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Page 1 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Page 2 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Consequences Of Dissolution Personal profits Earned After Dissolution Settlement of Partnership Accounts Extent of Continuing Authority Till Dissolution Right To Enforce Winding Up Continuing Liability Till Public notice Page 3 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Consequences Of Dissolution Personal profits Earned After Dissolution Settlement of Partnership Accounts Extent of Continuing Authority Till Dissolution Right To Enforce Winding Up Continuing Liability Till Public notice Liability till Public Notice • For Acts Done after Dissolution • Till Public Notice Not given All Partners Liable • Estate of Deceased Partner • Estate of Insolvent Partner • Sleeping or Dormant Partner Partners Not Liable Page 4 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Consequences Of Dissolution Personal profits Earned After Dissolution Settlement of Partnership Accounts Extent of Continuing Authority Till Dissolution Right To Enforce Winding Up Continuing Liability Till Public notice Liability till Public Notice • For Acts Done after Dissolution • Till Public Notice Not given All Partners Liable • Estate of Deceased Partner • Estate of Insolvent Partner • Sleeping or Dormant Partner Partners Not Liable Right to Enforce Winding Up Surplus Distributed Among Partner Firm’s property to be applied in payment of Debts Page 5 CPT MERCANTILE LAW CHAPTER -3 THE INDIAN PARTNERSHIP ACT ,1932 CA. DIPTI LUNAWAT Registration and Dissolution of a Firm Unit 3 Part [3/4] Consequences Of Dissolution Personal profits Earned After Dissolution Settlement of Partnership Accounts Extent of Continuing Authority Till Dissolution Right To Enforce Winding Up Continuing Liability Till Public notice Liability till Public Notice • For Acts Done after Dissolution • Till Public Notice Not given All Partners Liable • Estate of Deceased Partner • Estate of Insolvent Partner • Sleeping or Dormant Partner Partners Not Liable Right to Enforce Winding Up Surplus Distributed Among Partner Firm’s property to be applied in payment of Debts Continuing Authority After Dissolution Wind Up The Affairs Of Firm Complete Unfinished Transactions PendingRead More
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FAQs on PPT - Registration and Dissolution of firm - 2 - Business Laws for CA Foundation
| 1. What is the process of registering a firm? |  |
Ans. The process of registering a firm typically involves the following steps:
1. Select a suitable name for the firm and ensure it complies with the rules and regulations of the relevant authority.
2. Prepare the necessary documents, such as the partnership deed, which outlines the terms and conditions of the partnership.
3. Complete the registration form and submit it along with the required documents to the appropriate authority.
4. Pay the prescribed fee for the registration process.
5. Once the application is reviewed and approved, the firm will be issued a registration certificate, confirming its legal existence.
| 2. What are the documents required for registering a firm? | |
Ans. The documents required for registering a firm may vary depending on the jurisdiction, but typically include:
1. Partnership deed: This document outlines the terms and conditions of the partnership, including the rights, duties, and responsibilities of the partners.
2. Proof of address: Each partner must provide proof of their residential address, such as a utility bill or bank statement.
3. Identity proof: Each partner must provide a valid identity proof, such as a passport or driver's license.
4. PAN card: The firm must obtain a Permanent Account Number (PAN) card from the Income Tax Department.
5. Registration fee: The required fee for the registration process must be paid.
| 3. Can a firm be dissolved? If yes, what is the process of dissolution? | |
Ans. Yes, a firm can be dissolved. The process of dissolution typically involves the following steps:
1. Mutual decision: All partners must agree to dissolve the firm and decide on the method of dissolution.
2. Informing authorities: The firm must inform the relevant authorities, such as the Registrar of Firms, about the decision to dissolve.
3. Settling liabilities: The firm must settle all its outstanding liabilities, including debts, loans, and pending payments.
4. Distribution of assets: After settling liabilities, the remaining assets of the firm are distributed among the partners as per the partnership deed or mutual agreement.
5. Cancellation of registration: The firm's registration is cancelled by the Registrar of Firms once all the necessary formalities are completed.
| 4. Are there any legal consequences of not registering a firm? | |
Ans. Yes, there can be legal consequences of not registering a firm. Some of the potential consequences include:
1. Lack of legal recognition: An unregistered firm does not have legal recognition and may face difficulties in conducting business or entering into contracts.
2. Limited rights and protections: Partners in an unregistered firm may have limited legal rights and protections compared to those in a registered firm.
3. Inability to sue or be sued: An unregistered firm may not be able to sue or be sued in a court of law, making it challenging to resolve disputes.
4. Tax implications: Unregistered firms may face tax-related issues, as they may not be eligible for certain tax benefits or exemptions available to registered firms.
5. Limited access to banking facilities: Banks and financial institutions may be hesitant to provide loans or other banking services to unregistered firms, affecting their financial operations.
| 5. Can a firm change its name after registration? If yes, what is the process? | |
Ans. Yes, a firm can change its name after registration. The process typically involves the following steps:
1. Approval of partners: All partners must agree to change the firm's name and decide on the new name.
2. Amendment of partnership deed: The partnership deed must be amended to reflect the new name of the firm.
3. Application for name change: The firm must submit an application for name change to the appropriate authority, along with the necessary documents and fees.
4. Approval and documentation: Once the application is reviewed and approved, the firm will be issued a new registration certificate reflecting the updated name.
5. Update business records: The firm must update its business records, including bank accounts, licenses, and permits, to reflect the new name.
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