- What is a Partnership Firm?
A Partnership Firm in India is governed by the provisions of The Indian Partnership Act, 1932. As per Section 4 of the Indian Partnership Act ‘’Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all’’
Who is a Partner?
As per the Section 4 of the Indian Partnership Act Persons who have entered into partnership with one another are called individually as ‘’ Partners’’
- What is a Partnership Deed?
A Partnership Deed is a written legal document signed by the partners at the time of commencement of the partnership. A partnership deed or a partnership agreement is the essence of the partnership where all terms and conditions pertaining to the partnership are set forth. The partners can make changes in the terms of the Partnership Deed at any time in the future at their mutual consent.
- What are the minimum and maximum numbers of partners required in a partnership firm?
Minimum of two persons can form a partnership. Rule 10 of Companies (Miscellaneous) Rules, 2014 restricts the maximum number of partners to form a partnership to fifty.
- Is registration of a partnership firm is mandatory in India?
In India Registration of a partnership firm is not compulsory but optional. However a partnership firm cannot avail certain legal benefits provided to the firm under the partnership act, 1932, if the firm is not registered.
- What is the procedure to register a partnership firm in Tamil Nadu?
The Tamil Nadu Registration Department, in view of ease of doing business, had issued a circular dated 07.12.2020 and introduced online registration for partnership firms. The procedure, stated above is required to be done online in www.tnreginet.gov.in . Application form, copy of the partnership deed and other documents if any shall be filed through the said portal along with the prescribed fee. After approval, the certificate of registration will be available online and the same can be downloaded.
- What are the documents required for the registration of a Partnership Firm?
- Partnership deed, duly executed.
- Application form in Form I, signed by all partners.
- Address proof of the partnership firm
- Proof of identity and address proof of all the partners in the firm
- Receipt of registration Fee paid online through TNREGINET Portal.
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