Persons who have entered into partnership with one another to carry on a business are individually called “Partners“; collectively called as a “Partnership Firm”; and the name under which their business is carried on is called the “Firm Name” A partnership firm is not a separate legal entity distinct from its members.
To meet the day-to-day problems occurring in the partnership business in India, The Indian Partnership Act, 1932 was introduced. Partnerships in the State of Rajasthan are governed by the Rajasthan Partnership Rules, 2017 formulated under the said Act. Partnership is the relation between persons who have agreed to share the profits of a business carried out by all or any of them acting for all.
There are two types of partnership firms, registered or unregistered partnership firms. It is not compulsory to register a partnership firm; however, it is advisable to register a partnership firm due to added advantage like:
• A partnership is easy to form as no cumbersome legal formalities are involved.
• A partnership firm is not required to file its annual account with their Registrar each year unlike a Limited Liability Partnership or Company.
• Bank account can be opened in the name of a partnership firm.
• A partnership firm can be registered either at the time of its formation of even subsequently.
Process for Online Application
• Applicant has to first get registered on the SSO portal. Applicant will get SSO Id and Password to login the portal.
• Applicant has to login the SSO portal using this Id and Password.
• After getting logged in SSO portal, applicant has to click the RoF icon.
• The applicant can then select the service i.e. registration/application for amendments.
• After filling all necessary information in subsequent stages, the form has to be submitted online by the applicant.
• To Apply Online through SSO Portal click on https://sso.rajasthan.gov.in.
Then Draft Partnership Agreement.