What Process for Partnership Registration in Chennai
What Process for Partnership Registration in Chennai
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The formation of a partnership firm is the most common way of starting up a business. A registered partnership firm enjoys many benefits over its unregistered counterpart. The FilingPoint team of experts can help you set up and register a partnership firm in Chennai.
A partnership firm is a form of organisation that pools together the resources, capabilities and skills of two or more persons or partners to work towards a common goal. The partners share the responsibilities, profits and losses of the firm based on their mutual agreement.
Although it is not mandatory to get a partnership firm registered under the Indian Partnership Act, it is advisable to do so as it provides legal proof of the existence of your business and entitles you to several benefits and rights offered by the act. Moreover, it helps in protecting the interests of all partners by providing them a right to file a suit against an external third party on grounds of breach of contract, etc.
To register a partnership firm, you need to submit an application along with all the above-mentioned documents to the Registrar of Firms in your jurisdiction. This authority will verify all the details provided by you and inform you of any fees or stamp duties that need to be paid, which will vary from state to state. Once you pay the required amount, your firm will be formally registered in the government records.
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