What Process for Partnership Registration in Chennai

What Process for Partnership Registration in Chennai

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Generally, the most preferred way to execute business ideas is by forming a partnership firm. It allows partners to pool in their resources, share profits and risks and enhance their growth potential. The Indian Partnership Act, 1932 governs this form of business entity. While registering a partnership firm is not mandatory, it does have several advantages that make it highly recommendable.

One of the primary benefits is that a registered firm has the power to sue and enforce its rights against third parties. This is a key benefit, as unregistered firms can face difficulty in this area. Also, a registered partnership firm has higher credibility and is easy to spot in the market.

A registered partnership firm is recognized by the government of India and can enjoy tax exemptions, as well as other legal benefits. This includes the right to open bank accounts, as well as to apply for licenses and permits. It also has the ability to purchase and sell property, if needed.

In order to register a partnership, an application must be submitted with the registrar of the office, along with the necessary fees and stamp duty. This application should include the name of the firm, the address, and the names and addresses of each partner. It should also include an affidavit signed by all the partners that explains the details of the business. The affidavit should be notarized.

The other required documents for the registration of a partnership are the PAN card of each partner, an official form no. 1, copies of the partnership deed signed by all the partners, a copy of proof of address for each partner and an affidavit that contains the details of the business and is attested by a notary.

 

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