Subject: Business Studies
Partnership deed is the legal agreement between the partners before starting the business. The partnership is started with the agreement between two or more people. The written agreement is made to solve a probable future dispute. Partnership deed acts as the evidential document for registration.
Partnership deed is the legal agreement between the partners before starting the business. The partnership is started with the agreement between two or more people. As more people are involved in a business. The written agreement is made to solve a probable future dispute. Partnership deed acts as the evidential document for registration.
According to Partnership Act 2020, “The partnership deed must be submitted along with registration form before registration.”
Partnership deed covers all the information regarding registration of new partnership like names and address of business, objectives, the capital contribution of partners etc. This paper is duly signed by all the members of the partnership to give legal approval. It is the most important document of the partnership business.
A partnership firm in Nepal is guided by Partnership Act 2020, for the registration and renewable of the partnership firm in Nepal, the following steps should be taken:
Submission of Application
It is the first step in the registration process. The partners are required to take the prescribed form provided by the department of industry and commerce of Nepal Government. Along with the application form, the following information must be provided:
Along with this information, partners are required to submit the copy of their citizenship certificates as well as partnership deed if made.
Submission of Registration Fee
The registration fee is to be deposited in NR bank in the name of the concerned department. The voucher of the amount deposited must be submitted along with application form. The registration fee of the partnership firm will be verified in accordance with capital invested which is as follow:
S.N. |
Capital(Rs.) |
Registration fee (Rs.) |
1. |
Capital up to 1,00,000 |
600 |
2. |
Capital 1,00,001 to 3,00,000 |
2,000 |
3. |
Capital 3,00,001 to 5,00,000 |
4,000 |
4. |
Capital 5,00,001 to 10,00,000 |
7,500 |
5. |
Capital 10,00,001 to 50,00,000 |
10,000 |
6. |
Capital more than 50,00,000 |
15,000 |
Obtain Registration Certificate
After submitting the application and registration fee voucher, the concerned authority of the department will examine all the information provided. If the provided information is satisfactory the department will issue the certificate of registration. It will work as an evidence for registration.
According to Act 2020, the partnership firm must be renewed within 35 days of every fiscal year. While renewing partnership firm, the form is to be filled up and renewal fee must be paid. The renewable fee or partnership is presented in the following schedule
Capital Invested |
Renewable fee |
up to Rs 100000 |
100 |
100001-300000 |
125 |
300000-500000 |
150 |
500001-1000000 |
200 |
1000000-5000000 |
250 |
Above5000000 |
300 |
Dissolution is the process of ending up the partnership business. It is the termination of a partnership. According to the Act 2020, a partnership firm will be dissolved under the following condition:
References:
Khanal, Soma Raj, Surendra Thapa Aslami and Sitaram Dhakal. Business Studies. Kathmandu: Taleju Prakashan, 2067.
Pant, Prem R., et al. Business Studies. Kathmandu: Buddha Academic Publishers and Distributors Pvt. Ltd., 2010.
Define partnership with content of partnership deed.
Partnership deed is the legal agreement between the partners before starting the business. The partnership is started by the agreement between two or more people. As more people are involved in a business. The written agreement is made to solve a probable future dispute. Partnership deed asks as the evidential document for registration. All partners must enter written agreement to maintain mutual understanding and co-operation.
According to partnership act 2020, " the partnership deed must be submitted along with registration form before registration.
A partnership deed is the main document of partnership, which is required for its registration. Partnership deed covers all the information regarding registration of new partnership like names and address of business objectives, the capital contribution of partners etc.
Contents of Partnership Deed
Explain about the partnership of firm in Nepal.
A partnership firm is registered under the Partnership Act, 2020 in Nepal. The following are the procedures for the registration of a partnership firm :
Submission of application
It is the first stage of a registration process.The partners are required to tell the prescribed form provided by the department of industry or commerce of Nepal Government.Along with the applicant form following information must be provided.
Along with this information, partners are required to submitted their copy of citizenship certificates partnership deed if it has made.
