What is Partnership Registration ?

A Partnership is a business structure in which two or more individuals manage and operate a business in accordance with the terms and goals set out in the PartnershipDeed. Partnership registration is relatively easy and is prevalent among small and medium sized businesses in the unorganized sectors. Partnership Registration is done through Legalraasta.

For Partnership Registration, you must agree on a firm name and then establish a partnership deed. It is a document stating respective rights and obligations of the partners and to be valid it should be written and not oral. The terms of the Partnership Deed can be varied to suit the interests of the partners and can even be made contrary to the Indian Partnership Act, 1932 but if the Partnership Deed is silent on any point, then the provisions of the Act would apply.

Choose Partnership because

• Partnership registration is very easy.

• Partnership registration is inexpensive as compared to LLP.

• It has minimum compliance requirement.

What is Included In Our Partnership Registration Package?

• Drafting of Partnership Deed

• Name search & approval

• TAN

• Partnership Pan Card

Procedure For LLP Registration

Complete our Partnership Form

You are required to fill the details in our simple online questionnaire and submit documents.

START

Verification of Documents

For further procedures, details provided by you will be verified by our experts.

Partnership Deed Drafting

Further after submitting your documents we shall draft your Partnership deed.

2 WORKING DAYS

Apply for TAN & PAN

We will create all the required documents and file them with ROC on your behalf.

2 WORKING DAYS

Your work is completed

CONGRATULATIONS

Documents Required For Partnership Registration

The following documents are required for the registration of a Partnership firm:

• Statement in Form 1 with the prescribed fees

• Notarised True copy of the Partnership Deed stating the following : The firm-name
  • The nature of business of the firm
  • The place or principal place of business of the firm
  • The names of any other places where the firm carries on business
  • The date when each partner joined the firm
  • The names in full and permanent addresses of the partners
  • The duration of the firm

• Proof of ownership or rent/lease of the location of your business.(e.g. Electricity Bill/ Water Bill or Rent/Lease/Leave and Licence Agreement of Business Place)

• Copy of PAN Card of partners

• Copy of Aadhaar Card/ Voter identity card

The Statement must be signed by all the partners of the firm and must also be verified by affidavit in the prescribed manner.

Steps For LLP Registration

Step 1 :

All the above mentioned documents must besubmitted to the Registrar of firms of the state.

Step 2 :

A certificate of Registration is then issued, by the Registrar, and a copy should be given to all the partners.

Step 3 :

Also, a separate registration with the Income Tax department is to be done in order to avoid any future problems and must obtain a PAN card and a bank accountunder the name of Partnership firm.

Why Partnership Registration ?

Relatively Inexpensive

Minimal Compliances

Easy to establish

Audit not required

Minimum Requirements for Partnership Registration

• Minimum 2 Partners

• No fixed minimum Capital Requirement

What is Partnership?

Partnership in the Corporate world refers to a relationship when two or more people decide to share the profits of a business carried on by them all or any of them acting for all.It’s generally done in legal terms. The percentage of ownership varies and depends on certain factors. Partnership firm thus is a firm which allows joint ownership of a business. There are certain rules and regulations that have to be followed while setting up a Partnership firm. Registering a partnership firm is not compulsory under the Indian Partnership Act, 1932 but only Maharashtra has made their registration compulsory. Further a partnership firm can be registered at any point of time i.e. even several years after formation. Registering or not registering a partnership firm has itsown advantages, but like a coin which has two faces, it definitely has its own disadvantages too. Described below in detail is how a partnership firm works and how can you register for partnership firm in India.

The partnership is relatively easy to start however, there are certain conditions and restrictions to be followed in setting them up. Also, according to Indian Partnership Act,1932, consent of all the partners in a partnership firm is required in fundamental matters (like admission of new partners, dissolution of the firm, conversion of the firm etc.) and a majority in other matters and there should be sharing of all the profits or losses made in the business. It also states that there has to be a legal contract that There are certainly more rules while setting up a Partnership firm, clearly stated in the Indian Partnership act,1932 and they should be followed strictly to avoid any severe actions made by authorities towards your firm.

Need for Partnership Registration

If you don’t register your Partnership :

Partner Cannot sue firm: A partner in an unregistered partnership firm cannot sue the firm for enforcing any rights under the Indian Partnership Act, 1932.

Cannot claim Setoff in a dispute with a third party.

The firm cannot sue third parties whereas the third parties would be able to sue the firm irrespective of registration

Pvt. Ltd Company Registration 

What is a Private limited company?

Private Limited Company registration is the most popular form of a “legal structure” for all businesses in India. A private limited company can have a minimum of two members and a maximum of fifty members. The directors of a private limited company have limited liability to their creditors and Banks/Creditors are allowed to sell only the assets of the company (when there is a scenario of default).
The creditors do not have the authority to sell the personal assets of directors. Do ensure that your company is registered, for starting a company in India. “Company Registration” is the foremost mandatory step for the beginning of a new venture. Registering your company is important.

As in the long run, it will provide you a great number of advantages. And some examples of that are “from registering in a hassle-free manner to dissolving easily also.”. “Start-ups and growing companies” prefer the tag of a “Private limited company”.

