Partnership Firm - Legal Entity

Urvashi Saumya (Querist) 09 June 2009 This query is : Resolved
Wheather Partnership Firm is a separate legal entity?

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A V Vishal (Expert) 09 June 2009
A partnership firm does not have any legal entity separate from its partners. It can
continue for a long period of time and can also come to an end at any time if the partners so desire. It automatically comes to an end in the event of death, lunacy and insolvency of any partner.

Though a partnership firm is not a legal entity, it acquires a separate legal existence for certain purposes as per the provisions of the Indian Partnership Act, 1932 when a firm gets registered with the Registrar of Firms.