Partnership Firm Registration
Firm registration is an unstructured way to register a firm but one of the most cost-effective registration process of your dream business. The firm are getting registered as per Partnership Act, 1932.
A partnership firm commences a business operation as long as they have a valid Partnership Deed which is the most important document for a Partnership Firm.
Minimum Requirement of Partnership Firm Registration:
-Minimum Two Partners
-Minimum Contribution Requirement
-Profit and Loss Sharing Ratio
-Agreement Between Partners
Content of Partnership Deed
1. Date of execution of the deed
2. Name and address of the firm
3. Name and address of respective partners
4. Nature of business to be carried out
5. Date of business commencement
6. Duration of Partnership
7. Partner’s capital contribution
8. Profit-sharing ratio
9. Accounting period
10. Rate of interest on loans and capital
11. Method of accounting
12. Policy regarding the appointment of an auditor
13. A clause regarding bank account opening
14. Powers, duties, and responsibilities of each partner
15. Salaries paid to partners
16. Mode of account settlement
17. Adoption of the arbitration method
18. A clause on adding or removing partners
19. A clause on winding up
20. A Clause regarding credit facility
