Name given to the Partnership firmHow should be the agreement between partners formed?Details of the partnership firm and the partners required in partnership deedDocuments requirement for submission in registrar of firms (ROF)Process of registration
Name given to partnership firm:
Any name can be given to a partnership firm as long as you fulfill the below-mentioned conditions:
The name shouldn’t be too similar or identical to an existing firm doing the same business,The name shouldn’t contain words like emperor, crown, empress, empire or any other words which show sanction or approval of the government.
How should be the agreement between the partners?
Partnership deed is an agreement between the partners in which rights, duties, profits shares and other obligations of each partner is mentioned. Partnership deed can be written or oral, although it is always advisable to write a partnership deed to avoid any conflicts in the future. Details of the partnership firm and the partners required in partnership deed:
A. General Details:
Name and address of the firm and all the partnersNature of businessDate of starting of business Capitalto be contributed by each partnerCapital to be contributed by each partnerProfit/loss sharing ratio among the partners
B. Specific Details:
Apart from these, certain specific clauses may also be mentioned to avoid any conflict at a later stage:
Interest on capital invested, drawings by partners or any loans provided by partners to firmSalaries, commissions or any other amount to be payable to partnersRights of each partner, including additional rights to be enjoyed by the active partnersDuties and obligations of all partnersAdjustments or processes to be followed on account of retirement or death of a partner or dissolution of firm.Other clauses as partners may decide by mutual discussion
Documents requirement for submission in registrar of firms (ROF):
Process of Registration:
If the registrar is satisfied with the documents, he will register the firm in Register of Firms and issue Certificate of Registration. AFTER THE FINAL SUBMISSION OF THE PARTNERSHIP DEED COPY WITH THE RELEVANT DOCUMENTS YOU CAN DOWNLOAD THE RECEIPT FROM : https://rof.mahaonline.gov.in – Login the Account – In my Application Download the Receipt.
