CA.B.A.

SHANKAR,ACA,ACMA
REGISTRATION OF FIRM The registration of partnership firm is not compulsory. It is optional. The rules regarding the registration are as below: PROCEDURE FOR REGISTRATION [Secs. 58& 59] 1. Application for Registration (Sec. 58): Contents of Application: First of all, an application for registration is required to be made in the prescribed format. The application is to be made to the Registrar of Firms. The application shall be accompanied by the prescribed fees and shall contain the following particulars: a) The firm name, b) The place or principal place of business of the firm, c) The names of any other places where the firm carries on business, d) The date when each partner joined the firm, e) The names in full and permanent addresses of the partners, and f) The duration of the firm, if any. Care in selection of Name of Firm : 1. Name should not be familiar with the name of any existing firm. 2. A firm name shall not contain any of the following words without the consent of the State Govt., namely 3. Further the requirements of Name and Emblems Act, 1950 should also be satisfied. Signing & Verification: The Application shall be signed by all the partners, or by their agents authorized in this behalf. 2. Certificate of Registration (Sec. 59): When the Registrar is satisfied that the above provisions have been duly complied with, he shall make an entry in the Register of Firms, he shall then issue under his hands a certificate of registration. Registration is effective from the date when the Registrar files the statement and makes entries in the register. 3. Time for Registration: The law has not laid known any particular time for registration. So, it is open to the partners to get the registration at any time. Effects of Non-Registration [Sec. 69] 1. No suit against other partners and firm 2. No suit against third party 3. No claim of Set-off 4. Non-registration, however, does not affect the followings Registration of Alterations [Secs. 60-63] The following changes are required to be registered with the Registrar: Section Types of Alterations Who is to sign application of Alteration 60 Alteration is the firms Name, or in the All the partners, or by their agents location of the principal place of business of a registered firm, 61 When a branch is closed or a new one is Any partner or agent of firm opened, 62 Changes in the names and address of Any partner or agent of firm partners, 63 Changes in the constitution of a registered Any partner before dissolution or agent of firm due to admission and retirement of such partner Shankar.iyer82@gmail.com Page 1

CA.B.A.SHANKAR,ACA,ACMA
partners. Dissolution of a firm should also be reported, 63 Withdrawal or continuation by a minor on Major partner (who was minor earlier) or his attaining majority agents. Point to be noted:Registrar of Firm is deemed to be a public servant under section 21 of the Indian Penal Code.

Shankar.iyer82@gmail.com

Page 2