Bihar Partnership Firm Registration
Partnership Registration Act and can be established by a team of people who wish to engage in a profitable venture together. The act governs all partnership firms in Bihar. According to the regulations in place since 1932, partnership firms are required to undergo registration. Within this article, we will examine the steps necessary for registering a partnership firm in Bihar.
Registration of Firms Rules, established in 1932.
An agreement for a partnership firm is valid between two or more individuals who have the ability to enter into a contract for the purpose of conducting business, with the caveat that:
- All individuals who have reached the age of majority as per the laws.
- A person who is legally allowed to enter into a partnership and is not barred from contracting due to any law that disqualifies them.
There are advantages to registering a partnership firm.
There are several advantages to registering a partnership business, including:
Easy to setup: other forms of business entities. The registration process for a partnership firm involves submitting relevant documents and paying the required registration fees. This process is relatively simple and does not involve a lot of legal formalities or requirements. Once the registration is completed, the partnership firm can start operating legally.A Limited Liability Partnership is a business structure that offers the benefits of both a partnership and a corporation. It allows the partners to benefit from tax flexibility and the ease of control offered by a partnership, while also providing the protection of limited liability for its partners. This means that the liability of each partner is limited to the amount they have invested in the business, safeguarding their personal assets from lawsuits and debts incurred by the business. LLP registration falls under the regulations of the Central Government’s Ministry of Corporate Affairs, and differs from the requirements for filing a partnership firm, as it does not require DSC, DIN or Name Endorsement. Each is governed by separate laws established by the respective government bodies.
Name of Partnership Firm: Partnership businesses have the freedom to select any name for themselves, provided that it does not infringe upon an existing trademark.
No need for annual filing: Partnership firms are not expected to file its annual return Every year, the registration must be renewed with the Registrar, which is not necessary for a Limited Liability Partnership or Company.
Non-Registration of Firm
The subsequent outcomes apply to unregistered companies and their partners.
- It is impossible to make a claim for setoff against an unregistered company.
- A partner who is not registered with the firm will not have the right to bring a legal case against the firm or any other partners.
- The company is not allowed to bring legal action against external individuals or entities.
Partnership Firm Naming
To prevent repetition in the name of partnerships, it is important that the name chosen is not similar to any other company that operates a similar business.
Furthermore, it is prohibited to use words such as Emperor, Empress, Crown, and Empire in the name.
The partnership firm’s name can only be approved if the State Government provides written consent for specific words to be included in the name.
Deed of Partnership
An official document that includes the legal regulations for partners is known as a Partnership Deed. This document comprises various components that are listed down below:
- Name of firm and partner.
- Address of firm and partner.
- What kind of business will the partners of the company conduct?
- Commencement date of business/ firm.
- The duration for which the partners will work together (either for a specific project or a set time period).
- Profit-sharing ratio among the partners.
- Capital contribution from each partner.
The above mentioned components are fundamental requirements in any partnership agreement. Partners can also include further clauses if necessary. Additional provisions that may be included in a partnership deed are outlined below:
- It is necessary to impose interest on Partner Loan and Partner Capital, as well as any interest that may accrue.
- Partners in a firm may be responsible for any commissions or salaries that are due.
- The procedure of creating financial records and organizing audits.
- The allocation of duties and responsibilities, such as authorities, obligations, and promises among all the members of the company.
- The regulations that must be adhered to when a partner retires, passes away, or a new partner is added.
When you submit the partnership firm registration application form, you must provide the accompanying documents:
- An application to register a partnership.
- A duly filled specimen of Affidavit.
- A verified and authentic duplicate of the document that outlines the terms and conditions of a partnership.
- Evidence of ownership or agreement to rent/lease the business location.
Online Application Procedure
To enroll in an online partnership business in Bihar, adhere to the directions given below:
Step one: Go to the authorized website.
Go to the authorized webpage of the Bihar Registration Department.
Step 2: Click on e-Services
Click on “e-Services” The content would appear on the main page of the website.
In the third step, choose the registration alternative.
Step number 4 is to select and click on the registration option for the company.
Click on “
Step 5: Create a User ID
Next, the person applying must generate a fresh username by inputting the necessary information, such as:
- Applicant name
- Email Address
- Mobile number
Step 6: Input the One-Time Password that has been received.
Complete” button to finish the process. Create User ” icon.
Upon entering Step 7, you will be led to the page where you can log in.
Once the applicant has successfully established a username and password, they will be directed to the page where they can login.
Step 8: Login into the page
To access the account, provide the necessary login information which includes the username and password of the applicant.
The ninth step is to apply for the registration of the firm.
Upon accessing the website, the form for registering a company will appear on the subsequent page.
Step 10 involves connecting the necessary paperwork.
Complete the application form with the necessary information and attach the suitable papers to it.
Proceed with the payment on the internet by following Step 11.
Once the applicant has completed the registration process for the partnership firm, the next step involves making an online payment in order to continue.
Step 12 entails obtaining a unique identification number assigned to an application.
After the payment is made, the applicant will be given a number for their application.
After submitting the registration application, the applicant has the ability to track the status of their partnership firm’s registration using either the application number or acknowledgement receipt.
Track Application Status
The individual seeking to confirm the application’s progress may do so by following the subsequent instructions:
Step 1: Official website
Go to the authorized website of Bihar Partnership Registration.
Step number 2 involves checking the status of the application.
Click on “ View application status The portal’s home page contains the aforementioned feature.
Step 3: Click on the status
The applicant has to click on the “Status ” option from the menu
Step number 4 requires the user to select the view option by clicking on a specific button.
After entering the details, click on the “View Click on the “icon” in order to check the status of your application.
The Registrar of the Registration Department is in charge of the registration of a partnership firm under the Indian Partnership Act.