Effect of Non-Registration of Partnership Firm
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
One-liners from this chapter
Free sample — 8 of 52 rapid-fire Q&A cards.
Under which Act is a partnership firm governed in India?
The Indian Partnership Act, 1932 (IPA).
Is registration of a partnership firm compulsory or optional?
Optional - the firm exists from the date of the partnership agreement.
When does a partnership firm come into existence?
The moment partners agree to share the profits of a business.
Under which section is a firm registered with the Registrar of Firms?
Section 58 of the Indian Partnership Act, 1932.
Is registration of a company compulsory, and under which section?
Yes, under Section 7 of the Companies Act, 2013 - no incorporation, no company.
Is registration of an LLP compulsory?
Yes, under the Limited Liability Partnership Act, 2008; an LLP is a body corporate.
Which section deals with the effect of non-registration of a firm?
Section 69 of the Indian Partnership Act, 1932.
Does non-registration impose a monetary penalty?
No; it imposes only procedural disabilities - mainly loss of the right to sue.
MCQ practice tests
Chapter-wise mock tests with instant scoring.
PDF study notes
More chapters in Module D - Commercial & Other Laws with reference to Banking Operations
Related articles & notes
In-depth Banking Regulations and Business Laws guides from our blog.
Master the full BRBL syllabus
Every chapter of Banking Regulations and Business Laws — videos, tests, notes and one-liner decks in one place.