Basics of Partnership Registration
To create a partnership firm, partners must sign a partnership deed, which is also known as a partnership agreement. The stamp duty imposed on partnership agreements/deeds varies by state. As a result, when drafting a partnership instrument (Deed), the partners must acquire stamp paper of suitable value, as determined by the state, to be attached to the agreement. You can also have the agreement notarized. The Partnership Act of 1932 does not require the registration of a partnership firm. Non-Registration, on the other hand, has a specific impact under Section 69 of the act. An unregistered firm is not allowed to recover more than Rs. 100, according to Sectio 69. As a result, we strongly advise you to register your partnership with the Registrar of Firms ( ROF).