CBSE Class 11-commerce Answered
‘Registration of a partnership firm is not compulsory but more
beneficial.’ Justify this statement.
Asked by Topperlearning User | 27 Jun, 2016, 02:47: PM
Expert Answer
Registration implies that the name of the partnership firm is registered with the ‘Registrar of Firms’ of the area in which the place of business of the firm is located or proposed to be located.
Registration of a partnership firm provides a conclusive proof of an on-going business; however, it is not compulsory and the partnership firm cannot enjoy the privilege of many benefits.
Non-registration of partnership firm will have the following consequences:
- A partner cannot file a suit against the firm or other partners.
- The firm cannot file a case against the partners and third parties.
- The firm cannot file a suit against third parties.
Therefore, it would be better to get registered.
Answered by | 27 Jun, 2016, 04:47: PM
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ANSWERED BY EXPERTCBSE 11-commerce - Business Studies
Asked by Topperlearning User | 27 Jun, 2016, 02:47: PM
ANSWERED BY EXPERTCBSE 11-commerce - Business Studies
Asked by Topperlearning User | 27 Jun, 2016, 02:47: PM
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