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CMA Intermediate · Business Laws and Ethics · Indian Partnership Act, 1932

Under the Indian Partnership Act, 1932, a firm may apply for registration by sending a statement to the Registrar. When can this registration be effected?

Registration of a firm may be effected at any time. Section 58 allows the statement and fee to be sent or delivered to the Registrar whenever the partners choose, and it imposes no deadline from formation, no financial-year restriction and no minimum period of business.

  1. AOnly within 90 days of the firm's formation
  2. BOnly at the beginning of a financial year
  3. CAt any timeCorrect
  4. DOnly after the firm has completed one year of business

Explanation

Section 58(1) states that registration of a firm may be effected at any time by sending or delivering the prescribed statement and fee to the Registrar. No time limit from formation or any year-start restriction is prescribed, so the other options add conditions the Act does not contain.

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