24 January 2009
Partnership Act 1932 says that registration of firms is not compulsory but to get the benefits of registration the firm can be registered with the registrar of firms. Companies act 1956 says that if the in a firm no. of partners exceeds d maximum limit which is 10 for Banking co. n 20 for other firms then d said firm has to get itself registered under the companies act with the ROC otherwise it will b classified as an illegal association (Sec. 11). Can it b concluded that a partnership firm can be registered under partnership act if no. of partners fall within d max. limit. Kindly help.
25 January 2009
Dear sir Thankz for resolving d query. Sir, wht diff. it makes for ny firm to get itself registered either under Partnership act or under companies act? nd how will we differentiate between d two firms. nd sir most firms use Co. aftr their name, is this so because they are registered under Companies act and d one registered under Partnership Act uses d word (Registered).
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