REGISTRATION AND DISSOLUTION OF A FIRM In this Unit, we will understand the effect of registration of a firm upon the rights of partnersâ€™ inter-se and the rights of the third parties. We will also be looking at the various circumstances when a firm is dissolved and the consequences and the effect of the dissolution upon rights and liabilities of various parties. We will be covering the following key parameters:
Registration means getting the partnership registered with the Registrar of the firm of the area in which the place of business of the firm is situated or proposed to be situated. Chapter VII of the Indian Partnership Act, 1932 deals with registration of firms. Sections 56-71 contain different provisions regarding registration of firms. The registration of a firm may be effected at any time by sending by post or 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 the prescribed fee (Section 58) stating,â€” (a) the firm name, (b) the place or principal place of business of the firm, (c) the names of any other places where the firm carries on business, (d) the date when each partner joined the firm, (e) the names in full and permanent addresses of the partners, and (f) the duration of the firm. The statement shall be signed by all the partners, or by their agents specially authorised in this behalf.
a) An application in the prescribed form with the prescribed fee and necessary details is delivered to the Registrar b) The Registrar given an acknowledgement of receipt of application c) The Registrar gives it final certificate of Registration d) A period of one month lapses after the application as in a) above is submitted to the Registrar However, Registration is deemed to be complete as soon as an application in prescribed form with prescribed fees and necessary details concerning the particular of partnership is delivered to the Registrar. Example-ABC a partnership firm was constituted on 01.04.2015. On 25th April the partners resolved to get the firm registered with the Registrar of firm. The firm prepared the necessary documents for Registration on 26th April which was signed on 28th April. They sent the documents to the Registrar office on 30th April by registered post which was received in the Registrar office on 4th May 2015. The firm will thus be deemed to have been registered on 30th April.
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