What is Partnership Firm Registration?
To understand the concept of partnership registration, we have to first understand what is partnership. In terms of business, the partnership is one type where two or more people hold an equal stake in the business. Many big organizations in the business world are most likely to be set up on a partnership basis. Nowadays, partnership businesses are coming to rise because it is more beneficial in terms of returns and profits.
Now considering that you want to start a business, in partnership with someone from your friend or others, there can be a lot of legal hassles that can make you feel completely clueless about the developments that are happening. This is the time when it is advisable that you go ahead and read the schemes and clauses that have to be dealt with. There are certain types of partnership businesses-
- LLC Partnership
- Limited Liability Partnership (LLP)
- Limited Partnership (LP)
- General Partnership (GP)
All these different types of partnerships have types of things and regulations that require the assistance of an expert to proceed with it. Based on certain factors it can be decided with the type of partnership business you are having. And based on the regulations and factors, these can be used.
In partnership registration, there are certain steps and protocols that need to be followed correctly. All the partners are necessary to be included in the legal proceedings of the state registration of the firm in terms of tax slabs and other state benefits given to these industries for which they have to be qualified enough.
Benefits of Partnership registration.
The partnership registration deed has many benefits for people who are willing to venture into the world of entrepreneurship.
- It gives the power to file a case against Third Parties:
The set up of the partnership business gives enough power to file a case against a partner if disputes arise at any point in business in relation to the Partnership Firm.
An unregistered Partnership firm, however, does not have the right to file the case against the third party to resolve their disputes till the time the procedure of Deed Registration has been processed and completed. However, the third party has the upper hand and holds the right to file the suit against a Partnership Firm irrespective of its registration status.
- It provides the power to file a lawsuit against partners:
Nobody can tell when the dispute between the Partners can arise, whether it is because of sharing of profits or any other matter regarding the process of business of the Partnership Firm. The resolution of any dispute is to be resolved by the Court of Law.
The Partners of any unrecorded Partnership Firm can’t execute any sections of the Partnership Deed. To enforce the said clauses, the registration for the Partnership Firm shall be required by following the procedure prescribed for the same.
- It gives the ability to claim Set-off:
The registration of Partnership Firm enables the partners with the power to claim set-off. When any third party files a suit against the Partnership Firm, the Partnership Firm can claim the set-off, if any against the claim of a third party. The mentioned power to claim set-off is only available when the Partnership Firm is not yet registered under the Indian Partnership Act, 1932.
- Highly Credible:
A Partnership Firm which has completed the procedure of Online Registration enjoys a high level of credibility, compared to the one which didn’t yet complete the registration. Although both the registered & unregistered Partnership Firms may legally operate & also credible under this Act. Basically, the Registered Firm is massively accepted by the authorities over the unregistered one.
- Converse Entity:
The partnership Firm that has been registered by the registrar of firms has a lot easier as compared to an unregistered firm when it comes to conversion. The process of conversion of the Partnership Firm into any other, for example as Private Company or LLP i.e. in corporate structure, can be easily done away with.
An unregistered firm can be registered at any time after its formation and establishment to claim the above-explained advantages.
How BN Corporates will help you to register partnerships?
BN Corporates is a consultancy agency based in Rohini, Delhi. They deal in Accounts, GST and also work as MSME Registration consultancy Agency. They will provide you with both on-site and off-site services which are sure to satisfy all your needs.
The partnership registration online process can be a bit tricky for some users. The businesses which want to avail the benefits of being in a partnership will have to register on the ‘Udyog Aadhaar Memorandum’ (UAM). In order to save you some time and do it properly, you can take the help of BN Corporates and do it correctly.
The Online Registration of Partnership is a long and time-consuming process for someone to do all by himself. You can easily take the help of BN Corporates and their experienced employees will help you complete the registration within the shortest amount of time possible.
The partnership registration process can be done through various offline processes too. BN Corporates will help you if you have some doubts about anything.
The BN Corporates Partnership consultants can help you both, in the Partnership registration online or offline process.
Partnership registration in Delhi
The Partnership registration in Delhi process is the same for the people living in Delhi as the rest of the country. You can easily complete the Partnership registration process, online or offline, as you can easily access the offices which shall validate your needs.
You can easily go to one of the frontrunners in this field in Delhi, BN Corporates, to help you out in this regard. They have a solid background in Finance and have a lot of experience in this field. BN Corporates is based in Rohini, Delhi. They have to date, completed 578 projects, and have received 26 awards, which shows their level of expertise and dedication in the financial market. So, you won’t make a bad decision if you choose BN Corporates as your financial guide. Last but definitely not the least, the pricing is very much reasonable which makes it an even better option to choose.