How a Lawyer can Help in Partnership Deed Registration

Partnership Deed is a relation between two or more persons who have agreed to share all the profits and losses according to the partnership deed they have signed. The persons who have signed the partnership deed or agreement are known as “partners” individually and collectively they are known as a “firm”. A law firm or lawyer can provides legal advice and process of partnership deed registration. In India partnership act has been introduced in 1932 and according to this partnership act it is defined as , “Partnership is the relation between two or more persons who have agreed to share the profits of a business run by all or any one of them acting for all”. This definition will be more clear after these given points.

• A Partnership Firm is not a Legal Entity apart from the partners constituting it and has limited identity for the purpose of tax law
• Partnership is a concurrent subject, contracts of partnerships are included in the Entry no.7 of List III of The Constitution of India.
• Unlimited Liability is one of the major disadvantages of partnership deed, the unlimited liability of partners for the debts and liabilities of the firm need to bear. Any partner can bind the firm and the firm is liable for all liabilities incurred by any firm on behalf of the firm. If property of partnership firm is insufficient to meet liabilities, personal property of any partner can be attached to pay the debts of the firm.
• Partners are Mutual Agents, the business of firm can be carried on by all or any of them for all, every partner has the authority to bind the firm individually, act of any one partner is binding on all the partners. Thus, each partner is ‘agent’ of all the remaining partners. Hence, partners are ‘mutual agents’.
• Oral or Written Agreements any of them could be the Partnership Agreement. The general rule of the Contract Act applies that the contract can be in be ‘oral’ or ‘written’ as long as it satisfies the basic conditions of being a contract.
• Number of Partners is minimum 2 and maximum 50 in any kind of business activities, Since partnership is ‘agreement’ there must be minimum two partners. The Partnership Act does not put any restrictions on maximum number of partners. However, according to the Companies Act prohibits partnership consisting of more than 50 for any businesses, unless it is registered as a company or formed in pursuance of some other law. Some other law means companies and corporations formed via some other law passed by Parliament of India.
• Mutual agency is the real test of ‘partnership firm’ set by the Courts of India, i.e. whether a partner can bind the firm by his/her act, i.e. whether he/she can act as agent of all other partners

What GS Bagga and Associates Do in Partnership Deed Registration ?

We are here to provide legal suggestion in partnership deed registration. We also help the victims of partnership matters through legal procedure, we assist the victims in right direction so that they can get the deserved compensation and justice, we follow all the legal procedures. We also assist the partners to follow all the legal processes and help them to complete all the paper work and documentation required for a partnership deed Registration. We help in following way.

• Registration of partnership firms: To register the partnership firm, firstly, it is required to fill the form which shall contain name of the firm, place or principal place of business, names of any other places where firm carries business, date of each partner joint the firm, address of partners and duration of firm. Application should be signed by all the partners. Thereafter, it should be accompanied by prescribed fee, copy of partnership firms and original proof of place of business.
• Introduction of new partner: To introduce a new partner a prescribed form has been filled and submitted.
• Outgoing of partners: To remove an existing partner a prescribed form along with other relevant documents is filled and submitted.
• Dissolution of firm: Dissolution of partnership happens due to death of partner, retirement of partner, insolvency of partnership firm, insanity of partner, insolvency of partner, breach of partnership agreement, continuous losses, just and equitable, misconduct of partner and mutual consent. Dissolution can be done through intervention of court or by mutual consent.

We also help in other various partnership matters where one or more partners get victimize by by the remaining partner(s), we help them to get deserved compensation and justice.