Updated: Sep 19
Partnership firms are the most popular form of business constitution that have been seen in Indian economy. The other types of business in India are Proprietorship, Private Limited Company, Public Limited Company, HUF and Limited Liability Partnership. Every Partnership firms formed in India are as per the guidelines of "The Indian Partnership Act, 1932 ". All partnership business registrations in India will come under the preview of this Act, even if partnership firms are registered under the State Governments. Partnership business must have two or more partners, we can't create a Partnership firm with single partner. In Kerala, EGROOPS managed by Registrar of Firms, is the official online platform to register Partnership business.
The act describe the Partnership and partner 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 in a Partnership business in 2 and maximum number is 100 (previously it is 50). A Partnership firm has no separate legal entity from its partners. So, each partner has unlimited liability and partners personal assets also have legal liability against the Partnership debts and liabilities. All partners in the firm have entitled to take part of the management unless otherwise stated in the Partnership Deed. The registration of Partnership deed is not compulsory, but only the registered deed have validity before law when a dispute arise. In Partnership business, a partner cannot transfer his interest without the consent of other Partners.
Why Partnership Firm?
Partnership Firm is one of the simplest form of doing business in group compared to Private Limited Company and Limited Liability Partnership. Both the Company and LLP have lot of monthly / annual compliance's and audit required. Partnership Firms in India have only limited compliance's and can manage easily with less cost of administration. 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. In State of Kerala, Registration of Partnership Firms are come under the preview of Registrar of Firms Kerala.
Benefits of Partnership Firm
Easy to Register : Partnership firm is very easy to form and not much have any legal formalities. Partnership business can start business immediately after entering the partnership deed.
Simple Name Selection Procedure : Partnership firm are simple form to start a business in group. So they can easily select a Name for the Firm , but conscious about Trademark or Copyright registered names.
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.
Less legal compliance's : In compare with ROC Registered business, Partnership business have less legal compliance's. So, partnership firm have a ease of doing business.
Sharing of Risk : Partnership firm enables risk sharing between the partner's. So the entire liability not come under one Partner.
Presumptive Tax Filing Scheme : Like individual, Partnership firms can also avail the benefit of Presumptive Tax Return Filing Scheme of Income Tax Act 1961. So, the partnership firms eligible for Sec 44 AD, cannot keep book of Accounts. Income Tax Return Filing is mandatory for all Partnership Firms Registered in India. Get find support from us to file Business tax return of your partnership business. The income tax percentage for Partnership firm is flat 30%.
Partnership firm may have registered or unregistered
In Kerala, Partnership firms are register under "The Registration Department of Kerala (Registrar of Firms, Kerala). The Application Form for Registration of Partnership firm is FORM 1. Now, the Form 1 is submitted through online at EGROOPS. 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 : firstname.lastname@example.org, 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
We can also update all the changes in the Partnership business like change in major clauses of Partnership deed, Change in Partners, Change in firm and Partner's address etc. Every firm registered in egroops from 2019 have to file their changes in partnership must file through online.
Partnership Firm Registration Procedure in Kerala
Partnership firm name search : Search the name of a partnership firm or Society in EGROOPS Portal by both First Name and E Mail. 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)
How to Register a Partnership Firm in Egroops ?
Step 1 : Create a login in Egroops by one 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 :
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/-
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 )
Step 4 : Attestation of application with the registered Attesting officer.
Step 5 : Review of Application by the Concerned Authority and Issue the "Acknowledgement of Registration of Firm".
Do you require Attestation Support at EGROOPS ! Get assistance from Ourtaxpartner.com to register / attest a partnership firm in EGROOPS. Contact us at +91 949 635 3692.
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