Registration of a partnership firm is not compulsory under law. However, the registration gives the firm a legal status. Section 69 makes claims arising out of a contract unenforceable if the firm is unregistered at the date of the institution of the suit. Thus, the major drawback of the non-registered partnership firm is that it…
Registration of a partnership firm is not compulsory under law. It is left to the partners of the firm to register their firm or not. However,the advantages of registration of a partnership firm are that the registered firm offers an irrefutable legal proof of the existence partnership and the composition of partners, their address,…
Demand loan is a form of short term fiance provided by the banks to their customers. Unlike term loans where loans are granted on a fixed tenure and that shall be repaid in installments as per terms and conditions of the sanction, the demand loans work on the specific demand of the lender.In the other…