The partnership in India is governed under the Indian Partnership Act, 1932. A relation between two or more person as a partner who has agreed to share the profits of a business run by them or by one or more persons acting for all of them. Hence, any individual who is competent under the Contract Act to enter into the contract is eligible for becoming a partner in the partnership firm. A written Partnership Agreement is called a Partnership Deed. Here in this article we will talk about how to register a partnership deed in Maharashtra.
What are the Important Elements of Partnership Firm?
The given below are the major five essential elements required for the partnership firm. They are as follows:-
- Partnership Contract
- Limited Membership of up to 20 people
- Business Pursuit
- Sharing of business profits
- Mutual agency amongst partnership
Read our article:An Analysis on What is a Partnership Firm and How to Register It!
What is Partnership Deed Registration?
Earlier the partnership process was exceptionally lengthy and time taking. Therefore, with the purpose to make the process easy the Registrar of firms from November 2017 has made this process online.
Since the online registration the documents are required to be physically submitted in the concerned Partnership office. Moreover, the reason behind making this process online is with the objective to keep the records and maintain the documents online so that they are not misplaced as earlier.
A partnership deed is a written agreement between two or more partners who are prepared to commence their business together. The deed shall consist of all the essential terms and conditions of the partnership firm that has been agreed and signed by all the partners.
A partnership firm registration is the process in which the partners are turning their drafted agreement by the concerned authority into a document that shall be legally binding and getting the deed notarized by the public notary. The given below are the essentials that will be compulsorily covered in the partnership deed:
Step Wise Process to Register the Partnership Deed in Maharashtra:
The given below are the steps for registering a partnership deed in Maharashtra:-
- Login to page www.rof.maharashtra.gov.in
- Create a new User ID (New ID is required for Each Firm).
- The person shall be asked to create his own user id and password wherein he shall be required to provide his respective contact details and address, etc and then after registering, the screen will provide with a password.
- To fill up Form A i.e. Application for Registration
- Form A is in the Firm Management Tab which shall be clicked. Form A is divided into four parts :-
- Part 1- Firm Details – this will cover the partnership firm name and nature of business both in English and Marathi
- Part 2- this part shall contain the principal business place of the partnership firm according to the English partnership deed
- Part 3– this part shall contain the principal business place of the partnership firm according to the Marathi partnership deed and the person should ensure to choose the duration of partnership as – “ AT WILL”
- Part 4– If the firm carries on its business in more than one place then in this part it shall mention the name and address of that other place where the firm is located.
- The next step will be to click on the option for “adding partners” & fill in their relevant details, and check whether the partner is an individual or not or the partner is a major or a minor. Then the next step will require the submission of following documents which has to be attached.
- Compulsory Documents
- The true copy of the Partnership Deed which shall be certified by a C.A. or an Advocate.
- The true copy of Marathi translation of Partnership Deed which is certified by C.A. or Advocate.
- Affidavit copy license
- Rs. 10/- blank Stamp Paper in the name of Partner or the partnership firm.
- If company is partner then certified copy of the MoA and AoA.
- If the C.A. or Advocate has submitted the documents then the authority letter shall be signed by all the partners.
- Covering letter of the deed with Court Fee Stamp of Rs.5/-.
- After Uploading the Documents the Person Shall Click on Submit Tab.
- Then proceed to payment mode. The total amount of Rs. 1623 shall be paid which can be paid via any one of the four modes of payment provided therein.
- The person should take the print out on Green Ledger Paper of the filled up Form “A” which shall have the signature of all the partners.
- The Form A has to be notarised and uploaded with all the above documents to the designated office of Registrar in Bandra office address within 7 days of the online application and get the verification of documents by the official on the counter.
- After the official approves it then the partner can submit all the required documents to the concerned official and get his acknowledgement. This shall confirm the registration process of the partnership deed.
Registrar of firms shall take 3-4 years of time period for verifying the form and if in any case there is any objection in the form then he will send back the courier and also send an email of the objection letter. The partners must be alert regarding the same and they must reply to the objection with proper modification in Form A.
Therefore, partners must ensure that they are obliging with all the legal requirements and abiding by all the procedure as mandatory to register a partnership deed in Maharashtra.Procedure-of-Partnership-Firms-English