46. Right of partners to have business wound up after dissolution. On the dissolution of a firm every partner or his representative is entitled, as against all the other partners or their representatives, to have the property of the firm applied in payment of the debts and liabilities of the firm,KEEP READING
47. Continuing authority of partners for purposes of winding up. After the dissolution of a firm the authority of each partner to bind the firm, and the other mutual rights and obligations of the partners continue notwithstanding the dissolution, so far as may be necessary to wind up the affairKEEP READING
48. Mode of settlement of accounts between partners. In settling the accounts of a firm after dissolution, the following rules shall, subject to agreement by the partners, be observed- (a) losses, including deficiencies of capital, shall be paid first out of profits, next out of capital, and, lastly, if necessary,KEEP READING
49. Payment of firm debts and of separate debts. Where there are joint debts due from the firm, and also separate debts due from any partner, the property of the firm shall be applied in the first instance in payment of the debts of the firm, and, if there isKEEP READING
50. Personal profits earned after dissolution. Subject to contract between the partners, the provisions of clause (a) of section 16 shall apply to transactions by any surviving partner or by the representatives of a deceased partner, undertaken after the firm is dissolved on account of the death of a partner andKEEP READING
51. Return of premium on premature dissolution. Where a partner has paid a premium on entering into partnership of a fixed term, and the firm is dissolved before the expiration of that term otherwise than by the death of a partner, he shall be entitled to repayment of the premiumKEEP READING
52. Rights where partnership contract is rescinded for fraud or misrepresentation. Where a contract creating partnership is rescinded on the ground of the fraud or misrepresentation of any of the parties thereto the party entitled to rescind is, without prejudice to any other right, entitled,- (a) to a lien on,KEEP READING
53. Right to restrain from use of firm name or firm property. After a firm is dissolved, every partner or his representative may, in the absence of a contract between the partners to the contrary, restrain any other partner or his representative from carrying on a similar business in theKEEP READING
54. Agreements of restraint of trade. Partners may, upon or in anticipation of the dissolution of the firm, make an agreement that some or all of them will not carry on a business similar to that of the firm within a specified period or within specified local limits; and notwithstandingKEEP READING
55. Sale of goodwill after dissolution. (1) In settling the accounts of a firm after dissolution, the goodwill shall, subject to contract between the partners, be included in the assets, and it may be sold either separately or along with other property of the firm. Rights of buyer and sellerKEEP READING
CHAPTER VII – REGISTRATION OF FIRMS 56. Power to exempt from application of this Chapter. The State Government of any State may, by notification in the Official Gazette, direct that the provisions of this Chapter shall not apply to that State or to any part thereof specified in the notification.KEEP READING
57. Appointment of Registrars. (1) The State Government may appoint Registrars of Firms for the purposes of this Act, and may define the areas within which they shall exercise their powers and perform their duties. (2) Every Registrar shall be deemed to be a public servant within the meaning ofKEEP READING
58. Application for registration. (1) The registration of a firm may be effected at any time by sending by post or delivering to the Registrar of the area in which any place of business of the firm is situated or proposed to be situated, a statement in the prescribed formKEEP READING
59. Registration. When the Registrar is satisfied that the provisions of section 58 have been duly complied with, he shall record an entry of the statement in a register called the Register of Firms, and shall file the statement. STATE AMENDMENTS Maharashtra Renumber section 59 as sub-section (1) of thatKEEP READING
STATE AMENDMENT Section 59A Andhra Pradesh After section 59, insert the following section, namely- 59A. Amendment of the Register of Firms- (1) Notwithstanding anything in this Chapter, the Registrar of Firms, Andhra Pradesh, may, by order in writing, amend the register by deleting therefrom the entries relating to any firm, whoseKEEP READING
STATE AMENDMENT Section 59B Gujarat After section 59A, insert the following section, namely- 59B. Deletion of entries relating to certain firms by reason of reorganisation of Bombay State- (1) Notwithstanding anything contained in this Chapter, a Registrar of Firms appointed for any area by the Government of Gujarat may, byKEEP READING
