Various types of business exist in Bangladesh. One of them is Partnership Firm and others are Proprietorship and Limited Company. A Partnership Firm is formed under the provision of the Partnership Act 1932. RJSC (The Registrar of Joint Stock Companies and Firms) is the sole authority to Register Partnership Firm in Bangladesh. For Partnership Registration in Bangladesh the various steps which should be followed are hereby discussed.
When two or more especially minded persons or professionals want to start a business, they can enter into a voluntary agreement with the intention of making and sharing profits among themselves, such type of business is called Partnership Business. For forming a Partnership Business minimum two and maximum twenty people can be included. Now days for opening a Bank Account for Partnership Business, Partnership Registration from RJSC is essential. For this many of the unregistered Partnership Business owners go to register their Partnership Firms from RJSC. On the other hand to get some legal facilities Partnership Business Registration from RJSC is mandatory.
Partnership Agreement is well known as Partnership Deed. Usually the following terms and conditions are including in a Partnership Deed:
A partnership firm can be registered at the time of creation or even subsequently. An application should file to the RJSC where following information should include:
It is suggested that one should register his/ her existing Partnership Firm at the earliest for avoiding unexpected circumstances. Also if one wants to start a new partnership firm he/ she must obtain Registration from RJSC in Bangladesh.
For the nature of business start-up capital fund by the partners, so the more partners, more capital they can invest into their business, which will permit more flexibility and more potential for progress.
A partnership firm is usually easier to register, run and manage. For partnership firms Rules and Regulations are not strictly regulated than companies. As long as all the partners can agree, they run their business as they like.
Every partner brings new ideas and skills to a business. It is easier to make a decision for solving a problem because of more brains to think about it. Every partner can share their duties and responsibilities for the business.
After completing Partnership Registration in Bangladesh to start operation your business you should get the following documents:
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