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What is notary

anwesha marwah (student) (44 Points)

07 October 2015

Hiee to every one.

Can any one describe me what is notary and why it is done in terms of any legal work or for which legal it is required.

Also what is franking and stamp paper/duty and why is it done. I am unaware of this.

If any body want to form a partnerhip firm does such thing reuired.

I will be thankful for any body help me in this.

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2 Replies

RAHULSMITTAL (Partner, V Mittal & Co) (252 Points)
Replied 07 October 2015

Notary is in the nature of registeration of details to the government. Stamp duty is like a tax to state government. If, you want to get your partnership registered. You need to write partnership deed on stamp paper and notarise it. Then, you can also register it with registrar, it is a choice. yes, you can even have partnership without a written deed. It lacks legal entity. You cant sue anyone in this case on the name of partnership firm. So, it always recommended to write a partnership deed on a stamp paper and get it notarised.

CA Srikanth Yadav (Chartered Accountant) (3162 Points)
Replied 07 October 2015

Notorisation of the document means signing the document in front of the Notary. It assures the parties of a transaction that a document is authentic.

Franking is the procedure to stamp duty, you may either buy stamp papers of that particular value or get it franked. (You might have done the same for your CA Articleship registration)

A partnership firm can be formed even based on an oral agreement. However, in order to avoid any unpleasant situations in the future, it is advisable to ensure that the agreement is in written form. And for the purpose of the registration of the partnership firm, you need to get your partnership agreement notarised and also franking/stamp duty is necessary.