Partnership firm

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Christy Abraham

Christy Abraham (Querist)
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08 December 2010 what are the procedures for starting a partnership firm?

Ajay Mishra

Ajay Mishra (Expert)
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08 December 2010 Hi

REGISTRATION OF PARTNERSHIP FIRM
Though registration of firm is not compulsory but partners usually go for registration because consequences of non registration are very severe and detrimental to their interest. The registration of the firm may be effected at any time by sending or by delivering to the registrar of the area in which any place of business of the firm is situated or proposed to be situated ,a statement in the prescribed form and accompanied by prescribed fee stating the firm name ,the place or principal place of the business of the firm ,the names of any other places where the firm carries on business ,the date at which each partner joined the firm ,the names in full and permanent addresses of the partners and the duration of the firm. The statement shall be signed by all the partners, especially authorized in this behalf .When the Registrar is satisfied that the provisions have been duly complied with he shall record an entry of the statement in the register called Register of firms, and shall file the statement. Registration of the firm takes effect from the date of entry in register of firm.
A Partnership firm is required to be registered under section 58 and 59 of the Partnership Act, though it is not compulsory. Every change in the constitution of a Partnership is also required to be registered. But if it is not registered, then there are certain handicaps stated in section 69 of the Act, the main handicap being that a Partnership firm or its partner cannot file a suit against a third party. For the purpose of Income tax benefits it is necessary to register a Partnership will the Department under S. 184 and 185 of the Income Tax Act, 1961. But once a firm is registered then it is not necessary to register it again if there is any change in the constitution of the firm by adding a partner or omission of a partner by death or resignation.

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Christy Abraham

Christy Abraham (Querist)
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09 December 2010 what about partnership deed?

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