CA Foundation Exam > CA Foundation Videos > Business Laws for CA Foundation > Registration and Dissolution of a Firm - 1
Registration and Dissolution of a Firm - 1 Video Lecture | Business Laws for CA Foundation
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FAQs on Registration and Dissolution of a Firm - 1 Video Lecture - Business Laws for CA Foundation
| 1. What is the process of registering a firm? |  |
Ans. The process of registering a firm involves several steps. Firstly, the partners need to decide on a suitable name for the firm and check its availability. Then, they need to draft a partnership deed which includes details of the firm's name, partners, capital contribution, profit sharing ratio, etc. After this, they need to apply for a partnership PAN card and open a bank account in the firm's name. Finally, they need to register the firm with the Registrar of Firms by submitting the necessary documents and paying the registration fee.
| 2. Is it necessary to register a firm? | |
Ans. While it is not compulsory to register a firm, it is highly recommended to do so. Registering a firm provides legal recognition to the partnership and offers several benefits. A registered firm can file a lawsuit against third parties and also sue its partners. It can own and transfer properties, enter into contracts, and enjoy various tax benefits. Moreover, registration helps in resolving disputes among partners and ensures the smooth functioning of the firm.
| 3. What are the documents required for the registration of a firm? | |
Ans. The following documents are generally required for the registration of a firm:
1. Partnership deed: It contains all the important details of the firm and its partners.
2. Proof of address: Partners need to provide documents such as Aadhaar card, passport, or voter ID card.
3. Proof of identity: Partners need to provide their PAN card or any other government-issued ID.
4. Partnership PAN card application: Partners need to apply for a PAN card in the name of the firm.
5. Bank account details: Partners need to submit the bank account details of the firm.
| 4. Can a firm be dissolved? | |
Ans. Yes, a firm can be dissolved either voluntarily or compulsorily. Voluntary dissolution occurs when the partners mutually agree to dissolve the firm. In such cases, a dissolution deed is executed, and the firm's assets and liabilities are settled. Compulsory dissolution occurs in situations such as the death of a partner, insolvency of a partner, or completion of the partnership term. In compulsory dissolution, the firm's assets are used to settle its liabilities, and any remaining amount is distributed among the partners as per their profit sharing ratio.
| 5. What are the consequences of not dissolving a firm properly? | |
Ans. If a firm is not dissolved properly, it can lead to various legal and financial consequences. The partners may still be liable for the firm's debts and obligations, even after the apparent dissolution. They may face legal action, including lawsuits and recovery proceedings. The partners may also be held personally responsible for any financial losses incurred by creditors or third parties. Therefore, it is crucial to follow the proper legal procedures for dissolving a firm to avoid such consequences.
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Nov 08, 2024 Last updated |
Video Description: Registration and Dissolution of a Firm - 1 for CA Foundation 2024 is part of Business Laws for CA Foundation preparation.
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