Partnership Firm Registration in Bangladesh:
In Bangladesh one can run business in any of the following ways. Such as 1) Public Limited Company, 2) Private Limited Company, 3) Brach Office, 4) Liaison Office, 5) Proprietorship and 5) Partnership Firm. In this article we have briefly discussed the Partnership Frim Registration Procedure in Bangladesh.
In general a Partnership is a form of business where two or more people share ownership, as well as the responsibility for managing the company and the income or losses the business generates. In Bangladesh Partnership Firms are formed under the provisions of the Partnership Act 1932.
Partnership Act 1932 defines the term Partnership as “Partnership” is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.
Persons who have entered into partnership with one another are called individually “Partners” and collectively “a Firm”, and the name under which their business is carried on is called the “Firm name”.
Registration Authority: In Bangladesh The Registrar of Joint Stock Companies and Firms (RjSC) is the sole authority to Register Partnership firms. However registration of Partnership Firms are not mandatory in Bangladesh. Section 69 of the Partnership Act stated the effect of Non Registration of the Partnership firms.
Registration Procedure: In Bangladesh a Partnership Firm have to be registered with RJSC. The registration process includes the following steps such as 1) Name Clearance and 2) Registration.
Time: Generally to register a Partnership Firm it takes 3-5 working days.
Required Documents: To register a Partnership Firm the following documents are required:
- Proposed Name
- Partnership Agreement or Deed
- Form I
- Details of the Partners (NID, Tin and Photo)
- Registered address for the firm
- Share Percentage of the Partners