Last updated: May 24th, 2024 2:41 PM

Mizoram Partnership Firm Registration

Partnership and Proprietorship are the most popular forms of business firms in India. This is because they are easy to set-up and the number of statutory compliance that is required to be accomplished by these firms are very less when compared to the statutory compliance that is applicable to LLP's and the companies. In this article, we look at the process for Mizoram partnership firm registration.

Partnership Act

In India, partnership firms are governed by the Indian Partnership Act of 1932.  The law states that not all firms have to be registered. It is entirely up to the partners to decide the registration of the firm. Hence, there are no penalties for non-registration of firms.

Need for the Document

The term 'partnership' refers to an agreement that is made between people, to share profits and losses that is gained by the actions carried out by the members of the association. The agreed members in an association are called as partners.

Required Information

The following are the information that has to be known at the time of registering a firm:

• Name of the firm
• Duration of the firm
• Principal place of business
• Details of other business places
• Details of all the partners
• Joining Dates of the partners
• Profit sharing ratio among the partners

Required Documents

The following documents have to be possessed while registering a firm:

• Duly filled Form I application
• Rs. 3 court fee stamp affixed in the application
• Partnership Deed registered by Sub-Registrar
• Photographs of the partners
• PAN Card
• Aadhar Card

Partnership Deed

Partnership Deed is a document that contains the rights and obligations of all the partners in a firm. The document has to be given in a written form mentioning all the required information. In some cases, additional information may be required. They are

• Interest on Partner's Capital, Partners' Loan and interest have been charged on drawings.
• Salaries, commissions, etc that have to be paid to the partners.
• Methods to prepare accounts and making arrangement for audits
• Divisions of various tasks and responsibilities, duties, powers and obligations of all the partners.

Download partnership deed format

Partnership Deed Registration

The partners of a firm can enjoy many benefits if a partnership firm is registered. Registration of a firm is done either at the beginning of the business or anytime during the continuance of partnership.

Procedure to Register Partnership Firm

Given below are the procedure to register a partnership firm: Step 1: Fill in the application Form 1 has to be duly completed by all the member of the company. Step 2: Attach the documents The applicant has to attach all the required documents along with the application. Step 3: Signing the application Once all the documents are attached, the application has to be signed by all the partners of the form. Step 4: Issuing the Certificate The register after viewing the application and if satisfied with all the given details, make an entry of statement in a register called the Register of Firms and then issues the Certificate of Registration.