Overview
It is beneficial to register a partnership firm in Gujarat under the Registrar of Firms before conducting the required business functions. This is a legal requirement for any partnership firm operating in Gujarat, as per the Indian Partnership Act, 1932. To register a partnership firm in Gujarat, the partners must execute a partnership deed, which outlines the terms and conditions of the partnership. This deed must be signed by all partners and must be stamped according to the Indian Stamp Act.
It is important to note that failure to register a partnership firm in Gujarat can result in penalties and fines, and also make it difficult to enforce the terms of the partnership agreement. Therefore, it is advisable to seek the assistance of our legal experts or consult a business lawyer for assistance with the registration process.
Did You Know?
In order to avoid double regulation, the International Financial Services Centers Authority (IFSCA) received authority under the Special Economic Zone Act through the Union Budget 2023. It has significantly aided India's efforts to build an IFSC in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar that might compete with those in Dubai, Singapore, and Hong Kong.
Documents Required
Provide the following documents to start online partnership deed registration in Gujarat:
- An affidavit stating the partner’s intention to join the firm
- Partnership deed signed by all the members and registered by the sub-registrar
- Passport size photographs
- Aadhaar card
- Ownership proof of the primary location of business.
Benefits
A professional partnership firm registered can enjoy multiple advantages, some of them are discussed below:
Easy Formation
A partnership firm can be established more quickly and easily because there are less legal requirements. As soon as a partnership deed is prepared, the founding partners can start operating.
No Statutory Audit
A partnership firm is exempt from the requirement to register the audited financial reports with the Registrar of Firms because there is no mandatory audit. As a result, the partnership firm is not required to have audited books of accounts, unless its turnover exceeds set thresholds.
Compliance and Regulations
When compared to a company or LLP, the compliance requirements to operate a partnership business are far lower.
Closing
A dissolution document can be quickly entered into to end a partnership firm.
Eligibility Criteria
- A minimum of two partners
- The age requirement for the partners is 18
- Partners should be based out of Gujarat and nationals of India
- The firm's name must be distinctive
- All partners must sign a partnership deed outlining the terms and conditions
- The company must conduct legitimate business operations
Online
Online partnership firm registration in Gujarat can be done easily by Vakilsearch through the following steps:
Step 1: Talk to Our Experts
All of your questions regarding the procedure can be answered by our team of professionals in company incorporation. You can submit our experts all the necessary paperwork right away.
Step 2: We Will Apply for all the Documents
- Our team will draft the partnership deed
- 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 team of experts will file for registration under the Registrar of Firms on your behalf. You will receive the certificate of incorporation following registration.
Offline
- Step 1: Form A should be printed out, signed in front of the registration authority on green ledger paper
- Step 2: Provide all the required documentation directly to the registrar office
- Step 3: Your document will be verified by the appropriate party, and you'll get an acknowledgement letter in a cover.
Why Vakilsearch
We provide unparalleled partnership registration services. Trust in the best and join forces with Vakilsearch today. Our team will draft the partnership deed agreement in just 3 days and provide free iterations. We will take care of the paperwork and ensure that your partnership firm is registered without breaking any regulations.
FAQ's on Partnership Firm Registration in Gujarat
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