registration of firms

8/3/2019 Registration of Firms

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Kartik Akalwadi11HM13



MISCELLANEOUS PROVISIONS AS

REGARDS REGISTRATION.

• Any alteration in the registered firm has to be

brought into notice to registrar

• Penalty or imprisonment for false particulars.

• Rectification of mistakes.

• Amendment of register by order of court.

• Inspection of register and filed documents.

• Grant of copies.



REGISTRATION OF FIRMS IS

OPTIONAL.

o Suits between partners and firms.

o Suits between firm and third parties.

o Claim of set – off



PARTNERSHIP DEED

Name of the Firm

Full names and addresses of the partners

Name of partnership business

The town and place where business is carried

on

The commencement and duration of

partnership All details to the amount of capital contributed

by each partner

The proportion in which profits and losses are

to be shared.



The duties, powers and obligations of allpartners

Loans and advances by partners and interestpayable there on.

The amounts that can be withdrawn by partners and the rate of interest

Rate of interest if any allowed on capitalcontribution

Salary, if any payable to the partners formanaging the firm

Maintenance of accounts and audit



PARTNERSHIP AGREEMENTS AND

CONTRACT LAW Free consent

Legal purpose Capacity

Writing



Rights of Partners

To take part in the conduct of the firm’s business.

To express his opinion on any matter, but in case

of difference of opinion regarding ordinary

matters of the business, he is bound by the

majority decision.

To have access to and inspect and copy any of the

books of the firm. To share equally in the profits



To resist the introduction of a new partner. No

new partner can be introduced into the firm

unless all the partners consent thereto.

To seek retirement from the firm. A partnermay retire with the consent of other partners

or as per the agreement.

To share subsequent profits as on outgoing

partner



Duties of Partners

To work for common advantage.

To be just and faithful

To render true accounts

Duty to give full information

To indemnify for fraud

Not to assign his rights

To be liable jointly and severally



Firms property It is necessary sometimes to distinguish the

joint property of the partners from thepersonal property of the partners.

For example, on the dissolution of firm, the

firm’s debts are first paid out of the joint assets

of the partners. Also, firm’s property can be

used only for the purposes of the business of

the firm. A partner cannot treat the firm’s

property or a part thereof as his own.

Furthermore, some personal property of one or

more partners may be employed or used for

the purpose of the firm.

registration of firms

Documents