What is Partnership Registration & What is the role of PQSmitra in it?
A Partnership Registration is where two or more people together join hands to carry out a business. Together the partners become joint business owners and carry out operations governed by the partnership deed.
However, in a partnership firm, the partners are jointly and individually liable for debts of the firm. This form of structure is ideal if there are no/fewer requirements for external funds and low risk of bad-debts for example consultancy firms. A partnership firm can be registered whether at the time of its formation or even subsequently.
Partnership firms are governed by the Indian Partnership Act, 1932. Under the act, registration is not mandatory but it is advisable due to the following reasons:
- Partner(s) can’t file a case in any court against the firm/ other partners unless the firm is registered.
- The unregistered firm or its partners can’t file a case against a third party on breach of a contract but the third party can file a case.
- In case of a dispute with a third party, the unregistered firm or any of its partners cannot claim a set-off
PQSmitra offers Partnership Registration services, where our knowledge of the process and complete support will help you gain the certificate.
Who can avail Partnership Registration?
- A combined group of two people having a business idea
- Small businesses looking to using pool of resources contributed by multiple people
- Any existing unregistered Partnership Firm
Benefits of Partnership Registration
- Partnership formation is easy as compared to other business formation
- The cost of partnership is low as compared to other business formations
- Compliances are minimal
- More tax benefits as compared to Proprietorship
- Continuous existence as the death or exit of any member will not affect the LLP
- Raising funds from financial institutions becomes easy
- It allows LLP to own assets in its own name
- Enquiry Form (where all your information will be taken for the form filling process)
- Important Documents will be taken for the process to be fulfilled.
- Partnership Deed Drafting
- Updating you about the process
- Successful Certification will be mailed to you by us.