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Question
State the advantages of registering a partnership.
Short Answer
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Solution
The advantages of registering a partnership are:
- The firm can file lawsuits against third parties.
- Partners can file lawsuits against each other.
- The firm can sue its own members.
- The firm can claim adjustment of claims exceeding ₹1200.
- Partners can file suits against the firm.
- These benefits provide legal protection and enforceability for the partnership and its members, which unregistered firms do not enjoy.
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