A certified true copy of the affiliate agreement
- Specimen of the affidavit, duly filled
- PAN cards of all the partners (as identity proof)
- Aadhaar card/voter ID card/passport/driving license of each of the partners (as address proof)
- PAN card of the business
- Rent agreement (in case of rented premises) and utility bill of the registered office space. In the case of rental premises, an NoC from the landlord is also needed.
- GST registration certificate in the name of the business
- Details of the current bank account of the business
STEP 5 – Registering the Affiliate Business in Chennai
The Registrar of Firms (RoF), Government of Tamil Nadu, is the authority that oversees the process of Registration in Chennai. An application accompanying the documents mentioned above should be forwarded to this authority. Each of the partners should sign the application form. Moreover, you should also submit the requisite fee for registering a business in Chennai.
STEP 6 – Approval and Business Registration Certificate
After you submit the application and make the requisite payment, the Registrar reviews the application and the accompanying documents. On being satisfied, the authority will approve the registration of the business. The registration certificate will then be issued and sent to the official email ID of the business. Further, from the date of registration, your company will be entitled to enjoy all the benefits of a registered affiliate agreement business.
Affiliate Business in Chennai – Conclusion
According to the provisions of the Indian Partnership Act, 1932, registration of an affiliate business in Chennai is optional. Partners may or may not register their companies at their discretion. However, a registered company enjoys several benefits that unregistered companies do not. As a result, Vakilsearch experts strongly advise you to register your business as soon as possible. Get in touch with our team today!
