What Process for Partnership Registration in Chennai


What Process for Partnership Registration in Chennai

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A partnership is a business entity which allows two or more people to invest their resources in a joint venture. Generally, the investment is made equal and the profits are shared by the partners of the firm. The registration of a partnership firm is voluntary in India but it helps the firm to gain legal recognition as it will be listed on the registrar of firms.

To get the partnership registered, the partners must submit the duly signed copy of partnership deed along with other required documents to the registrar office. The registrar will check the documents and stamp duty charges and then register the firm. Once the firm is registered, it will get a certificate of registration which can be used as proof of existence of the firm.

One of the major advantages of a registered partnership firm is that it can borrow funds easily as the lending capacity is multiplied by the number of partners in the firm. This also helps the firm in grabbing opportunities in the market which can be hard for an unregistered firm to do so.

LLPs are becoming more and more popular among entrepreneurs as it offers many benefits like limited liability, ease of operations etc. So, it becomes very important for the partnership firm to get itself registered if it is looking forward to growing its presence in the market. To do this, the first step is to file a RUN (Reserve Unique Name) form on the MCA portal under Services tab. For this, the Designated Partners must have Digital Signature Certificates and TAN (Tax Identification Number).

 

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