Partnership Firm Registration in Bangalore
Partnership firm registration is done in Bangalore since it is the most common type of the business organization. In this type of structure, two or more people come together to form the business. They agree to share the profit and the loss. Our trusted concern has extended its wings of services in various places of Bangalore like Sarjapur, Bannerghatta, Malleswaram, Maruthi Seva Nagar and Koramangala. The partnership firm registration is done through Indian Partnership Act 1932 and the registration can be done at any time, either before starting the partnership firm or anytime during the continuation of the business.
But it is always advisable to get the firm registered since the registered firm enjoy lot of benefits than the unregistered firms. The most important element in the partnership firm is the partnership deed. If the partnership deed is not registered, then it may be considered as invalid. The partnership deed can be oral; even then it is advisable to write the partnership deed so as to avoid any conflicts in the future. Partnership firm registration in Bangalore is done when all the partners or their agents sign the application.
It can have minimum of two or maximum of 100 members. When the partners are involved in the business then the skills, talent and the knowledge combines so that it will result in the bright development of the business. It does not require any minimum capital for commencing the partnership firm. Partnership firm registration in Bangalore is important as it can approach the banks for the working capital loans. A partner has no permission to transfer the shares without the consent of the other partners. If there rises any dispute, then any of the partners can sue the other partners.
Documents required for partnership firm registration
- Partnership deed signed by all the partners
- Address proof’s of all the partners and the firm
- PAN card of all the partners and the company
- If the location is on rent, then NOC from the landlord is important
- Form No 1 which is duly filled court fee and stamp affixed on it.
Benefits of Partnership firm registration
There are many benefits for the partnership firm registration in Bangalore. They are
- For a partnership the dissolution procedure is reliable and quick
- The risk is also shared
- The partner may be a partner in multiple corporations.
- Power is granted to claim the set-off against any third party claim.
- It is easy to convert any business structure into partnership firm.
- There is possibility of better decision making