Every business needs a bank account to conduct their business. A current bank account offers several advantages. Therefore, knowing the procedure for Partnership Firm Bank Account Opening can help you significantly. Now, you need not visit the bank’s branch. You can open the current bank account online from your home or office. Furthermore, this current bank account can save your valuable time, energy and money. In this article, you will know the detailed procedure for Partnership Firm Bank Account Opening.
What is a Partnership Firm?
Partnership Firm is a joint business venture between two or more partners. In simple words, a partnership firm registration allows entrepreneurs to come together and operate their business under a separate legal entity.
Partnership Firm also means that partners of the business share the profits and liabilities as per their own agreement. In a partnership firm business partners start working after drafting a Partnership Deed.
In India, a minimum of two partners are required to have a Partnership Firm Registration.
What is a Current Bank Account? Why have a Current Bank Account for Partnership Firm?
The businesses need a Current Bank Account to conduct their business.
A current bank account has a high number of daily transactions. It is specifically suitable and designed for businesses as there are plenty of daily transactions happening.
It can be opened in India in multiple banks. You can also open a current bank account online by contacting us at – 8881-069-069.
You must note that the current account offers the most liquidity but earns no interest. In addition, Current Bank Accounts offer overdraft facilities. Lastly, there are generally no restrictions on number of transactions that can be done.
Benefits of Current Account for Partnership Firm
- There is no limit on transactions.
- For a single partnership firm, you can open multiple current bank accounts.
- There is no limit on withdrawals and it is easier for partners to make direct payments.
- You get the overdraft Facility.
- It can assist you in paying wages to laborers easily.
- No limit on deposits in the home branch.
- Avail Small Business Loan and create a good credit history by paying it on time.
What is the Procedure for Partnership Firm Bank Account Opening?
Procedure for Partnership Firm Bank Account Opening is very simple. You only have to provide us the following documents:
- PAN Card of Partnership Firm
- Partnership Deed
- Identity Proof and Address Proof of all the partners
- Address Proof of all the Partnership Firm
- Registration Certificate of Partnership Firm if you have
- Latest Electricity Bills or Water Bills or Telephone Bill (Latest three months)
- Authorization Letter for authorizing a partner as an authorized signatory for the Partnership Firm Bank Account.
Other Partnership Firm Bank Account Opening Documents
You might need to provide some other documents as per your business type to open a Partnership Bank Account.
- GST Registration
- Import Export Code
- Trade License
- EPF Registration
- Startup India Certificate
- Factory Registration
You can consult us for document preparation and hassle-free bank account opening. Our Procedure is completely online and you will not need to visit your bank branch and struggle yourself for application submission.
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