Company Formation

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What is a Partnership Firm?

A partnership firm embodies the collaboration between two or more individuals who mutually agree to share the profits generated from a business conducted collectively by any or all of them. This collaboration begins with the formalization of an agreement known as a Partnership Deed, where the roles, responsibilities, and respective shares of each partner are explicitly outlined. The individuals who consent to partake in this partnership arrangement are denoted as “Partners,” collectively forming a cohesive entity known as a “FIRM.” Within this framework, both the opportunities and obligations are distributed among the partners.

In India, partnerships are regulated by the Indian Partnership Act of 1932. This legislative framework defines the organizational structure of a Partnership Firm, providing the necessary guidelines and regulations to facilitate its operation. Importantly, the Act recognizes and legitimizes both registered and unregistered partnership firms across the country.

Benefits of forming a PartnershipFirm

There are numerous advantages to forming a Partnership Firm, making it an appealing option for entrepreneurs and business owners.

Easy to Start: Minimal administrative requirements facilitate swift establishment.
Minimal Regulatory Compliance: Compared to corporations, partnerships have fewer legal obligations.
Operating Flexibility: Partners can share responsibilities and decision-making, enhancing efficiency.
Financial Returns: Partnerships enable the pooling of resources, leading to shared profits.

Easy to Start

Minimal Regulatory Compliance

Operating Flexibility for Partners

Various Financial Returns for the Partners

Essential Requirements for Forming a Partnership Firm

When establishing a Partnership Firm, certain criteria must be met to ensure a legally compliant and functional business structure.

Minimum 2 Partners: Partnership formation necessitates the involvement of at least two partners.
No Capital Requirement: Unlike some business structures, partnerships do not mandate a minimum capital investment.

Minimum 2 Partners

No Capital Requirement

Complete Documentation for Partnership Firm Registration

Achieving registration for a Partnership Firm demands meticulous attention to detail regarding necessary documentation. Ensure legal compliance and formal establishment with this comprehensive list of required paperwork:

Partners’ Identity & Address Proof:

Essential PAN Card copies of all Partners
Additional identification options: Aadhaar Card, Voter ID card, Driving License, or Passport
Proof of address: Bank Statement, Electricity Bill, or Mobile Bill (not exceeding two months)
Passport-sized photographs of each Partner

Proof of Registered Office (Select One):

Conveyance/Lease Deed/Rent Agreement accompanied by rent receipts
Utility bills (Telephone/Gas/Electricity bill) within the last two months

Documents for Partnership Registration:

Form No. 1 (Application for registration under Partnership Act)
Original Partnership Deed, signed by all Partners
Affidavit stating the intention to become a Partner
Rental or lease agreement of the business establishment’s property/campus

Understanding Private Limited Companies

Embarking on a business venture in India often begins with the registration of a company. For startups with ambitious growth plans, incorporating a Private Limited Company is a strategic choice. Discover the advantages and requirements of this corporate structure.

Advantages of Private Limited Companies

Separate Legal Existence: Provides distinct legal identity separate from its owners.
Management and Ownership Separation: Allows clear differentiation between management and ownership roles.
Limited Liability of Shareholders: Shields shareholders from personal liability in case of company debts.
Easy Fund Raising: Facilitates external funding opportunities crucial for growth.
Transferability of Shares: Offers flexibility in transferring ownership shares.
Enhanced Credibility and Talent Attraction: Boosts credibility and attracts top talent with employee stock options.

Requirements for Registration

Minimum Two Directors: Must have at least two directors, with a maximum of 200 shareholders.
One Resident Director: At least one director must be a resident Indian.
No Minimum Capital Requirement: No minimum capital stipulation, but an authorized share capital of Rs. 1 lakh is advisable.
Unique Name: The company’s name should be distinct and not similar to existing ones.

Registration Process Overview

Under the governance of the Ministry of Corporate Affairs, the registration process unfolds through the following steps:

Application for DSC (Digital Signature Certificate)
Apply for DIN (Director Identification Number)
Name Availability Application Filing
Drafting and Filing of eMOA and eAOA
Application for PAN and TAN
Receipt of Certificate of Incorporation along with PAN and TAN
Opening of Current Bank Account in the Company’s Name

Navigating the registration process ensures legal compliance and lays the foundation for a thriving Private Limited Company.

Essential Documents for Private Limited Company Registration

Navigating the incorporation process of a Private Limited Company in India necessitates appropriate identity and address proof for directors and shareholders. Discover the accepted documents by MCA for this registration

Identity & Address Proof:

Mandatory: Copy of Directors’ PAN Cards
Additional Identification: Voter ID card, Driving License, or Passport
Proof of Address: Choose one from Bank Statement, Electricity Bill, or Mobile Bill (issued within the last two months)
Passport Size Photographs of Directors

Proof of Registered Office:

Choose one: Conveyance/Lease Deed/Rent Agreement along with rent receipts
Alternatively: Copy of utility bills (Telephone/Gas/Electricity bill) issued within the last two months
NOC (No Objection Certificate) from Landlord

Deliverables

If you opt for Private Limited Company registration through LegalAdviceKart, expect the following deliverables:

DSC (Digital Signature Certificate) & DIN (Director Identification Number) for 2 Directors
Company Name Approval
Memorandum of Association (MOA) & Articles of Association (AOA)
Certificate of Incorporation
Company PAN Card
Company TAN Number
Support for Opening Bank Account Documents

Take correct business decisions with theright legal support