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Process of Forming a Partnership

Process of Forming a Partnership

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Published by: noorirocks on Jun 24, 2009
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07/29/2014

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CORPORATE LAW
PARTNERSHIP FORMATION PROCESS
 
Process of forming a Partnership
Below is a flow diagram which shows the variousstages and the legal paperwork required inorder to form a partnership between two or morepartners. The forms that are required to be filled areattached in the end with reference in order to havea clear understanding of the process.
The Process and Requirements
In Step 1 the form I is obtained from the office of registrar of firms which is on thesecond floor of F8 kacheyri (above the office of SSP). The attested copy of this formis attached at the end. The components of this form are as follows:
Name of the company
Name and details of the Partners
Nature of the business and its location
Initials of partners and witnessesThe second step involves preparing a partnership deed on a stamp paper of Rs.500. For this purpose a sample partnership deed has been obtained. In the nextstep a challan form has been obtained which needs to be filled and deposited to abranch of National bank along with Rs. 500. A challan form has been attached in theend as well. The next few steps require additional paperwork which includes thecopy of lease agreement or the allotment letter of the physical office. The officeneeds to be established in a commercial area. The next step requires attestation of all documents through notary public. For thispurpose the Form I have been attested although it is empty. The last step requiresthe physical presence of partners in the registrar’s office and the process takesthree days.
 Assignment:1Submitted by:Muhammad MohiuddinBaigBBA 2k5 (B)Date: 14-May-09

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