Puneet Gupta is a class 12 student studying Business Studies. His topic covers types of partners, partnership deeds, and registration of partnership firms. There are 4 types of partners: active partner, sleeping partner, nominal partner, and partner by estoppel. A partnership deed is a written agreement between partners that details aspects like capital contributions, profit/loss sharing, admission/retirement of partners, and dispute resolution. Registration of a partnership firm is optional but provides legal benefits like the ability to file lawsuits. The registration process involves submitting a form with partner and firm details to the Registrar of Firms.

1. NAME - PUNEET GUPTA
CLASS - XII
th -
B
ROLL NO. - 10222
SUBJECT - BUSINESS
STUDIES

2. TOPIC - TYPES OF
PARTNERS,
PARTNERSHIP DEED
&
REGISTRATION OF
PARTNERSHIP FIRM

3. First we know that
what is partnership ?
"Partnership is
the
relation
between
two or
more persons who
have
agreed
to
share the profits as
well as loss of a
business carried on
by all or any of
them acting for
all".

4. Persons who have
agreed into
partnership with
one another are
called individually
‘PARTNERS’ and
the name under
which their
business is carried
on is called the
In case of partnership firm carrying
on a banking business no. of
partners
10
In case of partnership firm carrying
on any other business no. of
partners
20

7. 1. Association wants that this partner is
unknown to general public.
2. Contributes in capital.
3. Participate in management.
4. Shares profits & losses.
5. Unlimited liability towards the
creditors

8. 1. He allows the use of his/her name by a
firm.
2. Does not contribute in capital.
3. Does not take part in management.
4. Generally does not shares profits &
losses.
5. Unlimited liability towards the creditors.

9. 1. By behaviour, initiatives & impression
of person that show he is a partner of a
firm.
2. Does not contribute in capital.
3. Does not take part in management.
4. Does not shares profits & losses.
5. Unlimited liability towards the creditors.

10. 1. He allows himself /herself to be represented as
a partner in a firm.
2. Does not contribute in a capital.
3. Does not take part in management.
4. Does not shares profits & losses.
5. Unlimited liability towards the outside creditors.

11. The document containing the agreement in
writing amongst partners is called
Partnership Deed.
Thus, partnership deed is a written
agreement between two or more persons
for managing the affairs of a partnership
firm.
The partnership Deed is to be duly
stamped as per the Indian Stamp Act, and
duly signed by all the partners.

12. 1. Name and address of a firm.
2. Nature of business.
3. Date of commencement of partnership.
4. Name, description and adddresses of a
partner.
5. Amount of capital to be contributed by a
partners.
6. Ratio in which profits or losses are to be
shared by a partners.
7. Partner is to be paid a salary, commission
etc. then how much?

13. 8. Rules to be followed in case of admission,
retirement or death of a partner.
9. Interest on capital and interest on drawing.
10. The date on which accounts shall be
closed every year.
11. Method of solving disputes.
12. Procedure for dissolution of the firm.

14. Registration of a partnership
firm means entering of a firm's
name in the Register of Firm
kept with the Registrar.
It is not obligatory.It is
optional.

15. Now discuss the limitations of
a Non-Registered firm
They can't file a suit against the firm
They can't file a suit against any third
party for the recovery of claims.
Partner of unregistered firm can't file a
suit against the firm or any other partner.

16. Procedure of Registration
1. Submission of applicant in prescribed form
(signed by all partners) to the Registrar of Firms.
 It contain the following particulars:
Name of the firm
Location of the firm
Name of other places where the firm carries on
business
Date of admisson of partners in the firm
Names and permanent addresses of the partner.
Duration of partnership

17. 2. Deposits of registration fees with
Registrar of Firms.
3. After approval will make an entry
in the register of firm.
4. And will issue a certificate of
registration, and this is a proof of
existence of a firm.

18. Questions and Answers
1. Is agreement necessary for partnership
between partners?
Ans. Yes, there must be an agreement between
the partners of a partnership firm.
2. Is registration necessary for partnership ?
Ans. No, registration is not necessary but
registered firms enjoy better legal position in
comparison to unregistered firm.

19. 3.Can a sleeping partner see the accounts of
the firm ?
Ans. Yes, Every partner whether active or
dormant, has a right of free access to all
records.
4.Can a partner stop entry of a new partner ?
Ans. Yes, a partner of firm stop the entry of a
new partner.
5.Can a partner on his own open a banking
account on behalf of the firm in his own
name?
Ans. No, not without others permission.

20. 6. Can a partner on his own transfer immovable
property belonging to the firm?
Ans. No, not without others permission.
7.What is a proof of existence of partnership
firm?
Ans. 'Certificate of Registration' is the proof of
existence of partnership firm.
8.How should partners share profit and losses in
the absence of agreement ?
Ans. Shares the profits and losses equally,
unless in different proportions.

21. 9.Is an unregistered firm an illegal
association ?
Ans. No an unregistered firm is not an illegal
association.