Partnership is a relationship between persons who have agreed to share profit of business carried on by all or any of them acting for all.Persons who entered into Partnership are called partners individually and collectively called as Firm.
Registration of Firm :
The registration of firm is optional ,not compulsory.It is better to register firm as soon as possible as it is formed.There is no penalty for non registration.
Effects of non- Registration of a firm :
Suit by partner
Suit by Firm
Suit by Third party
No right to set off
Procedure of Registration of a firm :
Appointment of Registrar
Application of Registration
Contents of Application
Satisfaction of registrar and Registration Certificate
Change in particulars