Registration of partnership firm LLB Notes

Registration of partnership firm

Definition (Article#4)

"Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all."

Who is Partner?

Persons who have entered into partnership with one another are individually called 'partners'. A partner has the legal status of a person.

What is Firm?

Persons who have entered into partnership with one another are collectively called 'firm'. As far as the legal status of a firm is concerned, it is neither a person nor a legal entity. It has no existence apart from its members. A firm carries a business under some name, it is called 'firm name'.

Registration of partnership firm

Application for registration:-

 Application for the purpose of registration may be sent by post or may be delivered personally to the Registrar where the business of the firm is situated. Prescribed form and fee should accompany the application.

Contents of application:-

 Application for registration should state:

1. Name:-

 Name of the firm should be mentioned in application. Name should not include the words “Government”, “Jinnah”, “Quaid-e-Azam” or any word implying patronage of government either provincial or federal.

Word United Nations or World Health Organization or their abbreviations are also prohibited to use. Prior sanction of Secretary General or Director General must be obtained. Any word declared undesirable by government cannot be used.

Where word is declared undesirable, it should be changed within one month.

2. Situation:-

 Application should also include the principal place of business of the firm.

3. Name of other places:-

 Not only the name of place where the principal office is situated should be provided in application but also it should state the names of any other places where the firm carries on business. Where mistakenly any place could not be mentioned in application form, it can be rectified later on.

4. Date of joining:-

 Application should also state the date on which each partner has joined the firm.

5. Names and addresses:-

 Names of all partners including addresses should also be the part of application for registration.

6. Duration:-

 Application should clarify clearly whether firm is for any specific time period. If so, it should state what shall be the duration of firm.

7. Signature:-

 All partners have to sign the application self or through their agents.

8. Verification:-

 All the signatories would also verify the statement in the manner prescribed.