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in Forms of Business Organisation by (35.1k points)
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I am on the look for a few persons who are ready to invest both their skills and money because I believe collective efforts are more fruitful and least bothered about the extent of liability. 

(a) What type of business organization is suitable for me? 

(b) Explain the procedure in the formation of this business.

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(a) Partnership

(b) Registration of partnership 

According to Indian Partnership Act 1932, registration of a partnership is not compulsory, it is optional. However, they can register with the Registrar of firms of the state in which the firm is situated. 

Procedure for Registration: 

1. Submission of application in the prescribed form to the Registrar of firms. 

The application should contain the following particulars:

  • Name of the firm 
  • Location of the firm 
  • Names of other places where the firm carries on business 
  • The date when each partner joined the firm 
  • Names and addresses of the partners 
  • Duration of partnership.

This application should be signed by all the partners. 

2. Deposit of required fees with the Registrar of Firms. 

3. The Registrar after approval will make an entry in the register of firms and will subsequently issue a certificate of registration. 

The consequences of non-registration of a firm are as follows : –

1. A partner of an unregistered firm cannot file suit against the firm or other partner. 

2. The firm cannot file a suit against the third party. 

3. The firm cannot file a case against its partner.

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