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| 1. |
Is registration of partnership firm is essential ? Why or why not? |
| Answer» It is not compulsory for partnership firms to get themselves registered. However, it is beneficial to get themselves registered because an unregistered firm has to suffer the following consequences :1.A partner of an unregistered firm cannot file a suit against any other partner or the firm for enforcing his legal rights.2.An unregistered firm cannot file a suit against any third party or partner for enforcing legal rights.3. Any partner of an unregistered firm cannot claim a set off in a legal proceeding carried on against the firm by a third party for enforcing any legal right.4. No\xa0salary or commission is provided to any of the partners. | |