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  • No consideration is required to create partnership
  • A partnership deed is a document which contains the terms and conditions of the partnership
  • The registration is complete and effective from the date when the Registrar files the statement and makes entries in the Register of Firms
  • Change in the firm name and the principal place of business require almost a new registration
  • An unregistered firm or its partners cannot file a suit against third parties
  • An unregistered firm has a right to set-off where the claim does not exceed ₹ 100
  • Partnership is an extension of the law of agency

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