Partnership Firm Registration in Sikkim

Overview

In Sikkim, the process of registering a partnership firm involves obtaining a unique firm name, obtaining PAN numbers for the partners, preparing and executing a partnership deed, and registering the firm with the Registrar of Firms. The Registrar of Firms is responsible for ensuring the validity of the partnership deed and the registration of the firm. By registering a partnership firm in Sikkim, partners can legally operate their business, secure their investments, and enjoy certain legal benefits such as limited liability protection and tax benefits.

Did You Know?

Sikkim has an environment that is good for producing agricultural and horticultural goods. Rice, wheat, maize, millet, barley, urad, pea, soya bean, mustard, and big cardamom are among the many crops it supports. The majority of India's vast cardamom production—more than 80%—comes from Sikkim. Sikkim was designated by UN Food and Agriculture in August 2019 as the first state in the world to be entirely organic (FAO).

Documents Required

• PAN card
• Address proof (Aadhar card/passport/driving license)
• Photographs
• Partnership deed
• Rental agreement
• Proof of business address
• NOC from the owner of the property
• Bank details

Benefits

• Reduced Tax Liability: Partnership firms enjoy a lower tax liability as compared to sole proprietorship firms
• Easy Transferability: Partnership firms are easy to transfer, and the partners can easily add or remove partners as per their requirements
• Sharing of Risk and Responsibility: The partners share the risk and responsibility of the business, which helps in spreading the liability
• Increased Capital: With multiple partners, the business can raise more capital as compared to a sole proprietorship firm.

Eligibility Criteria

• There must be minimum of two partners and a maximum of 20 partners
• The partners must be major i.e. they must have completed 18 years of age
• The partnership must be based on a partnership agreement which is signed by all partners
• The partnership firm must have a unique name that is not already in use and is approved by the Registrar of Firms
• The partners must have a PAN card and a valid identity proof such as Aadhaar card, Voter ID, etc
• The partnership registration must have a permanent address for the firm in Sikkim.

Online

The process of opening a partnership firm is very easy. It involves registering your partnership firm under the Registrar of firms under the State Government. Vakilsearch can complete the registration in the following steps:

Step 1: In Touch With Our Experts

Our team of company registration experts can clarify all your queries regarding the process. You can provide all the required documents directly to our experts.

Step 2: We Will Prepare the Documentation

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

Step 3: Partnership Firm Registration

Our team will file for partnership firm registration. After receiving all the documentation, our experts will register your firm by filing all the documents. Post registration you will be provided with the incorporation certificate.

Offline

• Step 1: Prepare the partnership deed, which outlines the terms and conditions of the partnership, including the profit and loss sharing ratio, responsibilities of each partner, and dispute resolution procedures
• Step 2: Obtain PAN and TAN numbers for the firm
• Step 3: Visit the office of the Registrar of Firms in Sikkim with the necessary documents and the partnership deed
• Step 4: Submit the application form along with the required documents and the partnership deed
• Step 5: Pay the registration fee and wait for the approval from the Registrar of Firms
• Step 6: Once the registration is approved, a certificate of registration will be issued to the Partnership Firm.

Why Vakilsearch

Partnership firm registration in Sikkim is a necessary process for starting a partnership business in the state. It provides legal recognition to the business, helps in obtaining loans, enhances credibility and protects the partners' personal assets. The eligibility criteria, required documents and the offline process are important to consider while registering a partnership firm in Sikkim. It is advisable to seek the guidance of our experts to ensure a hassle-free and smooth registration process. Book a call right now.