Partnership

The law relating to partnership firms is contained in the Indian Partnership Act, 1932.

Incorporation Process

  1. You may register at any point in time (even after your company is in operation) by filing an application with the Registrar of Firms of the area in which your place of business of the firm is situated or proposed to be situated.
  2. The application shall contain the basics as set out below and shall be signed and verified by all the partners and be submitted along with the prescribed fees
  • Name of the firm (should not contain any words which may express or imply the approval or patronage of the government except where the government has expressly consented)
  • Place or principal place of business and ownership proof if any
  • Names of any other places where the firm carries on business.
  • Date on which each partner joined the firm
  • Name in full and permanent address of partners.
  • Duration of the firm
  • Certified true copy of the Partnership deed as and when the Registrar of Firms is satisfied with the application, he shall record an entry in the Register of Firms and issue a Certificate of Registration. Any alterations subsequent to Registration shall have to be notified to the Registrar.Such changes can include:
  • Change in firm name and principal place of business: This shall require sending of a new application form along with the prescribed fee, duly signed and verified by all the partners.
  • Change relating to opening and closing of branches
  • When a registered firm discontinues business at any place or begins to carry on business at any place, such place not being its principal place of business, any partner or agent of the firm may send intimation thereof to the Registrar
  • Change in the name and permanent address of any partner
  • When any partner in a registered firm alters his name or permanent address, an intimation of the alteration may be sent by any partner or agent of the firm to the Registrar
  • Change in the constitution of the firm and its dissolution
  • When change occurs in the constitution of the firm, any of the new, continuing or the outgoing partner, while when a registered firm is dissolved, any person who was a partner immediately before the dissolution or the agent of any such partner or person specially authorized on his behalf, may give notice of such a change to the Registrar, specifying the date thereof.
  • When a minor who has been admitted to the benefits of partnership in a firm attains majority and elects to become or not to become a partner, he or his agent specially authorized in this behalf, may give notice to the Registrar that he has or has not become a partner.

 

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