Partnership Firm Registration — Post-Registration Compliance Guide
Once your Partnership Firm is registered with the Registrar of Companies (ROC), ongoing compliance becomes critical to maintain legal standing and avoid penalties. In India, a partnership firm must file annual returns within six months from the end of its financial year, typically by April 30th for most firms. Failure to adhere to these timelines can result in heavy fines under Section 456B of the Companies Act (applicable via ROC rules) and potential blacklisting.
Before you start
- Validly executed Partnership Deed
- PAN Card and TAN Certificate issued by NSDL/UTIITSL
- Current bank account in the firm's name with cancelled cheque
Step-by-step
File Annual Return (Form AOC-4)
Submit Form AOC-4 containing balance sheet and profit & loss accounts to ROC within six months from the financial year end. This is mandatory even if no business transactions occurred during the year.
File Statement of Accounts (Form MGT-7)
Alongside AOC-4, file Form MGT-7 to disclose details about directors and shareholding structure. Ensure all partner signatures are verified digitally via DSC or Aadhaar OTP.
Maintain Statutory Registers
Keep physical or digital registers for partners' names, capital contributions, profit-sharing ratios, and minutes of meetings as per the Partnership Deed. These must be available during any ROC inspection.
File GST Returns (GSTR-3B & GSTR-1)
If registered under GST, file monthly or quarterly returns depending on turnover thresholds. Late filing attracts late fees and compounding charges under Section 74 of the CGST Act.
Pay Professional Tax (if applicable)
Partners residing in states with professional tax must ensure timely payment via state portals like PT-01. Non-payment leads to disqualification from holding office as a partner.
Common mistakes to avoid
- Failing to file AOC-4 within the six-month window, leading to default status.
- Not updating ROC with changes in partners or capital contributions via Form INC-28/INC-31 equivalents for firms.
- Ignoring GST registration cancellation requirements if business ceases operations.
Frequently asked questions
What happens if I miss the April 30 deadline?
You will attract late fees under Section 456B of the Companies Act. The penalty can range from ₹1,000 to ₹2,000 per day for every month of delay until rectification.
Do I need a CA if my firm has no income?
Yes, even with zero turnover, you must file AOC-4 and MGT-7. While fees may be minimal, professional guidance ensures accurate formatting of financial statements.
Can I change the partnership deed after registration?
You can amend the deed via a supplementary agreement filed with ROC using Form INC-28 (for firms treated under Companies Act provisions). This requires partner consent and notarization.
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