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Is it mandatory to register Partnership deed?
15-Jan-2023 (In Documentation Law)
Does a partnership need mandatory registration under Karnataka Samp Duty and Registration Act though it may not under Indian Registration Act. If one partner leaves the firm and gets his share in the form of property, is stamp duty payable and registration compulsory? Who pays the stamp duty. If the deed is not registered under above law, can it be treated as evidence in a court of law or its validity will be challenged.
No, it is not mandatory to register the Partnership firm. But If partnership firm not registered it will lead to the following consequences:
a) It will not be possible to sue one partner against another partner or against the firm and vice versa in the court of law to claim right.
b) Partnership firm cannot sue third party in the court of law for enforcement of its right (See Sec.69 of Partnership Act 1932).
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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