Let me know rgarding the registration of partnership firm
- 1 Answers
- 2008 Views
- Wipro, I also Faced
- E-Mail Answers
Answer Posted / murali krishna
Partnership firms in India are governed by the Indian Partnership Act, 1932. While it is not compulsory to register your partnership firm as there are no penalties for non-registration, it is advisable since the following rights are denied to an unregistered firm:
• A partner cannot file a suit in any court against the firm or other partners for the enforcement of any right arising from a contract or right conferred by the Partnership Act
• A right arising from a contract cannot be enforced in any Court by or on behalf of your firm against any third party
• Further, the firm or any of its partners cannot claim a set off (i.e. mutual adjustment of debts owned by the disputant parties to one another) or other proceedings in a dispute with a third party.
Registration Procedure: A partnership firm can be registered whether at the time of its formation or even subsequently. You need to file an application with the Registrar of Firms of the area in which your business is located.
• Application for partnership registration should include the following information: – Name of your firm – Name of the place where business is carried on – Names of any other place where business is carried on – Date of partners joining the firm – Full name and permanent address of partners. – Duration of the firm
• Every partner needs to verify and sign the application
• Ensure that the following documents and prescribed fees are enclosed with the registration application :
– Application for Registration in the prescribed Form – I
– Duly filled Specimen of Affidavit – Certified copy of the Partnership deed
– Proof of ownership of the place of business or the rental/lease agreement thereof It may be noted here that the name of your partnership firm should not “contain any words which may express or imply the approval or patronage of the government except where the government has given its written consent for the use of such words as part of the firm’s name”. Once the Registrar of Firms is satisfied that the application procedure has been duly complied with, he shall record an entry of the statement in the Register of Firms and issue a Certificate of
| Is This Answer Correct ? | 0 Yes | 0 No |
Post New Answer View All Answers
How Can Pass Credit Limit Entry If We Take Limit Of BANK I Maintain Of Account In Tally.ERP9 Than We Create Bank Ledger of Which Under
whether financing to Bulk Milk Coolers comes under CMA under Agriculture or Non Farm Sector
What are the benefits ofparticipation in a depository?
Expand---------MNOP
We are working as Merchant Exporter. My Question is can we Sale the products against 'H' Form to the Exporter after purchasing the material against 'C' Form? Or only Manufacturer can make sale against 'H' Form.
Depreciation method to using Indian company names
Difference Between Revenue & Capital Expenditure (Give an Example of each )
Three steps for correction in BRS?
what is futures and options?
Short Answer on __________Trade
What is Hot Issue Income for Hedge Funds?
1.tell about urself? 2.wt is BRS? 3.VAT? 4.Golden principle of accounting?
why are you selecting for the profitbulity analysis costing based& active based
If DEBT/EQUITY ratio 2:1, is to good or bad for a company? how...??? can u explain it...???
What is the rule on a school who will be handled by anither school? How do I calculate the royalty per year to the school who will supervise a new school
