Partnership Firm

Section 4 of the Indian Partnership Act, 1932, defines partnership as follows:


" Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all."


Note: - A single person is called as a partner while two or more person or partners are collectively known as a partnership firm.


steps

  1. Two or more persons: - There must be at least two persons to form a partnership. Partnership Act does not specify the maximum number of persons, but the Indian Companies Act, 1956, restricts the number of partners to 10 for a partnership carrying banking business and 20 in the case of other kinds of business.
  2. Agreement: - Partnership is the result of an agreement. It must come into existence by an agreement and not by the operation of law. On the contrary, a Hindu undivided family comes into existence by the operation of law and not by an agreement. Such an agreement can be either oral or in writing. The agreement forms the basis of mutual rights and duties of partners
  3. Profit Motive: - Partnership can be formed for the purpose of carrying on some business with the intention of earning profits and such business must be legal. A joint ownership of some property by itself cannot be called a partnership.
  4. Sharing of Profits: - The agreement between the partners must be aimed at sharing the profits of the business. If some persons join hands to run some charitable activity, it will not be called partnership. Further, if a partner is deprived of his right to share the profits of the business, he cannot be called a patner. But it is not necessary that all partners should share the losses also. It may be agreed between the partners that one or more of them shall not be liable for losses.
  5. Relationship of Principal and Agent: Each partner is an agent as well as a partner of the firm. An agent, because he can bind the other partners by his acts and a principal because he himself can be bound by the acts of the other partners.
  6. . Business carried on by all or any of them acting for all: - It means that each partner can participate in the conduct of business and each partner is bound by the acts of other partners with respect to the business of the firm.


A Partnership cannot come into existence in the absence of any one of the above-mentioned features.


Partnership Firm Registration Maharashtra Procedure

Applicants logs in to the system and apply for REGISTRATION OF PARTNERSHIP FIRMS through Form – ‘A’ Application under section 58 (1) & (1A).


In the application, applicant will specify the description of partnership firms to be registered along with relevant documents.


Form – ‘A’ once filled will be printed on Green Ledger Paper for counter signature of partners.


Form – ‘B’ Undertaking under section 60(1) will also be filled by applicant as an undertaking to change in Firm name, address, nature of business. Form B will also be printed for counter signature.


Form – ‘C’ Undertaking under section 61 will also be filled by applicant as an undertaking to Change of branch/Close of business. Form C will also be printed for counter signature.


Form – ‘D’ Undertaking under section 62 will also be filled by applicant as an undertaking to Change in name of partner and his permanent address. Form D will also be printed for counter signature.


Form – ‘E’ undertaking under section 63 will also be filled by applicant as an undertaking to change in constitution or Dissolution of firm. Form E will also be printed for counter signature.


Form – ‘F’ undertaking under section 63(2) will also be filled by applicant as an undertaking to change when Minor partner becomes major. Form F will also be printed for counter signature.


Along with the application, the applicant will upload the documents Authority letter if submitted by Chartered Accountant, If Company registered under The Indian Company Act is a partner then a copy of Memorandum of Articles & a copy of Resolution authorizing one of the Director to sign on Deed and Forms, Notarised copy of application.


Following may bring /post the attested form along with following documents in the RoF office.

a) Covering letter along with ₹ 5/- Court Fee Stamp.


b) Certified copy of Partnership Deed. Deed need not be attested. But if attested date of execution and date of signature of Notary should be same.


c) Blank Stamp Paper of ₹ 10/- or more


After application submitted successfully department acknowledgers acknowledge application. After acknowledgement application goes to department verification officer to verify the application and at this stage applicant can download payment receipt from their account in application.


If objection is raised by, the process will flow until hearing. Hearing request will raise to applicant REGISTRATION OF PARTNERSHIP FIRMS EASE OF DOING BUSSINESS An objection letter will be sent to applicant Email ID. For clarification of objections application form available to applicant for modification. Once objection cleared, form flow with acknowledger, verifier and then approver for further processing. After got approval from approver a digitally signed copy certificate issued to applicant and it available to their application login. Certified copy of the firm will be sent to applicant by hand delivery/post. The applicant is informed about the approval/rejection of the application. In case of discrepancies, objection letter will be sent to applicant


Document required for

Certified True Copy of Partnership Deed (Certified by Chartered Accountant

Certified True Copy of Marathi Translation of Partnership Deed (Certified by Chartered Accountant

Blank Stamp Paper of Rs. 10/- in the name of Partner or firm

Authority letter signed by all partners if documents are submitted by Chartered Accountant

Covering letter with Rs.5/- Court Fee Stamp

If company is partner Certified True Copy of Memorandum of Articles and Resolution

If Trust is partner Certified True Copy of Trust Deed

If business required License from Government Department then Certified True Copy of License