Business Laws - Registration of Firms

Vocabulary flashcards covering Sections 58 and 59 of Business Laws, detailing the application requirements, restricted firm names, and registration procedures.

Application for Registration (Section 58)

The process where a firm sends by post or delivers to the Registrar of the area a statement in the prescribed form with the prescribed fee, signed and verified by all partners or their specially authorised agents.

Statement Particulars under Section 58

The required information in the registration statement, including the firm's name, principal place of business, other business locations, date each partner joined, full names and permanent addresses of partners, and duration of the firm.

Prohibited Words in Firm Name

Words such as 'Crown', 'Emperor', 'Empress', 'Empire', 'Imperial', 'King', 'Queen', 'Royal', or words implying Government sanction, approval, or patronage, unless the State Government consents in writing.

Registration (Section 59)

The act by which the Registrar, upon being satisfied that Section 58 is complied with, records an entry of the statement in the Register of Firms, files the statement, and issues a Certificate of Registration.

Deemed Completion of Registration

The point at which registration is considered complete, which occurs as soon as the prescribed application form, fee, and necessary partnership particulars are delivered to the Registrar.

Register of Firms

The official register where the Registrar records an entry of the firm's statement as a routine duty upon receiving the required application and particulars.

Effect of Suit Filed Prior to Registration

If a suit is filed by an unregistered firm, the firm must first withdraw the suit, get the firm registered, and then file a fresh suit.