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. Is the registration of firm is mandatory? If a firm wish to follow the due process of registration of their firm, what steps they have to follow? Explain.

Posted by Mehak Chauhan 4 years ago

CBSE > Class 11 > Business Studies

1 answers

Gaurav Seth 4 years ago

Under Section 58 of the Indian partnership Act, 1932, a firm may be registered at any time (not merely at the time of its formation but subsequently also ) by filing an application with the Registrar of Firms of the area in which any place of business of the firm is situated or proposed to be situated. The Registration of a partnership firm is not compulsory under Part vii of the Indian Partnership Act, 1932, though it is usually done as registration brings many advantages to the firm. It is optional for partners to set the firm registered and there are no penalties for non-registration.

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