Explain procedure of registering a partnership firm.
Procedure for Registration: In order to get a partnership firm registered an application in the prescribed form must be filed with the Registrar of Firms. The application should contain the following information:
The application should be signed and verified by each partner. A small amount of registration fee is also deposited along with the application. The application is to be submitted to the Registrar for registration of the firm for its verification.
If everything is in order and all legal formalities have been observed, the Registrar shall make an entry in the register of firms. He will also issue a certificate of registration.
Any change in the information submitted at the time of registration, should be communicated to the Registrar. Registration does not provide a legal entity to the partnership firm.
X is interested in the floatation of a company. Briefly discuss the steps he should take.
Compare the status of a minor in a Joint Hindu Family Business with that in a partnership firm.
What do you mean by incorporation of a company? What are the steps involved in corporation of a company?
Discuss the characteristics, merits and limitations of the cooperative form of organization. Also describe briefly different types of cooperative societies.
Is registration of partnership firm compulsory? What are the consequences of non-registration?
For which of the following types of business do you think a partnership firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
What do you understand by a.sole proprietorship firm? Explain its merits and limitations.
Despite limitations of size and resources, many people continue to prefer sole proprietorship over other forms of organization. Why?
For which of the following types of business do you think a sole proprietorship firm of organization would be more suitable, and why?
(i) Grocery store (ii) Medical store
(iii) Legal consultancy (iv) Craft centre
(v) Internet cafe (vi) Chartered accountancy firm
Explain the following terms in brief:
(i) Perpetual succession (ii) Common seal
(iii) Karta (iv) Artificial person
If registration is optional, why do partnership firms willingly go through this legal formality and get themselves registered? Explain.
Why is partnership considered by some to be a relatively unpopular form of business ownership? Explain the merits and limitations of partnership.
Differentiate between: