Process for Partnership Registration in Chennai
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If you are thinking of setting up a partnership firm in India, you must get the partnership deed registered with the local authorities. This will ensure that your business is protected against any misunderstandings or disputes in the future. In addition to this, you will be able to avail of the benefits that come with being a registered business.
The main reason why it is recommended to get a partnership deed registered is that it mentions all the essential terms and conditions of your business in a legal agreement. It will include the details of profit/loss sharing, rights and duties of the partners, future admission of new partners, rules to be followed if a partner goes bankrupt, etc. Additionally, the partnership deed will also specify whether your business is a sole proprietorship or a limited liability company.
Along with the partnership deed, you will have to submit a set of other documents to get it registered. These documents will include passport sized photographs of all the partners, proof of address (water/ electricity/ telephone bill) and a copy of sale deed/ property deed in case you are using your own premises as the registered office.
Apart from this, you will also need to apply for a PAN card for your business. This is a mandatory requirement to be able to file returns and deal with your tax responsibilities. This can be done by MCA online and the procedure is quite simple.
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