Partnership Firm

Acc to sec 4 of the partnership Act 1932 Partnership is the relation between persons who have agreed to share the profits of business carried on by all or any of them acting for all .Persons who have entered into partnership with one another are called individually "partners" and collectively called "Partnership firm" and the name under which the firm is carried, which is called partnership firm name.

Partnership Firm Registration

Though registration of firm is not compulsory but partners usually go for registration because consequences of non registration are very severe and detrimental to their interest. The registration of the firm may be effected at any time by sending or by 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 prescribed fee stating the firm name ,the place or principal place of the business of the firm ,the names of any other places where the firm carries on business ,the date at which each partner joined the firm ,the names in full and permanent addresses of the partners and the duration of the firm. The statement shall be signed by all the partners, especially authorized in this behalf .When the Registrar is satisfied that the provisions have been duly complied with he shall record an entry of the statement in the register called Register of firms, and shall file the statement. Registration of the firm takes effect from the date of entry in register of firm.