Partnership firms are one of the most popular form of business constitution seen in India. Partnership firms are most popular because of its simplicity to formulate and easiness to manage the legal compliances like Income Tax and Financial Audit. So it is too common in the Indian business world. The business constitutions other than Partnership firms are Proprietorship firm, Private Limited Company, Public Limited Company, One Person Company (OPC), HUF and Limited Liability Partnerships. Partnership firm’s register in India must comply the rules and guidelines of “The Indian Partnership Act, 1932 “. The primary document of every partnership firm is deed which mutually signed by its partners. This deed describes the relationship, authority, remuneration, rights and duties of partners of the firm. So the deed control the overall administration of a partnership firm.
Now we can able to register a Partnership Firm through online in Kerala under the portal maintained by Registrar of Firms, Kerala. EGROOPS managed by Registrar of Firms, is the official online portal to register a Partnership firm online in Kerala. Partnership firm registration online procedures in Kerala is very simple and easy to follow. A common man can also able to do it without the support of a professional consultant like us. Those who feel difficulties or not able to follow the online registration procedures, PEAK Business Consultancy Services assist them to do the online registration procedures of Partnership firms under EGROOPS.
The act describe the ‘Partnership Firm‘ and ‘Partner of a Partnership Firm‘ as
"Partnership" is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. Persons who have entered into partnership with one another are called individually, "partners" and collectively "a firm", and the name under which their business is carried on is called the "firm-name"
Characteristics of Partnership Firm in India
The minimum number of partners require to form a Partnership firm business is 2. Maximum number of partners in a partnership firm is 100. A Partnership firm has no separate legal entity from its partners. Every partner has unlimited liability in a partnership firm. Partners personal assets are legally liable against the Partnership debts and liabilities. The registration of Partnership deed is not mandatory by rules. In Partnership business, a partner cannot transfer his interest without the consent of other Partners. A partnership firm have no perpetual succession, which means any change in membership, death or retirement will affect the existence of the Partnership firm. So, any such change will cause the reconstitution of a Partnership Deed.
Why Partnership Firm?
Most of the individuals who wish to do business by groups opting Partnership Firm because of its limited legal compliance’s and easy to manage. The legal compliance and professional administration cost are comparatively less with compare to Private Limited Company and LLP. Partnership firms are governed by concerned state departments, so the registrations procedures are controlled by the State Government. Now Registration procedure of a partnership firm is simplified by the State Governments to promote the trade and commerce in the Country. Registrar of Firms, Kerala, is the competent authority to control and regulate the Partnership Firms in Kerala. Partnership firm registration online procedure in Kerala will come under the control of Registrar of Firms, Kerala.
Benefits of the Partnership Firm
- Easy to Register : Partnership firms are easy to formulate with less legal procedures. Partnership firms can start the business immediately after entering the partnership deed. Online Partnership firm registration is now facilitated under the portal EGROOPS maintained by Registrar of Firms, Kerala.
- Simple Name Selection Procedure : Partnership firms are simple form of business to start as groups. Name selection of partnership firm is very simple. We can use any name for a partnership firm otherwise than by a complicated search.
- No Statutory Audit / Annual Return : Like Private limited company / Public limited / LLP, a Partnership firm doesn’t have any statutory audit except the Income Tax Audit. No annual audit or annual return filing by Registrar of Firm’s. Tax audit is applicable for firms whose turnover exceeds the income tax threshold limit.
- Less legal compliance’s : Compare with ROC Registered business, Partnership business have less legal compliance’s.
- Sharing of Risk : Partnership firm enables risk sharing between the partner’s. That means the entire liability of partnership firm will not come to a single Partner otherwise stated in the deed.
- Presumptive Tax Filing Scheme : Partnership firms can avail the benefit of Presumptive Tax Return Filing Scheme under Income Tax Act 1961. Income Tax Return Filing is mandatory for all Partnership Firms. Get find support from us to file Business tax return of your partnership business. The income tax percentage for Partnership firm is flat 30% plus applicable Cess and Surcharge.
- Partnership firm may have registered or unregistered
EGROOPS – Partnership Firm Registration Procedure in Kerala
In Kerala, Partnership firms are register under “The Registration Department of Kerala (Registrar of Firms, Kerala). The online application form for registration of Partnership firm is FORM 1. Now, the Form 1 is submitted through online through EGROOPS portal. For firms and society registration, the department introduced new portal for its ease of doing business and registration in Kerala is ” EGROOPS “. Electronic Governance for Registration of Partnership Firms and Societies (EGROOPS) is the official website for online Registration of Societies and Partnership Firms in Kerala.
EGROOPS is developed by the Center for Development of Imaging Technology (C-DIT) for the easy registration of Partnership firms and Societies to the public in Kerala. The Registration fees of partnership firms in is Rs. 500 only. The applicant can pay the challan amount through Online/ Demand Draft/ Money Order. From October 7, 2019 onwards only E- Payment is accepted by EGROOPS.
The Communication address of EGROOPS / Registrar of Firms Kerala is
Inspector General, Department of Registration, Vanchiyur P.O, Thiruvananthapuram, Kerala – 695035 E-Mail : [email protected], Phone :0471-2472118, 2472110
In Egroops we can do :
- New Partnership Firm Registration / Amendments in Partnership Firms
- New Society Registration / Amendments in Society
- Search Partnership Firm Registration Status
- Society Registration Status
Partnership Firm Registration Procedure in Kerala
- Partnership firm name search : EGROOPS Portal provides a name search facility to check the availability of preferred Name. Better to avoid the identical name to ensure non rejection of application.
- Partnership Deed Preparation (As per Kerala stamp duty and Registration fees Partnership Instrument of Partnership deed at Rs. 5,000)
- Online Partnership Firm Registration in Kerala under EGROOPS
How to Register a Partnership Firm in EGROOPS ? Detailed step by step procedure of Partnership firm EGROOPS Registration Procedure.
Step 1 : Create a login in Egroops any one partner E-mail id.
Step 2 : After login Click on ” Firm Registration” and fill the details of New Firm and Partner details.
Firm Details to Enter :
- Name of Partnership Firm
- Duration of Partnership Firm
- Principal Place of Business
- Building No. & Address of Business
- Email id & Phone Number
- No. of Partners
Partner Details to Enter :
- Partner Type
- Name of Partner
- Age & Gender of Partner
- Name of guardian
- Relationship with guardian
- Date of Joining
- Address & Phone Number
- Upload Photo, Id Proof & Specimen Signature of Partner
Step 3 : Make the Payment of Rs. 500/- ( Modifications in partnership firm details will charge Rs. 200/- )
Mode of Payment : Online (From October 7, 2019 onwards only E- Payment is accepted by Egroops)
(On receiving payment, you will receive a confirmation message and reference number for future reference, the same will send to the registered mobile number and email ID )