REGISTRATION OF THE FIRMS OR PARTERSHIP
The registration of the partnership is not compulsory. If the partners so desire they may get their firm registered. The registration of the firm is only a proof of the existence of the firm. It doesn’t provide any legal entity to the firm.
Procedure of Registration:
1. Submission of application form.
i. Name of the business
ii. Nature of the business
iii. Location of the business
iv. Name and address of partners
v. Date of joining of each partner in business
vi. Total capital of the business
vii. Head office of the business
viii. Branches of the business
ix. Signature of the each partner
2. Certification.
The registrar examines the application and if it fulfills all the requirements then he will enter the name of the firm in the register of firms and issue a certificate of registration
Advantages to a Registered Firm:
It has two kinds of advantages one is Journal and second is Legal advantages.
Journal Advantages:
® Government Facilities
® Public Confidence
® Business Reputation
® Credit Facilities
® Legal Protection
Legal Advantages:
® Settlement of Claims
® Protection of Property
® Protection of Rights
® Protection of Creditors
® Concession in Income Tax