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Class : 11
Unit : Business

Explain the process of registration and renewal of partnership firm in Nepal.

Ans : The process of registration and renewal of partnership firm in Nepal are explained below: A. Procedure of Registration Ans:- Partnership is the firm established by two or more person’s investing his mutual capital. A partnership firm must be registered in the department of industry or commerce according to partnership act 2020 B.S. in Nepal. A partnership firm should be registered within six month of it’s establishment. According to Partnership Act 2020 BS, a partnership firm has to complete the following procedure for it’s registration. (a) Submission of application:- It is the first procedure of firm registration. While submitting an application for registration other documents consisting of registration fee, partnership deed and photo copy of citizenship certificates of all the partners should be submitted in the concerned department of the government. The following particular should be written in the application: i) Full name of the firm ii) Mailing of the firm’s business iii) Full name and permanent address of partners iv) Method of sharing profit or loss v) Procedure of computing profit vi) Other particulars as prescribed by the concerned department etc. (b) Submission of registration fee:- Registration fee should be submitted along with application and other evidential document. Generally, registration fee is deposited in bank account of concerned department and bank deposited voucher is submitted in the department. The following are the schedule of registration fee:- Capital investment Registration fee (Rs.) Up to Rs.1,00,000 600 From Rs.1,00,000 to Rs.3,00,000 2,000 From Rs.3,00,000 to Rs.5,00,000 4,000 From Rs.5,00,000 to Rs.10,00,000 7,500 From Rs.10,00,000 to Rs.50,00,000 10,000 Above Rs.50,00,000 15,000 (c) Obtain registration certificate:- After receiving application and other documents enclosed with it, the officials of concerned department of the government examine and scrutinize the application and other documents. After registrations of the firm it is entitled to get the facilities from the government. B. Procedure of Renewal Ans:- According to the provision of Partnership Act 2020, a registered firm should be renewed within 35 days after the end of every fiscal year. For renewal of the firm, partners should have to complete some procedures. The amount of renewal fee depends on the capital investment of the firm. The following is the schedule of renewal fee. Capital investment Registration fee (Rs.) Up to Rs.1,00,000 100 From Rs.1,00,000 to Rs.3,00,000 125 From Rs.3,00,000 to Rs.5,00,000 150 From Rs.5,00,000 to Rs.10,00,000 200 From Rs.10,00,000 to Rs.50,00,000 250 Above Rs.50,00,000 300
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