we will talk about one of the most common types of companies, partnership companies and partnership company registration. Understanding the partnership firm registration process is important.
Simple form of business structure
The business structure of a partnership company is simpler compared to the structure of other companies because there are only 2 individuals needed as partners.
Easy decision making process
Because there are rules and regulations involved in partnership firms, the decision making process is easier.
Ease in raising funds
It’s easier to get loans and progress for partnership companies compared to other companies like big companies.
Managing business activities is easier in partnership companies because all tasks and responsibilities are assigned to partners.
What is the partnership company registration process?
The registration process of a partnership company involves the steps needed for individuals to follow in order to receive partnership company registration and start business activities.
Selection of the appropriate name
The first step in the process of registering a partnership company is choosing a company name. Certain guidelines are mentioned relating to the selection of names that must be followed by the applicant. Company names may not include the Emperor, consort, crown, kingdom etc.
In this step, the partner must submit an application for partnership company registration on form 1 and state all the details of the form. After the application form is filled in, it must be submitted to the registrar along with the fee.
Compilation of partnership deed
The next step is to prepare a partnership deed for the partnership firm. In action, partners must determine all details relating to the business, agreements made by partners, profit-loss sharing ratios and other important details.
All documents must be prepared and submitted to the Registrar along with the forms and fees before the specified duration. The details mentioned in the document submitted must be correct as verification of the document will be carried out. . The partnership deed must also be submitted together with all documents.
The relevant authority for registration carries out a verification process which is carried out for a maximum of 3-5 days.
Issuance of registration certificate
After the forms and all documents are deemed satisfactory, they will be approved by the authority and a registration certificate will be issued to partners.
What documents are needed for partnership company registration?
Documents are mandatory requirements for individuals and they must submit all documents in the manner required by the authorities.
A partnership deed is a document that contains all the details relating to a partnership company. Before preparing the final partnership deed, partners must prepare a draft so that mistakes can be minimized when the final draft is prepared.