Firm Registration under Partnership
The name for the firm registration under which the business is carried on, May be recorded with the registrar of partnership firms.
Is registration of a partnership compulsory?
The Partnership Act of 1932 does not make it compulsory for the firms to be registered. however, if a firm wants to avail the benefits of the registration, it can do so by filling a statement on the prescribed form and depositing the required registration fees.
How registration is done?
The whole process of registration is divided into two parts
Submission of a Statement/Application
Application for registration of the firm is submitted to the registrar on a prescribed printed form. the statement is to be signed by all the partners it contains the following particles about the firm.
- The name of the firm
- The place of the firm
- The names of any other places, where the business firm carries on business
- The partner’s dates of joining the firm
- The name in the full and permanent address of the partners
- The duration of the firm
Certification
The application is submitted to the registrar if he is satisfied with the information supplied, the registrar record the name of the firm in the register. the certificate of registration is issued to the partners.
Dissolution of a firm
Dissolution of the partnership firm is the closure of the partnership business. if one partner of a firm dies or retires mad or insolvent, the remaining partners may agree to continue the firm under the same name. The remaining partners may purchase the share of the outgoing or deceased by assigning a fresh agreement.
Modes of dissolution of a firm
Dissolution by Agreement: A partnership is created by agreement, similarly it can be dissolved by an agreement at any time.
Dissolution by notice: When the partnership business has no fixed time or it is at will, it can be dissolved by giving written notice to all the partners from any one partner.
Dissolution by Court: A partner has become of unsound Mind or a partner permanently becoming incapable of performing his duties or a partner found guilty of misconduct in the affairs of the business or a partner without the consent of the Other partners has transferred the whole of the interest to a third party.
Compulsory Dissolution: When all the partners are declared insolvent or if the business of the firm is against public interest and is declared unlawful.
Contingent Conditional Dissolution: on the expiry of the period for which the firm partnership was established or on the completion of the specific object for which the firm was established.
Application for registration to Registrar about the Partnership
Attach the following documents with it:
Partnership deed
Registration Form (Form #1)
Challan Form (Form 32A)
