Are you setting up a new business? There are many types of business that you can start in India such as one person firm, sole proprietorship, limited liability partnership, and much more. One of the common type of mode of business that is usually preferred by most of the people is Limited Liability Partnership firm. These types of firms are governed via Indian Partnership Act started in the year 1932. Usually, there is no registration required for the existence of partnership firm, but registering a firm plays a crucial role as it is used for certifying the existence of a partnership firm. If you are opening a partnership firm in Delhi, get your partnership registration in Delhi by following the below-discussed steps.
Steps of procedure of Partnership Registration in India:
- File an application: The very first step for the registration of partnership firm is to file an application with the Registrar of Firms on the specified form. While filing an application, it is also necessary to deposit a lesser amount of registration fees. The application for the registration of the firm must contain the following necessary details:
- Firm’s name.
- Addresses and names of partners of the firm.
- Date of joining of each firm.
- The main place of the business firm.
- If you have started your firm for some specific time period, then mention that period of time.
- If your firm has a specific object, then also mention those objects in the application.
- Each partner of the company needs to verify and sign the application before submitting to the Registrar of Firms.
- Certification: Once you have filed an application with the Registrar of Firms, it is the duty of the Registrar to examine all the particulars of the details. If required information is found in the specific order, then the Registrar approves the application and the firm is considered as a registered firm.
Benefits of registering a business as a partnership firm:
- It is not always necessary to register a partnership firm and so it can be formed easily with no more expenses, but to show the existence of the business, partnership firm gets registered by the Registrar of Firms.
- A partnership firm tends to have a number of resources than that of the sole proprietorship firm.
- Since there are many partners involved in the firm, so this type of business can be managed in a proper way as compared to the other types of business.
- Since the partners are involved in the business, so risks are shared equally among the partners. So, a single person does not need to bear the financial risk alone.
If you have thought of starting your partnership firm in India, then LexOracle is there to help you to get your partnership registration in Delhi by providing the advice of professionals who know all the steps required to register a firm in India. So, don’t worry and get your partnership registration in India at fingertips.