Documents required for Firm Registration

Introduction

The incorporation of a business involves several formalities in law, one of which is the preparation and filing of key documents. These documents are crucial for establishing the legal identity of the company, whether it is formed as a sole proprietorship, a partnership, or a limited liability partnership (LLP).

Documents Required for Firm Registration

The reasons for firm registration are to ascertain whether you are conducting your business in a legitimate way and whether you are adhering to all the rules and regulations that the government has set up.

Below are the documents needed for firm registration, one after one, for each distinct structure of businesses in India.

Sole Proprietorship Registration

Registration Process: A sole proprietorship is the simplest form of business, and the process of registration itself is pretty simple. 

Though there is no particular registration for a sole proprietorship, some specific documents are asked to open a current bank account or apply for any license, if needed.

1. PAN Card of the Proprietor
2. Aadhar Card or any government-issued identity proof
3. Bank account details in the name of the sole proprietor
4. Registered office address proof, which may be
5. Utility bill (electricity, water, etc.) not older than two months
6. Rent agreement if the property is tenanted
7. Property documents, in case of ownership.
8. Shop and Establishment Certificate, if applicable
9. GST Registration, if applicable

Proprietorships can also apply for MSME registration, also known as Udyam Registration, which provides the beneficiaries of such businesses various government schemes.

Partnership Firm Registration

A partnership firm is constituted when two or more persons aggregate themselves together for the purpose of forming and carrying on an enterprise of business and where there is a contributory capital and share in its profit. Although registration is not obligatory, it is so highly recommended so that future disputable issues can be avoided.

The documents required are as follows:

1. Partnership Deed: This is an agreement between the partners, which highlights the way the profit should be shared, each partner’s roles and responsibilities in the firm, and even the terms of the agreement.
2. PAN Card of the partnership firm: After drafting the partnership deed, the firm has to apply for a PAN card in its name.
3. All partner’s PAN Cards and ID proof: Identity proof submitted by each partner could be:
   1. Aadhar card
   2. Voter ID card
   3. Passport or driver’s license
   4. Address proof of the partnership firm, such as 
   5. Rent agreement (if rented)
   6. Utility bills (electricity, water, etc.)
4. N.O.C. from the landlord (if the business is carried on from rented premises).
5. Proof of place of business: Any document showing the business location.
6. Bank account: Details of the firm’s current account.
7. GST Registration: Where turnover crosses the threshold limit in an accounting year.
8. Registration Certificate from Registrar of Firms, if registration is made.

Registration under Limited Liability Partnership (LLP)

An LLP would possess characteristics of both a partnership as well as a private limited company. 

Partners in an LLP would enjoy the benefit of limited liability, and they would also have all rights of a partner. LLPs are compulsorily required to be registered, and registration of an LLP is administered by the Ministry of Corporate Affairs.

The documents required are as follows:

1. PAN card of all nominated partners.
2. An address proof of partners, which may be any one of the following-

1. Aadhar card
2. Voter ID
3. Passport
4. Driver’s license

3. Registered Office Address Proof:
   1. Utility bill related to electricity, gas, and so on of registered office
   2. Rent agreement or NOC issued by the owner of the property if the office is rented
   3. If the office is owned, then the documents of ownership in the name of the proprietor
4. DIN of designated partners
5. DSC of partners. It has to be filed online at MCA.
6. LLP Agreement : It is a statutory agreement between the partners that prescribes the rights and liabilities of the partners
7. Evidence of LLP Name: Evidence of the approved name of the LLP is required through a certificate from the Registrar of Companies that the desired name is available.

Other documents if required

1. Incorporation Form (FiLLiP): This is the actual application for incorporation submitted by the promoters/ applicants to MCA to register the LLP.
2. Subscribers’ sheet: All partners put their signatures to adopt the LLP.

Private Limited Company Registration

A private limited company is a sophisticated structure with protection for limited liabilities and separate legal entity status. Private limited companies are filed at the Ministry of Corporate Affairs, which performs the actual registration according to the Companies Act 2013.

The documents required are as follows:

1. DIN: Every director has to obtain a DIN, and he can even apply for it with incorporation.
2. DSC: Every director and shareholder is to be included on a DSC before any e-filing with the MCA
3. MoA: This is one of the legal documents which underlines the objectives of the company.
4. AoA: Here, you find out the inner structure of the company along with the management.
5. Directors and Shareholders PAN Card ID proof of Directors and Shareholders, which can either be Passport, Voter ID, DL Address proof of the registered office:
   1. Utility bills (electricity, water, gas) are not more than two months old. 
   2. Rent Agreement or NOC from owner, if office rented. 
   3. Ownership documents of the property, if any Proof of Business Address Company Name Approval Letter from the Registrar of Companies.

Conclusion

Registration of a company in India is the very first legal process to get the setup of a company in the country that gives your company legitimacy and fresh new ways of growth and funding. 

The documents required for firm registration depend upon the nature of the business entity you plan to register, such as a sole proprietorship, partnership, LLP, or a private limited company.

It will prove to help ensure that all the documents required are in place in order to keep the process of registration brisk and your business from the very start compliant with the law.

If you need assistance with Converting an LLP into a Private Limited Company, registering a Section 8 Company, Public Limited Company, or Private Limited Company, or need assistance with checking company name availability, reach out to Lawgical Adda for expert guidance. Contact us today!
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