A partnership firm is an organization that is formed with two or more persons to run a business with a view to earning a profit. Each member of such a group is known as a partner and collectively known as a partnership firm. These firms are governed by the Indian Partnership Act, 1932. A Partnership is one of the most important forms of a business organization, where two or more people come together to form a business and divide the profits thereof in an agreed ratio. A Partnership is easy to form, and the compliance is minimal as compared to companies.
There are three relatively common partnership types: general partnership (GP), limited partnership (LP) and limited liability partnership (LLP). A fourth, the limited liability limited partnership (LLLP), is not recognized in all states. There are often distinct reasons why business owners choose each of these partnership types, which are explained below.
While initiating a Partnership firm registration you need to check if the name is registered already or not. To check whether the Partnership firm is registered or not you can follow the step mentioned below:
Procedure to check if a Partnership firm is registered
Enter your company name and click on “Search”.
The details on the screen will be displayed in three different ways:
- First case
In case you get less than three results, then the message of “High Probability” will be shown, which means there is a huge possibility to get the approval from the government for your company name.
- Second case
While searching for the company name, if the message is displayed as “Moderate Probability” then there are 50% chances for your company name approval.
- Third case
In case more than 8 results are displayed then the message of “Low Probability” will be shown. Here there are very chances for the approval of your company. In such a case, you should choose some other name.
Here in this article, we have understood the easiest process to check the partnership firm is registered or not.
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