What is partnership firm & the new process of registration under registrar of firms: A Partnership is one of the most important forms of a business organization, where two or more people come together to form a business and divide the profits thereof in an agreed ratio. A Partnership is easy to form, and the compliance is minimal as compared to companies.
- Name given to the Partnership firm
- How should be the agreement between partners formed?
- Details of the partnership firm and the partners required in partnership deed
- Documents requirement for submission in registrar of firms (ROF)
- Process of registration
Name given to partnership firm:
Any name can be given to a partnership firm as long as you fulfill the below-mentioned conditions:
- The name shouldn’t be too similar or identical to an existing firm doing the same business,
- The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.
How should be the agreement between the partners?
Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned.
Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future.
Details of the partnership firm and the partners required in partnership deed:
A. General Details:
- Name and address of the firm and all the partners
- Nature of business
- Date of starting of business Capitalto be contributed by each partner
- Capital to be contributed by each partner
- Profit/loss sharing ratio among the partners
B. Specific Details:
Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:
- Interest on capital invested, drawings by partners or any loans provided by partners to firm
- Salaries, commissions or any other amount to be payable to partners
- Rights of each partner, including additional rights to be enjoyed by the active partners
- Duties and obligations of all partners
- Adjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm.
- Other clauses as partners may decide by mutual discussion
Documents requirement for submission in registrar of firms (ROF):
- Covering letter along with Rs. 5/- court fee stamp
- Xerox copy of covering letter
- Form no “A” (original) notarized and having signatures of partners on each page
- Authority letter (original)
- Rs. 100/- stamp paper blank (original)
- Receipt of payment for form “A”.
- Certified true copy of partnership deed by ca / advocate on first and last page
- Certified true copy of all the documents of partners by CA / Advocate
- Aadhar card (each partner)
- Pancard (each partner)
- Electricity bill
- Certified true copy of Marathi partnership deed by CA / Advocate on first and last page
Process of Registration:
- Arrange the documents in this order:
- Covering letter alonwith Rs. 5/- court fee stamp
- Authority letter
- Rs. 100/- stamp paper blank
- Certified copy of partnership deed by CA / Advocate
- Certified copy of Marathi partnership deed by CA / Advocate
- Make one pdf file of the above documents as arranged above
- Open the ROF site login and select form “A” from left navigate options
- Fill the required information
- Do not write followings in the name of the firm
- Messer’s, M/s, Indian, Inc., Incorporation, .com, .in, .org, association, society
- Fill the column in Marathi properly
- Click on submit tab
- Upload the following relevant documents as mentioned in point 1. By scanning and merging in one pdf file
- Make relevant payment online of Rs.1623.60/- incl. of GST@ 18%.
- Take the print of form “A” on green ledger paper
- EVERY PARTNER SHOULD SIGN ON EACH PAGE OF FORM “A” ATTESTED BY NOTARY (BEFORE ME SERIAL NUMBER) & UPLOAD IT TO CLICK ON MY APPLICATION, CLICK UPLOAD LINK ON RECORD OF UPLOAD NOTARY COLUMN.
- Bring the attested form along with following documents in office.
If the registrar is satisfied with the documents, he will register the firm in Register of Firms and issue Certificate of Registration.
AFTER THE FINAL SUBMISSION OF THE PARTNERSHIP DEED COPY WITH THE RELEVANT DOCUMENTS YOU CAN DOWNLOAD THE RECEIPT FROM : https://rof.mahaonline.gov.in – Login the Account – In my Application Download the Receipt.