CPT Chapter Registration and Dissolution of Firm

CA CPT Exam  

With Bharat Galani.Duration:2hrs 47min

Registration & Dissolution of Firm Duration (min:sec)
Registration of Firm  
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/{modal https://www.youtube.com/embed/x-4fbQeIFgw?autoplay=1;rel=0|width=780|height=439|title=What is Registration of Firm}What is Registration of Firm{/modal} 06:11
{modal https://www.youtube.com/embed/Xi1V_qTuPl0?autoplay=1;rel=0|width=780|height=439|title=How a Firm is Registered}How a Firm is Registered{/modal} 04:25
{modal https://www.youtube.com/embed/hz7jPAj3ipg?autoplay=1;rel=0|width=780|height=439|title=Partnership Deed}Partnership Deed{/modal} 11:21
{modal https://www.youtube.com/embed/2T7czH3IWVc?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 14:36
{modal https://www.youtube.com/embed/4pJ6QpH-p9g?autoplay=1;rel=0|width=780|height=439|title=What Happens if a firm is not Registered}What Happens if a firm is not Registered{/modal} 11:59
{modal https://www.youtube.com/embed/BJNq74JpADg?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 05:10
{modal https://www.youtube.com/embed/S61fILYuW7M?autoplay=1;rel=0|width=780|height=439|title=Suit by Reconstituted Firm without Registration}Suit by Reconstituted Firm without Registration{/modal} 02:59
{modal https://www.youtube.com/embed/AxWXBs6nm64?autoplay=1;rel=0|width=780|height=439|title=Summary}Summary{/modal} 01:17
Dissolution of Firm  
{modal https://www.youtube.com/embed/j8NxXScb03w?autoplay=1;rel=0|width=780|height=439|title=Index}Index{/modal} 01:46
{modal https://www.youtube.com/embed/ZAxtfZph904?autoplay=1;rel=0|width=780|height=439|title=What is Dissolution of Firm}What is Dissolution of Firm{/modal} 01:44
{modal https://www.youtube.com/embed/0IEDN-DlGvk?autoplay=1;rel=0|width=780|height=439|title=Overview of how Firm is Dissolved}Overview of how Firm is Dissolved{/modal} 02:16
{modal https://www.youtube.com/embed/lhZUijJPquk?autoplay=1;rel=0|width=780|height=439|title=How Firm is Dissolved}How Firm is Dissolved{/modal} 28:40
{modal https://www.youtube.com/embed/bS6UD3UmgeQ?autoplay=1;rel=0|width=780|height=439|title=Summary}Summary{/modal} 03:18
{modal https://www.youtube.com/embed/JPOEF7vvjNk?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 11:28
{modal https://www.youtube.com/embed/cpiYTJtyuo0?autoplay=1;rel=0|width=780|height=439|title=Overview Consequences of Dissolution of Firm}Overview Consequences of Dissolution of Firm{/modal} 01:13
{modal https://www.youtube.com/embed/L1UqPclfTVU?autoplay=1;rel=0|width=780|height=439|title=Consequences of Dissolution of Firm}Consequences of Dissolution of Firm{/modal} 30:28
{modal https://www.youtube.com/embed/9LbgJc34_9U?autoplay=1;rel=0|width=780|height=439|title=Quiz}Quiz{/modal} 12:14
{modal https://www.youtube.com/embed/yb06l7JM_cI?autoplay=1;rel=0|width=780|height=439|title=Garner vs. Murray}Garner vs. Murray{/modal} 05:22
{modal https://www.youtube.com/embed/hW6Dpd19-NQ?autoplay=1;rel=0|width=780|height=439|title=Modes of Giving Public Notice}Modes of Giving Public Notice{/modal} 04:26
{modal https://www.youtube.com/embed/XXK8O0XQ_YQ?autoplay=1;rel=0|width=780|height=439|title=Summary}Summary{/modal} 02:30
Total 02:47:12

Notes

Index

What is Registration of Firm
How a firm is registered
Partnership Deed
What happens if a firm is not registered
Suit by reconstituted firm without re-registration

What is Registration of Firm

Partnership firm registered with the Registrar of firm
Registration is Optional except for the states of Maharashtra & Gujarat
Unregistered firm suffers from number of disablities

Partnership Deed

A partnership deed should contain the following clause:
Name of the parties
Nature of business
Duration of partnership
Name of the firm
Capital
Share of partners in profits and losses
Banking, Account firm
Books of account
Powers of partners
Retirement and expulsion of partners
Death of partner
Dissolution of firm
Settlement of disputes

What if firm is not registered

English law vs Indian law
Disablities
No suit in a civil court by firm or partners against third party
No refief to partners for set –off of claim exceeding `100
Aggrived partner cannot bring legal action against other partners of the firm. Except when firm is dissolved

Firm is not registered

Below Rights are not effected :-
Right of third party to sue the firm

Rights of partner to sue for :
dissolution of firm,
account settelment,
realisation of dissolved firm’s property
Power of an Official Assignee, Receiver of court to realise the property of the insolvent partner
Right to sue or set off suits not more than Rs. 100.

How firm is dissolved?Dissolution by Agreement

Compulsory Dissolution
Contingent Dissolution
Dissolution by Notice
Dissolution by Court


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