Partnership

jatinkumar (Querist) 07 March 2017 This query is : Resolved
Hello sir
As per my last query full details are as follows
Partnership firm is register with rigistrar of firms , but 2 partner retired and it was not register with registrar of firm , but in recorde of books of account it is settled with retiring partner. After retirement firm was facing difficulty with their business so they included new partner with all permission in 2014 . And terms and condition was drawn in reconstituion of partnership deed in 2014 before notary public .now they want to register pls guide me.

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rajeev sharma (Expert) 09 March 2017
Registration of partnership with sub registrar is not mandatory. Since your firm is registered with Registrar of firms hence any change in the constitution of firm should be got registered with him otherwise there may be legal complication in enforcing mutual rights and obligation and filing claim against third parties and in taxation also.

M V Gupta (Expert) 11 March 2017
Section 63 of the Indian Partnership Act, 1932 requires any change in the constitution of the Firm should be notified to the Registrar of Firms. The Registrar on receipt of the notice will record change in the constitution of then Firm. Hence you may issue the notice of changes in the constitution of the Firm by retirement and admission of new partner, to the Registrar of Firms. You may have to comply with the Rules framed under the Act by your State while issuing the notice of change. Registration with Sub Registrar of Assurances is not necessary.