A partnership firm is a business structure where two or more individuals agree to run a business together and share its profits and losses, governed by the Indian Partnership Act, 1932. While registration of a partnership firm with the Registrar of Firms is optional, it is recommended for legal recognition, the ability to sue or be sued in the firm’s name, better credibility, easier banking, and legal protection for partners. Registration requires submitting a partnership deed outlining the rights and duties of partners, proof of identity and address of partners, and proof of the firm’s registered office. Upon registration and payment of the applicable fee, the firm receives a Certificate of Registration, which remains valid until the firm is dissolved.
You May Also Like
Partnership Firm Registration
