Partnership Firm Registration in Bangalore

Partnership Firm Registration in Bangalore

Partnership Registration is necessary for any association of people to join for a business purpose and continue with legal bindings, sharing their profits according to law. We are giving the best services for Partnership Registration in Bangalore. We prepare Partnership Deed with the help of professionals according to the requirement of the customer and register the Partnership Firm with Registrar of Firms on behalf of the customer.

Partnership Firm registration in Bangalore is easy if the following requirements are complied with:

  • A minimum of 2 Partners who are residents of India
  • For firm registration in Bangalore the government fees to be paid for a minimum of shares worth Rs.1 Lakh.
  • A registered address is required.
Partnership Firm Registration in Bangalore can be done as soon as possible. TAXAJ has been providing registration services all over India at a very affordable rate.

Advantages of Partnership Firm registration in Bangalore

a. Flexibility to determine Terms of Partnership

A partnership deed is a very flexible document, As there are no prescribed rules as to the terms of the partnership deed, partnership deed can contain custom made terms to document the understanding between the partners.

b. Raising of funds

Raising of funds in Bangalore is more flexible in the case of the Partnership firm as compared to a Pvt. Ltd. companies, there is no restriction on borrowing from third parties. In the case of Pvt Ltd companies borrowing the funds is restricted to only from Directors, members, and corporates.

c. Simple Statutory Compliance

Statutory compliance applicable in the case of Partnership firms is very simple as compared to Pvt. Ltd. companies or LLPs in Bangalore. There is no requirement to hold Board Meeting, or Shareholders meeting, or do filing of annual returns, accounts or other statutory returns with government authority. The income Tax law provides for a simpler presumptive taxation procedure under which profit is estimated as a certain percentage of turnover, thereby removing the requirement to maintain books of accounts and filing of Financial Statements under the Income Tax Act.

d. Easy of distribution of Profit

In case of a partnership, profit after taxes is free for distribution among the partners, and distributed profits are exempt from taxes in the hands of partners. This is unlike in the case of Pvt. Ltd. companies, where profit distributed in the form of dividends is taxable in the hands of recipients.

Documents required for Partnership Registration in Bangalore

  1. Name, Contact Number and Email Id of all the Stakeholders.

  2. Self Attested PAN, Aadhar & Passport size photo of all the Stakeholders.

  3. Specimen Signatures of all Stakeholders.

  4. Latest Electricity Bill/Landline Bill of Registered Office in Bangalore.

  5. NOC from owner of registered office in Bangalore. (If Owned)

  6. Rent Agreement from Landlord in Bangalore . (If Rented/Leased)

  7. Brief description of main business activities of the proposed firm.

  8. Shareholding pattern (50:50 or 60:40) between the Stakeholders.

  9.  Capital Contribution of the firm.



Procedure for Registering a Partnership Firm in Bangalore

Step 1: Application for Registration

An application form (Form 1) has to be filed to the Registrar of Firms of the State in which the firm is situated along with prescribed fees. It has to be signed and verified by all the partners or their agents. The application form (Form 1) can be obtained from the Registrar of the Firms office or it can be downloaded from the respective state's Registrar of Firms website. 

The application can be sent to the Registrar of Firms through post or by physical delivery, which contains the following details:

  • The name of the firm.
  • The principal place of business of the firm.
  • The location of any other places where the firm carries on business. 
  • The date of joining of each partner.
  • The names and permanent addresses of all the partners.
  • The duration of the firm. 

Step 2: Selection of Name of the Partnership Firm

Any name can be given to a partnership firm. But certain conditions need to be followed while selecting the name:

  • The name should not be too similar or identical to an existing firm doing the same business.
  • The name should not contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.

Step 3: Certificate of Registration

If the Registrar is satisfied with the registration application and the documents, he will register the firm in the Register of Firms and issue the Registration Certificate. The Register of Firms contains up-to-date information on all firms, and anybody can view it upon payment of certain fees.

An application form along with fees is to be submitted to the Registrar of Firms of the State in which the firm is situated. The application has to be signed by all partners or their agents.





Created & Posted by Himanshu Shakya

TAXAJ

 

TAXAJ is a consortium of CA, CS, Advocates & Professionals from specific fields to provide you with a One-Stop Solution for all your Business, Financial, Taxation & Legal Matters under One Roof. Some of them are: Launch Your Start-Up Company/Business, Trademark & Brand Registration, Digital Marketing, E-Stamp Paper Online, Closure of Business, Legal Services, Payroll Services, etc. For any further queries related to this or anything else, visit TAXAJ

 

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TAXAJ Corporate Services LLP

Contact: 8961228919 ; 8802812345 | E-Mail: connect@taxaj.com



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