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Best Firm Registration in Bengaluru

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Best Firm Registration in Bengaluru 9071767775

Karnataka Partnership Firm Registration

• Benefits of Partnership Firm.
• Karnataka Partnership (Registration of Firms) Rules, 1954.
• Effects of Non-Registration of Firm.
• Before Registering Firm.
• Admissible Name for Firm.
• Create a Partnership Deed.
• Documents Required.
• Applicable Fee for Registration.

Best Firm Registration in Bengaluru 9071767775

Karnataka Partnership Firm Registration

Partnership firms are the most favored forms of the business constitution that are owned, controlled and administered by a group of people for profit. Partnership firm is the second most popular type of business entity in our country after proprietorship. Under the provision of Karnataka Partnership (Registration of Firms) Rules, 1954 a partnership firm can be registered at any time by applying with the District Registrar Office, Department of Stamps & Registration, Karnataka. In this article, we look at the guidelines for Karnataka partnership firm registration in detail.

 In case you require assistance for registering Partnership Firm in Karnataka, get in touch with an India filings Advisor at sales@indiafilings.com

Benefits of Partnership Firm

It is not obligatory to register a Partnership firm; however, it is preferable to register Partnership firm due to the added advantages. Some of the importance of recording partnership firm in Karnataka is explained in detail here.

• One of the important benefits of partnership firms is that two or more persons can run and share the profits.
• Partnership firms can be registered very quickly when Compare with LLP (Limited Liability Partnership), because firm registration does not require DIN, Name Approval and getting DSC.
• LLP registration lays down the Central Government (Ministry of Corporate Affairs) while State Governments law governs the Partnership firm registration.

Know more about LLP Vs Partnership firm

Karnataka Partnership (Registration of Firms) Rules, 1954

As per the rules of Karnataka Partnership (Registration of Firms) Rules, 1954 Partnership firm is an organisation of two or more persons managed by all of them with the intention to run business and share the profits. Partnership Firm registration need to be done in the concerned District Registrar office where the firm is situated or proposed to be located. 

Note: The firm can be registered at any time not only at the time of formation by eventually applying with the District Registrar office.

• There must be two persons to form a partnership firm. If the firm is intended for financial transactions maximum of 10 and for other purposes a maximum of 20 persons can establish a firm
• A partnership firm may be for any definite or indefinite duration.

Effects of Non-Registration of Firm

It is not obligatory for registering a Partnership firm; however, it is preferable to record a Partnership firm due to the added benefits.  If a partnership firm not registered it will lead to the following consequences:

• A partnership firm cannot file a suit against the third party
• No partner of the firm can file a lawsuit against other partners of that firm.
• The partnership firm cannot file a suit against any of the partner.
• A partnership firm cannot use the third party in the court of law for the enforcement of its right
• A partnership firm cannot claim setoff

Before Registering Firm

Before registering the partnership firm, the applicant has to verify that the proposed name for the firm with an existing firm or company name or trademark or LLP name. If the two partnership firms are registered with a similar name, it will lead to legal hassles in the future. Hence, it’s very crucial to do a name availability check and trademark search before registering the partnership firm.

Do Company Name Availability Check

Do Trademark Search

Admissible Name for Firm

After finishing the name availability check and trademark search, the applicant has to contemplate following rules for selecting partnership firm name.

• Name of the partnership firm must not be similar or too identical to the name of an existing company/firm doing the related business.
  • If the names of firms are similar, lead to indecision.
  • The reputation of the new firm may be injured, if the firm could adopt an allied name.
• According to Section 58(3) of Indian Partnership Act, 1932, the name of the partnership firm should not contain words like Crown, Emperor, Empire, Imperial, Empress, King, Queen, Royal or words which communicating or inferring the endorse, endorsement or support of Government or words expressing the sanction, approval or patronage of Government.

Create a Partnership Deed / Best Firm Registration in Bengaluru 9071767775

Partnership deed is one of the legal documents which provide the details of the rights and obligations of the members/partners of the partnership firm. As per the Indian Stamp Act, the partnership deed should be on a stamp paper and registered in Sub Registry Office. Following attributes are essential for partnership deed. Best Firm Registration in Bengaluru 9071767775

• Name and Address of the firm
• Name and Address of all partners
• Date of Commencement of business
• Nature of business to be carried on
• Duration of Partnership
• Profit sharing ratio among the partners
• Capital contribution from each partner

Note: On the addition to the requirements as mentioned above, the partners may point out any extra clauses if they wish to include in the deed. 

While registering the partnership firm, a partnership deed should also be filed with the Sub Registry Office. All partners should have a copy of the partnership deed.

Documents Required Best Firm Registration in Bengaluru 9071767775

Following documents have to be furnished for registering a partnership firm in Karnataka. Best Firm Registration in Bengaluru 9071767775

• Registered Partnership Deed
• Up-to-date License, Approvals or Permits (as applicable)
• Aadhaar, PAN Card, Voter ID of all the partners
• Blank non-judicial stamp paper of requisite denomination purchased by the firm with blank semi papers. (2 Nos.)
• Registered land lease deed to establish the address of the principal place of business or any other areas where the firm carries on Business.

Applicable Fee for Registration

• Stamp duty of Rs.100 has to be paid if the capital of the firm does not exceed Rs.500
• Stamp duty of Rs.500 has to be paid if the capital of the firm exceeds Rs.500.

Time Frame / Best Firm Registration in Bengaluru 9071767775

Partnership Firm registration will be done within fifteen days from the date of application.

Procedure to Register a Partnership Firm – Offline / Best Firm Registration in Bengaluru 9071767775

Guidelines for registering partnership firm in Karnataka are explained in step by step procedure here.

Step 1: Provide following details in the Partnership firm registration application.

• The firm name
• The principal place of business of the partnership firm
• The date when each partner joined the firm
• Details of any other places where the partnership firm carries on business
• The duration of the firm
• The names and permanent address of the partners

Best Firm Registration in Bengaluru 9071767775

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Best Firm Registration in Bengaluru 9071767775

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Best Firm Registration in Bengaluru 9071767775