registration of firms
TRANSCRIPT
8/3/2019 Registration of Firms
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Kartik Akalwadi11HM13
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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.
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REGISTRATION OF FIRMS IS
OPTIONAL.
o Suits between partners and firms.
o Suits between firm and third parties.
o Claim of set – off
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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.
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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The amounts that can be withdrawn by partners and the rate of interest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
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PARTNERSHIP AGREEMENTS AND
CONTRACT LAW Free consent
Legal purpose Capacity
Writing
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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
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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
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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
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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.
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