Documents Required for Partnership Registration in India

A partnership firm is a popular business structure in India due to its simplicity and ease of formation. However, to legally establish the firm and open a current bank account, certain documents must be submitted. Below is a comprehensive list of required documents.

1. Documents Required for Partnership Firm Registration

A. Common Documents

1. Partnership Deed – A notarized document outlining the firm’s objectives, partners’ details, profit-sharing ratio, and operational structure.
2. PAN Card of the Firm – Required for tax compliance and business transactions.
3. Address Proof of the Firm – One of the following:
   • Rent Agreement (if rented) along with a No Objection Certificate (NOC) from the landlord.
   • Electricity Bill / Water Bill / Property Tax Receipt (if owned).
4. GST Registration Certificate (if applicable) – Required if turnover exceeds the GST threshold.
5. MSME (Udyam) Registration (Optional) – If the firm wants to avail of government schemes and benefits.
6. Partnership Firm Registration Certificate (if the firm is registered with the Registrar of Firms).

B. Documents of Partners

1. PAN Card of All Partners – Identity proof required for tax and legal purposes.
2. Address Proof of Partners – Any of the following:
   • Aadhaar Card
   • Voter ID
   • Passport
   • Driving License
   • Utility Bill (not older than 2 months).
3. Passport-size Photographs of each partner.
4. Affidavit certifying the correctness of the details in the Partnership Deed and firm documents.

2. Documents Required for Opening a Current Bank Account

To operate a partnership business smoothly, a current account is necessary. Banks typically ask for the following:

A. Basic Documents for Bank Account

1. Partnership Deed – Signed by all partners and notarized.
2. PAN Card of the Firm – Required for account verification.
3. Address Proof of the Firm – Any of the following:
   • GST Registration Certificate
   • Shop & Establishment Certificate
   • Trade License
   • Electricity Bill / Telephone Bill (not older than 3 months).
4. Identity Proof & Address Proof of All Partners – Aadhaar Card, PAN Card, Passport, etc.
5. Beneficial Owner Declaration (Annexure I) – A bank format document declaring ownership details.
6. FATCA/CRS Annexure – For compliance with international financial reporting standards.
7. Initial Funding Cheque – Issued from an existing account for verification.
8. NOC from Lending Bank – If any loan exists, a No Objection Certificate is needed.
9. Authorisation Letter – Signed by all partners, authorizing one or more partners to operate the bank account.

B. Additional Documents (Depending on Bank Requirements)

• Certificate of Registration – If the partnership firm is registered.
• Shop & Establishment Act License – Required for businesses under state laws.
• Import Export Code (IEC Certificate) – If involved in import/export business.
• Letter from CA/CS – Certifying the partnership details (if required by the bank).
• Municipal License / Trade License – If applicable based on business type.

3. Important Considerations

• Registration of Partnership Firm is not mandatory, but it provides legal benefits.
• GST Registration is required if the annual turnover exceeds ₹20 lakh (₹10 lakh for special category states).
• Opening a Bank Account is essential for business transactions, and banks generally require the partnership firm to be registered or have proper documentation.
• Tax Compliance – Firms must file income tax returns annually and comply with GST if applicable.

Conclusion

A registered partnership firm has more legal advantages, including the ability to file suits and claim legal benefits. To ensure a smooth registration process, Saptax Hub LLP offers expert assistance in firm registration, tax compliance, and banking documentation.

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