What the features of partnership firm ?
The partnership firm involves various features being highlighted below -
1] MINIMUM MEMBERS REQUIRED -
There shall be minimum 02 members required for a formation of partnership firm
2] NO EQUAL SHARE OF DUTIES
The partners involved may not share all duties and responsibilities equally
3] INFLOW OF INVESTMENT
The partnership leads to an increase of investment in the business
4] SHARING OF RISK
The risk is being shared in the partnership firms among partners
5] NO SUBMISSION OF ANNUAL REPORTS
It is not necessary to submit the annual reports of business
6] UNLIMITED LIABILITIES
The liabilities is being unlimited to partnership business entities
What are the documents required for partnership firm registration ?
The documentation to be required for the registration of partnership firm[registered firm ] in india are as follows :
A] The application for the partnership firm registration in form number 1 is to be filled .
B] The affidavit being duly filled is required
C] The certified copy of partnership deed on appropriate non judicial stamp paper .
D] The proof of ownership of place of business and rent agreement if applicable .
E] Payment of stamp fee and other payment in the form of demand draft.
What if in case of unregistered partnership firm ?
In case of an unregistered partnership firm , a partnership deed is being formed on the non suitable stamp paper being signed by each of the members of the firm.It is also required to be notarized by notary and from that particular date the partnership firm is deemed to be registered.