Submission of registration fee
The registration fee is to be deposited in NR bank in the name of concern department. The voucher of amount deposited must be submitted along with application form registration fee of partnership will verify in accordance with capital invested which is following:
S.N. | Capital(Rs.) | Registration fee (Rs.) |
1. | Capital up to 1,00,000 | 600 |
2. | Capital 1,00,001 to 3,00,000 | 2,000 |
3. | Capital 3,00,001 to 5,00,000 | 4,000 |
4. | Capital 5,00,001 to 10,00,000 | 7,500 |
5. | Capital 10,00,001 to 50,00,000 | 10,000 |
6. | Capital more than 50,00,000 | 15,000 |
Obtain registration certificate
After submitting application and registration fee voucher, the concerned authority of department will examine. All the information provided. If the provided information is satisfactory the department will issue the certificates registration. It will work as an evidence for registration. This certificate is a proof of the legal registration of firm. Such particulars can be altered by the firm only after approval of the concerned government office.
Explain about the dissolution of partnership firm of Nepal.
Dissolution of partnership refers to act of partnership agreement and closing the partnership business. It is the termination of a partnership. According to the Act 2020, partnership firm will be dissolved under the following condition:
1. Dissolution by agreement:
A partnership firm can be dissolved with the mutual consent of all the partners. According to partnership act, 2020 the partnership firm may dissolve either expiry of time or the termination of partnership deed.
2. Dissolution by written notice:
According to partnership act, 2020 partnership firm can be dissolved partners write the note of dissolution and submitted to all other partners. In such condition, the dissolution takes place from the date of the notice.
3. Dissolution at any time
The partnership firm can also be dissolved at any time in spite of detail for dissolution is maintain for partnership deed. Followings are the most probable reason for the dissolution of partnership at any time.
4. Dissolution after expiry:
It will be automatically closed down after the expiry of such a period if the partnership is formed for a fixed period of time. It will be closed after completion of a job if the partnership is established for the completion of the particular job.
5.Dissolution by concerned department
The concerned department of Nepal government may dissolve a partner under the following condition:
Explain the conditions in which partnership firm is dissolved in Nepal and registration of partnership in Nepal.
Dissolution of partnership refers to act of partnership agreement and closing the partnership business. It is the termination of a partnership. According to the Act 2020, partnership firm will be dissolved under the following condition:
1. Dissolution by agreement:
A partnership firm can be dissolved with the mutual consent of all the partners. According to partnership act, 2020 the partnership firm may dissolve either expiry of time or the termination of partnership deed.
2. Dissolution by written notice:
According to partnership act, 2020 partnership firm can be dissolved partners write the note of dissolution and submitted to all other partners. In such condition, the dissolution takes place from the date of the notice.
3. Dissolution at any time
The partnership firm can also be dissolved at any time in spite of detail for dissolution is maintain for partnership deed. Followings are the most probable reason for the dissolution of partnership at any time.
4. Dissolution after expiry:
It will be automatically closed down after the expiry of such a period if the partnership is formed for a fixed period of time. It will be closed after completion of a job if the partnership is established for the completion of the particular job.
5.Dissolution by concerned department
The concerned department of Nepal government may dissolve a partner under the following condition:
A partnership firm is registered under the Partnership Act, 2020 in Nepal. The following are the procedures for the registration of a partnership firm in Nepa:
Submission of application
It is the first stage of a registration process.The partners are required to tell the prescribed form provided by the department of industry or commerce of Nepal Government.Along with the applicant form following information must be provided.
Along with this information, partners are required to submitted their copy of citizenship certificates partnership deed if it has made.
Submission of registration fee
The registration fee is to be deposited in NR bank in the name of concern department. The voucher of amount deposited must be submitted along with application form registration fee of partnership will verify in accordance with capital invested which is following:
S.N. | Capital(Rs.) | Registration fee (Rs.) |
1. | Capital up to 1,00,000 | 600 |
2. | Capital 1,00,001 to 3,00,000 | 2,000 |
3. | Capital 3,00,001 to 5,00,000 | 4,000 |
4. | Capital 5,00,001 to 10,00,000 | 7,500 |
5. | Capital 10,00,001 to 50,00,000 | 10,000 |
6. | Capital more than 50,00,000 | 15,000 |
Obtain registration certificate
After submitting application and registration fee voucher, the concerned authority of department will examine. All the information provided. If the provided information is satisfactory the department will issue the certificates registration. It will work as an evidence for registration. This certificate is a proof of the legal registration of firm. Such particulars can be altered by the firm only after approval of the concerned government office.
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