Question

Mr. Sawant a Chartered Accountant by profession and Mrs. Tambe, an Architect by profession running a firm namely ‘ST Firms’ in Nagpur.

1. Identify the form of business organisation in the above example.
2. Is it a registered organisation?
3. What is the Profession of Mr. Sawant?

Answer 1

1. The business organisation in the given example is a partnership firm, as it is operated by two people who have joined forces to start a business and share its earnings and losses.
2. In India, partnership firms can be registered or unregistered. Registration is not required, but it is advised since it provides legal benefits and protection under the Indian Partnership Act of 1932. If "ST Firms" is registered, it will be filed with the Registrar of Firms in Nagpur. If "ST Firms" is not registered, it remains a lawful partnership but lacks the legal benefits and protections associated with registration.
3. The profession of Mr. Sawant is Chartered Accountant.