Question

Registration of a firm under the indian partnership act 1932 is

Answer 1

The Process of Registering Indian Partnership Act, 1932

The primary initiative regarding the process of registration or incorporation of partnership firm is to forward an application filling Form No. 1. As per the provision of section 58 it should include following details:

The name of the firm.

The full names and permanent resident address of the partners.

The timespan of the firm.

Business the date when each partner effuse to the firm.

The principal place of business transaction of the firm.

The names of any other places where the firm carries its functional obligations.

This undertaking is needed to be signed by all the associate partners, or by their respective agents principally given authority in their behalf.

Secondly, all partners should necessarily solicit their signature application form or their authorised agents in their behalf in the occupancy of a witness who must be Advocate, Gazetted Officer, Vakil or Magistrate of Registered Accountant. If a partner declines to sign the application form, registration cannot happen unless that partner’s name is dribbled.

The application as mentioned above has to be sent to the Registrar at the enumerated address along with the prescribed fees. As per section 71 of Indian Partnership Act, states are authorized to make their own regulations with respect to prescribe the fee structure for registration or incorporation of partnership. However, Schedule I of Indian Partnership act states the at most or maximum prescribed fees that can be charged by the states. As per Schedule I, the maximum registration fees for a statement under section 58 is Rs.525.


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