What Process for Partnership Registration in Chennai


What Process for Partnership Registration in Chennai


One of the most preferred forms of business organisation, Partnership is a business between two or more people or entities. This business form enables pooling of knowledge, expertise, resources, profits and losses to achieve a common goal. It also helps in quick decision making as it can make use of the collective strengths and capabilities of all partners. Moreover, the business can take loans easily as it has combined borrowing capacity.

The legal process for registering a partnership firm starts with the creation of a Partnership Deed. It is a contract in which all the terms and conditions are mentioned and signed by all the partners. It must undergo the necessary steps like getting it printed on a stamp paper of the prescribed value and then get it notarized.

Once the Partnership Deed is complete, the next step involves filing it with the Partnership registrar of the firm along with the applicable fees and stamp duty. This will enable the registrar to enter the name of the firm in its records and issue a Certificate of Registration that will act as proof of the existence of the firm.

After the Certificate ofRegistration is issued, all partners must obtain a PAN card in the name of the firm (as mentioned in the Certificate of Registration). This can be done by visiting the e-Pay Tax website and selecting 'New PAN Application' from the drop-down menu and then filling out the required information. After the document verification process is complete, the PAN will be mailed to the registered address of the firm.

 

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