More about Private Limited Company

The liabilities of its shareholders become limited when they can raise outside funding in an easy manner. They also offer stock options to their employees (so that top talent can be brought into the company). Private Limited Company Registration can be done through Fiyano Ventures . If you want to register your own company then you can completely rely on Fiyano Ventures  (Company registration services provider) because we will assist you with the all the technicalities such as “The formation procedure for a new company”. Our experts will provide all the relevant information related to the “Company registration” procedure.

Private Limited Company Benefits

• It is flexible. And has limited liability

• Greater capital contribution and greater stability

• Possibility to grow big and expand

Our Company Registration Package Includes

• DIN for both the directors

• DSC for the same

• Name search & approval

• MOA/AOA

• ROC Fees & Pan card

• Free Accounting Software & GST filing

Procedure For Company Registration

Complete our Simple Form

You need to fill our simple company registration form and submit documents for the formation of a company.

Obtain DSC and DPIN from us

After submitting your documents we will provide you with DSC and DPIN.

Verification and Name Approval

Details provided by you will be verified and then we shall apply for name approval.

Document Submission

We will create all the required documents and file them with ROC on your behalf.

Your work is completed

You will receive documents and DSCs, upon the incorporation of your company.

Documents Required For Company Registration

• PAN Card of all the directors

• Passport size photographs of the same must be shown

• Either the “Aadhaar Card or the Voter identity card”, has to be presented during the process

• If the company property is on rent then the rent agreement is to be shown

• One of these two:- Electricity/ Water bill but any of them must be of the business place only

• Property papers (owned)

• Landlord NOC (Format will be provided)

Advantages Of A Private Limited Company?

There are multiple reasons to get your company registered as a “Private limited company”:

• Preferred by banks, VCs & investors.

• Easy to allocate and redistribute shares to other directors/ people who have invested money in the company.

• Acts as a separate legal entity which limits your liability.

• Offers the flexibility of a partnership firm and the advantages of a Public Ltd Company

• Easy to register, manage & run

• The company can be very smoothly dissolved

5 Steps Involved In A “Company Registration” Procedure

• Application of DSC & DPIN:

In the first step, all the partners have to apply for a Digital signature and DPIN. Digital signature refers to an online signature used for filing. And DPIN refers to the Directors PIN number issued by the “MCA”.

If the directors already have both the “DSC and DPIN” then this step can be skipped.

• Name approval:

You need to provide 3 different options for your company name to the MCA, of which one will be selected. Names provided should ideally be unique and suggestive of the company’s business.

• MOA & AOA submission:

Upon name approval, one must draft both MOA and AOA, so that they can be filed with the MCA. Also, it is mandatory to attach the “Digital Signature Certificates (DSC)” with both of them.

• Get the incorporation certificate :

It typically takes 15- 25 days to form a  private ltd. Company and get the incorporation certificate. Incorporation certification acts as a proof of the fact that the “company has been created” (It also includes your CIN number).

• Apply for PAN, TAN, and Bank account :

Apply for PAN and TAN (both are received in 7 working days), then make sure to submit the Incorporation certificate, MOA, AOA and PAN with a bank, to open your bank account.

Minimum Requirements For Company Registration

A minimum of 2 Shareholders must be present, during the whole process

There should not be less than two directors, as it is a compulsory requirement.

1 Lac Share Capital is the pre-determined minimal amount

DPIN for all the directors

At least one designated partner should be an Indian Resident.

Concerns Related To Private Limited Company

• A “Pvt. Ltd Company” requires a few more ROC compliances, which then results into an additional cost of “Rs.5000 to Rs.10000/” per annum

• The minimum capital amount required is Rs.1,00,000

• Private limited company can have a maximum of 200 members

Still, all the aspiring entrepreneurs prefer the tag of a “Private Limited Company” for obtaining certain benefits such as “ease in transfer of shares and a significant potential for future growth”.

Factors To Consider During The Selection Of The “Company Name”

The name of your company is of the utmost importance. It makes the first impression in the minds of your buyers, suppliers, and stakeholders. Also, it should, therefore, be relevant, suggestive and attractive, along with that there are various factors which you should keep in mind while selecting “a name”.

The name should be “Short yet Simple”

The name should be concise and precise. While choosing a name, make sure that “People are able to pronounce it easily”. When people hear the company’s name for the first time, it must get registered in their minds.

The name should be “Meaningful”

The name of your company should be related to your business itself. It should fit the company’s branding. For example, Infosys refers to information systems or IT technologies.

The name should be “Unique”

Name of your company should not be identical to an existing company or trademark. You can go to “legalraasta.com”, to check if your company’s name is identical to others. You should ideally avoid using the “plural version” factor while selecting the name, For example: – “Flipkart’s” or changing just the letter Case or adding “space or a punctuation mark” in an existing company’s name.

Suffix

The name of your company should end with the suffix “Private Ltd” in a case of a Private limited company and “LLP” is a case of a limited liability partnership.

The name “Should not be illegal / offensive”

The name of your company should not be against the law. Which means that it cannot be abusive or against the customs and beliefs of any religion