Partnership Registration in Vijayawada
Partnership refers to the process of legally establishing a business organization where two or more individuals (partners) come together to carry on a business with a view to making a profit. Partnerships are formed by an agreement between two or more persons to carry on a business together. This agreement is known as a Partnership Deed.
Types of Partnerships:
- Registered Partnership
- This type involves registering the Partnership under ‘The Indian Partnership Act 1932’, with partnership deed- a legal agreement between partners.
- Unregistered Partnership
- This type operates without formal registration, but will have an legal agreement between partners called as "partnership Deed".
Additional registrations(if required):
- Goods and Service Tax (GST)
- One can register to GST for providing GST Invoice and benefit ITC.
- Udyam Registration (MSME)
- Helpful for Micro, Small & Medium Enterprise to obtain various benefits provided by the government for their establishment and growth.
- Importer Exporter Code (IEC)
- mandatory for firms which import to India or export from India.
- Digital Signaure (DSC)
- Digital Signature Certificate is an electronic, secure and authentic way to submit documents electronically for e-fillings, Govt.tenders.
Advantages of Partnership:
A registered Partnership will have many benefits, we are mentioning few of them:
- Legal Recognition
- Easy to form
- Credibility
- Ownership Proof
- Sharing of Profit
- Shared Business management
Limitations of Partnership:
Partnership has few limitations. Few of them are:
- Continuity Issues
- Unlimited liability
- Harder to raise funding
- Limited Capital
- Potential for Conflict
- Instability
Process for registering Partnership in Vijayawada:
- Choose a Business Name
- Select a unique name for your Partnership.
- Business Address Proof
- Obtain Pan card(of all partners), Aadhar card(of all partners), proof of the business address (e.g., utility bill, rental agreement) where the Partnership will operate.
- Complete Partneship Agreement(Partnership deed)
- Partnership deed outlines the terms and conditions of the partnership, including profit sharing ratio, capital contributions, roles, responsibilities, etc.
- Receive Certificate
- Once processed, you will receive a Partnership registration certificate. This certificate serves as proof of the existence of your business entity.
- Obtain PAN Card
- Apply and get PAN Card on the name of Partnership firm.
- Open a Bank Account
- Open a current account in the name of the Partnership with any bank of your choice.
Documents Checklist:
Following documents are required for registering Partnership in Vijayawada:
- Aadhar Card & PAN Card (of all Partners)
- Address proof (e.g., utility bill, rental agreement)
Start registering your Partnership in Vijayawada with Cqubes
Choose CQUBES to guide and register your Partnership in Vijayawada, either for your new business venture or formalizing an existing venture. Our dedicated team will navigate you in obtaining essential registrations, certifications and compliance in every step of your business growth.
