Case Study: Legal Importance & Sanctity of Registered Partnership Firms | Corporate Law Attorney in Delhi NCR | Corporate Lawyer in Delhi NCR |
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The professional team of Advocates & Lawyers of My Lawyers Advice are taking up an initiative solely to educate and enlighten the public at large with respect to the various aspects of different laws and/or legislations vis a vis their legal implications and importance while duly considering the legal procedures involved. The professional Advocates & Lawyers are sharing their experiences solely for the purpose of spreading legal education. The name of the actual entity and/or person is hidden and shall be hereinafter mentioned and referred to as “Querist”.
The Querist along with one of his close friend had started their partnership firm, whereby a partnership deed was prepared and was executed, but was not registered. The partnership deed was not carrying the pre-requisite clauses which are inevitable and necessary for any partnership. The duo were also not having proper registrations with their respective State’s Shops & Establishment Act and were running their partnership in a most unprofessional manner. There arose a dispute between the partners of the unregistered partnership firm and one of the vendors, with respect to a claim. As per the law, the partners of the unregistered partnership cannot file a case and/or sue someone, except in case of criminal proceedings. Thus, the Querist could not avail any civil remedy against the vendor as the partnership firm was unregistered and thus had to forego the claim. It is important to mention, that a partner of an unregistered partnership firm cannot file a civil case or sue an existing partner of the unregistered partnership firm and the same law applies to its former partners also.
The partnership firm if registered stands more legally sound and has several benefits which an unregistered partnership firm does not and the said law has been clearly elucidated in the Indian Partnership Act of 1932 respectively.
We hope that the case study would envisage the legal importance and sanctity of the registered partnership firms over unregistered partnership firms to our readers and increase their knowledge about the basics of business laws and/or corporate laws.
Authored By: Adv. Anant Sharma