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Commercial Applications

State the advantages of registering a partnership.

Partnership

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Answer

The advantages of registering a partnership firm are:

  1. Firm can sue outsiders — The firm can file suits against third parties to enforce its claims in a court of law.

  2. Partners can sue the firm — Partners can file suits against the firm to enforce their claims.

  3. Partners can sue each other — Partners can file suits against each other to settle their disputes.

  4. Liability of retired partner ceases — The liability of a partner ceases once a notice of retirement is given to the Registrar.

  5. Right of set-off — Partners can claim a set-off in proceedings by third parties against the firm.

  6. Information about firm — Information about the firm can be obtained by a person who wants to join the firm.

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