Partnership Firm Registration in Punjab

Overview

The process of partnership firm registration in Punjab is governed by the Indian Partnership Act, 1932. Once the firm is registered, the applicant will receive a partnership incorporation certificate, which is a legal document that outlines the terms and conditions of the partnership. The partnership firm can then use this document for various purposes, including opening a bank account, entering into contracts, and conducting business activities. The process of registering a partnership firm in the state of Punjab involves submitting an application along with the necessary documents to the registrar and paying the required fee.

Eligibility Criteria

• A partnership firm must have a minimum of two partners to register
• The partners must be of legal age and must be Indian citizens
• All partners must have a PAN card
• The partnership firm must have a current bank account in the name of the firm
• The partnership firm must be engaged in a lawful business activity
• The partners must have a written agreement outlining all the terms and conditions of the partnership

Benefits

• Flexibility: A partnership firm is a flexible form of business that allows partners to make decisions together and make changes as required
• Tax benefits: Partnership firms are eligible for certain tax benefits and deductions that are not available to unregistered firms
• Liability protection: In a partnership firm, the partners are only liable for the firm's debts to the extent of their investment, which provides a degree of protection to personal assets
• Easy to dissolve: Dissolving a partnership firm registration online is easier compared to other forms of business as it requires fewer formalities and legal procedures.

Documents Required

• PAN card of all the partners
• Address proof of all the partners (Aadhar card, voter ID, driving license, etc.)
• Partnership deed
• Rent agreement, if the registered office is rented
• NOC from the landlord, if the registered office is rented
• Electricity bill, water bill, and property tax receipt of the registered office
• ID proof and address proof of the authorised signatory
• Bank statement or cancelled cheque of the business account.

Online

Online partnership firm registration in Punjab can be done easily through Vakilsearch. We follow these three easy steps:

• Step 1: Talk to Our Experts

  All of your questions regarding the procedure can be answered by our team of professionals.

• Step 2: We Will Apply for all the Documents

  • Our team will draft the partnership deed in 3 days
  • Apply for Permanent Account Number (PAN) and the Tax Detection and Collection Account Number (TAN)
  • On request, we will also complete GST registration.

• Step 3: Partnership Firm Registration

  Our experts will register a partnership firm in Punjab. You will receive the certificate of incorporation following registration.

Offline

• Step 1: Choose a unique name for the partnership firm and get it approved from the Registrar of Firms
• Step 2: Prepare the partnership deed and get it signed by all partners. The deed should include details such as name of the firm, name of partners, capital contribution of each partner, profit-sharing ratio, and dispute resolution mechanism, among others
• Step 3: Submit the signed partnership deed along with the required documents, such as PAN of partners, to the Registrar of Firms in Punjab
• step 4: The Registrar of Firms will examine the documents and, if everything is in order, will issue a certificate of registration

Why Vakilsearch

It is crucial to choose the right type of partnership firm, and to have a thorough understanding of the tax implications, legal responsibilities, and other important factors before registering a partnership firm in Punjab. To avoid any legal implications, it is advisable to have a proper partnership deed in place and to comply with the statutory requirements. This is where Vakilsearch can help. Get in touch with our incorporation experts and resolve all your doubts. Start right away!