Partnership Firm Reconstitution
Partnership firm reconstitution refers to the process of changing the partner structure of a partnership firm. It can occur due to the admission of new partners, retirement of existing partners, expulsion of partners, or any other change in the partner structure.
The process for partnership firm reconstitution involves the following steps:
Execution of a Supplementary Partnership Deed: The existing partners of the partnership firm must execute a supplementary partnership deed to reflect the changes in the partner structure. The deed must be signed by all the partners and stamped as per the applicable stamp duty rates.
Update of PAN Card and GST Registration: The PAN card and GST registration of the partnership firm must be updated to reflect the changes in the partner structure.
Update of Bank Accounts: The bank accounts of the partnership firm must be updated to reflect the changes in the partner structure.
Update of Business Registrations: The business registrations, such as Shop and Establishment Act, Professional Tax, and other registrations, must be updated to reflect the changes in the partner structure.
Update of any other registrations: Any other registrations, such as Trademark, Copyright, and Patent registrations, must be updated to reflect the changes in the partner structure.
The following documents are required for partnership firm reconstitution:
- Supplementary Partnership Deed
- PAN Card of the partnership firm
- GST Registration Certificate of the partnership firm
- Bank account update request letter
- Business registration update request letter
- Any other document required by the authorities
The time required for partnership firm reconstitution depends on the efficiency of the partnership firm and the time taken for updating the PAN card, GST registration, bank accounts, business registrations, and any other registrations. Typically, the entire process can take between 15 to 30 days from the date of execution of the supplementary partnership deed.