CPT Chapter Registration and Dissolution of Firm

CA CPT Exam  

With Bharat Galani.Duration:2hrs 47min

Registration & Dissolution of FirmDuration (min:sec)
Registration of Firm 
Overview & Index03:49
/What is Registration of Firm06:11
How a Firm is Registered04:25
Partnership Deed11:21
What Happens if a firm is not Registered11:59
Suit by Reconstituted Firm without Registration02:59
Dissolution of Firm 
What is Dissolution of Firm01:44
Overview of how Firm is Dissolved02:16
How Firm is Dissolved28:40
Overview Consequences of Dissolution of Firm01:13
Consequences of Dissolution of Firm30:28
Garner vs. Murray05:22
Modes of Giving Public Notice04:26



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
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
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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