How to Register a Partnership Firm in Tamil Nadu

Last Updated at: Jul 20, 2021
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Register a Partnership Firm
In a recent judgment, the Supreme Court has earmarked the relationship between the dissolution of a partnership firm and the retirement of a partner. The Court has said that when there are only two partners in a partnership firm, the retirement of one partner will amount to the dissolution of the firm.

 

There are several different types of business structures that entrepreneurs can choose from. Incorporating the right structure is integral to the business as it helps determine the tax rates, return filings, and compliance measures. Partnership Firms are business structures that are in high-demand, especially within the small and medium enterprise industry. Additionally, it consists of two or more members who run the business as per the rules and regulations of an agreement. We will take a look at how to Register a Partnership Firm in Tamil Nadu.

  1. Partnership Firm Registration

  2. Partnership Deed for Registering a Partnership Firm

  3. Documents Required for Partnership Firm Registration in Tamilnadu 

  4. Partnership Firm Registration in Tamilnadu Process

  5. How to register a partnership firm with VakilSearch

Partnership Firm Registration

A Partnership Firm works based on the rules and guidelines stated in the Partnership deed or agreement. Moreover, the partners decide on responsibilities, roles, and split their profits and losses based on this agreement. Partnership firm registration in India comes under the purview of Section 58 of the Indian Partnership Act, 1932. After registering a partnership firm, the owners can start establishing and building a business network.

Partnership Deed for Registering a Partnership Firm

One of the most crucial steps when it comes to registering a partnership firm is registering the Partnership deed with the Registrar. Moreover, here’s a look at what a partnership deed needs to contain to allow you to register a partnership firm in India.

  1. Unique name of the partnership firm
  2. Address of the firm
  3. Type of business of the firm
  4. The contract period for the partnership
  5. Name and other details of each partner
  6. Duties of each partner
  7. Roles and responsibilities of each partner
  8. Initial investment from each partner
  9. Profit/Loss sharing ratio
  10. Additional information to be included:
  • Salary and commission of each partner
  • Procedure in case of death or retirement of a partner
  • Further, procedure to introduce or remove a partner
  • Procedure to follow for auditing

The partnership deed has a particular format that a professional lawyer will be able to help you create. Further, draft the deed in the said format, and copy it onto a stamp paper of the appropriate value. In most cases, the deed must be printed on a stamp paper worth INR 300. Next, you will need to get the signatures of all the partners. Every partner should keep a copy of this deed, while the original must be kept with the firm. 

Documents Required for Partnership Firm Registration in Tamilnadu

  • Original copy of the Partnership Deed
  • Partnership firm’s PAN card 
  • Address proof of the Partnership Firm: Lease Agreement/NOC from Owner
  • Attested Address proof of all partners
  • Attested ID proof of all partners
  • Affidavit certificate stating all details provided are true.
  • Authorization letter in case the partners wish to authorize a third-party for registration and witness signing
  • A signed copy of Form 1 in case registration was done online
  • Acknowledgement slip for the payment of required fees

get Partnership Firm REGISTRATION

Partnership Firm Registration in Tamilnadu

  1. First and foremost, come up with a simple, memorable, yet unique, and relevant name for your business. However, avoid names that already exist within the market, as your registration cannot go through in such cases.
  2. As soon as you come up with a name or logo for your firm, register a trademark on it to maintain legal protection, and avoid copycats.
  3. Next, you will have to draft a partnership deed. We have already covered what details the partnership deed must contain, and how it must be drafted.
  4. After signing and executing the deed, the partners must obtain a PAN card for the Partnership firm. To apply for a PAN, the partners should visit the following website -.
  5. Next, the Partnership firm can begin the process for registration.
  6. The registration of partnership firms in Tamil Nadu may be done online, as mentioned above. 
  7. Similarly, after filling the form, all the partners must sign it in the presence of a notary who will notarize the signatures. 
  8. Next, you will have to locate the nearest Registrar of Firms and submit the Application along with the required supporting documents.
  9. After careful verification by the Registrar, your partnership firm will be formally registered, and you will receive an intimation regarding the same via email. 
  10. Within a week, you will receive your Certificate of Registration via mail.

How to register a partnership firm with Vakilsearch

  1. Submit your details, we will connect with you
  2. We will share the agreement’s first draft within 4 working days
  3. We do up to two rounds of iterations, if necessary, at no extra cost.