Dissolution and registration of partnership firm

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Dissolution and registration of partnership firm

  1. 1. Registration and Dissolution of Partnership Firm
  2. 2. Registration of a partnership firm Partnership firms in India are governed by the Indian Partnership Act, 1932. While it is not compulsory to register your partnership firm as there are no penalties for non-registration
  3. 3. Procedure for registration The registration of a firm may be effected at any time by sending the post or delivering to the registrar of firms 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, stating:• • • • • • The firm name The place or principal place of business of the firm The names of any other places where the firm carries on business The date when each partner joined the firm The names in full and permanent addresses of the partners The duration of the firm
  4. 4. Effect of Non-registration • Suits between partners and firm • Suits between firm and third party • Claim of set-off
  5. 5. Partnership Deed
  6. 6. • Alteration A statement or intimation is to be sent to the registrar of firm • Penalty for false particulars • Inspection of register of firms and documents and grant of copies • Rules of evidence
  7. 7. Dissolution of a Firm • Dissolution by Court  Insanity of a partner  Permanent Incapacity of a partner  Conduct affecting Prejudicially the business  Breach of partnership agreement  Transfer of Interest of A partner  Loss  Just and Equitable
  8. 8. • • • • Dissolution by Agreement Dissolution by Operation of Law Dissolution on the Happening of Certain Contingencies Dissolution by Notice
  9. 9. Difference between dissolution of partnership and dissolution of partnership firm Dissolution of Partnership Dissolution of Partnership firm Only the agreement is dissolved, no physical disposal takes place The firm is dissolved, by selling off assets and settling liabilities The partners will continue to run the business with a new agreement The partners will discontinue the business Limited effects on the employees or debtors and creditors of the business Since the business is closed down it affects the workers, debtors and creditors of the firm Many dissolutions of agreement can take place during the life of a partnership business Dissolution of the firm can take place only once in the lifetime of a partnership business Admission, Retirement or death of a partner can result in compulsory dissolution of existing agreement None of these events can lead to a compulsory dissolution of the firm
  10. 10. Rights of the partners on Dissolution • • • • • • • • To have business wound up after dissolution Continuing authority of partners for purposes of winding up Mode of settlement of accounts between partners Payment of firm debts and of separate debts Personal profits earned after dissolution Return of premium on premature dissolution Right to restraint from use of firm name or firm property Rights where partnership contract is rescinded for fraud or misrepresentation
  11. 11. Liabilities of Partners and dissolution
  12. 12. Sale of goodwill after dissolution
  13. 13. Incoming and outgoing Partners
  14. 14. Thank you
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