LIVE Course for free

Rated by 1 million+ students
Get app now
JEE MAIN 2023
JEE MAIN 2023 TEST SERIES
NEET 2023 TEST SERIES
NEET 2023
CLASS 12 FOUNDATION COURSE
CLASS 10 FOUNDATION COURSE
CLASS 9 FOUNDATION COURSE
CLASS 8 FOUNDATION COURSE
0 votes
66 views
in Business Studies by (60.0k points)
closed by
Explain the procedure of registration of a partnership firm . What are the consequences of non-registration ?

1 Answer

0 votes
by (60.0k points)
selected by
 
Best answer
Procedure of Registration:
A partnership firm can be registered by providing the following information to the Registrar of Firms:
1. The name of the firm.
2. The principal place of the business of the firm.
3. The names and addresses of the partners.
4. The names of the places where the firm has its branches.
5. Date of the commencement of the business of the firm.
6. Dates on which the various partners joined the partnership firm.
7. The duration of the partnership firm. The statement providing the above-mentioned information should be submitted along with prescribed fees and must be signed by all the partners. Registrar shall make an entry of the statement in a register and shall file the statement when he will be satisfied that all legal formalities have been completed.
Effects of Non-Registration: If a partnership firm is not registered, then the firm and partners will have to be deprived of the following advantages:
1. The firm cannot file a suit against the third party.
2. No partner can file a suit against other partners of the firm.
3. The firm cannot file a suit against any partner.
4. A partner cannot file a suit to enforce a right arising from the contract or conferred by the Partnership Act against the firm.
5. Third parties can file a suit against the firm to enforce their rights.,
Rights not Affected by Non-Registration:
Non-registration of the partnership firm does not affect the following:
1. The right of the partner to sue for dissolution of the firm or for accounts of and his share, the dissolved firm.
2. The rights of the firm or its partners having no place of business in India.
3. Suits not exceeding Rs. 100.
4. The power of an official assignee to realise the property of an insolvent partner.
5. Suits arising otherwise than under a contract, for example, a suit against the third party for infringement of trademarks of the firm.

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...