Q. what are the benefits of registration of partnership firm?

ANS- The benefits of registration are:

- The major advantage of registration is that a partner of

registered partnership can sue the co-partners and as well as
the firm in case of dispute.
- The registered firm can also sue third parties as well as any
of its partners in its own name to enforce its claim.
- The third parties who have dealings with the firm can sue the
firm to enforce their claim against the firm.
- The incoming partner can enforce his right against the
remaining partners rather than relying on the honesty of co-
partners.
- The retired partner is liable to all the acts of the firm dealing
with third parties before his retirement. The partner who is
retired from the partnership will be discharged from the
liabilities from the date of his retirement from partnership by
giving a public notice and effecting the necessary changes in
the register of firms. As per section 33 of partnership act, the
expelled partner will be treated in the same way when a partner
retires from the partnership.
- A partner is entitled to sue for the dissolution of the firm or for
the accounts of a dissolved firm or to enforce any right or power
to realize the property of a dissolved firm.
- The registered firm is entitled to claim tax benefits under the
provisions of Income Tax Acts.
So, you can say its optional. even 80% partnership in India are
non-registered and running on partnership deed & pan card for
the same.
Q. Note down the advantages of Limited Liability Partnership?
ANS- The advantages are:

- Ease Of Formation
Limited Liability Partnership is quite easy to form as it has minimum
legal requirements. It has lower cost of registration and also there is
no limit on minimum amount of capital required for forming such
partnership.

- Limited Liability
All partners in a limited liability partnership have limited liability in
accordance with the capital invested by them in business. They are
not responsible for other partners’ misconduct or negligence.

- Separate Legal Entity

Limited liability partnership enjoys a separate legal entity that is it is
distinct from its partners. It has its own name separate from its
partners and can sue or be sued in its name.

- Perpetual Succession
This partnership has a perpetual succession and is not affected by
the life of its partners. Death, insolvency or retirement of one or more
partners does not affect the continuation of the partnership.

- Easy To Transfer Ownership

Limited liability partnership is easy to be transferred as there are
fewer formalities to be done in joining or leaving the partnership. The
admission of new partners and the removal of existing partners is
quite easy here.

- No Limit on Number of Partners

It does not have any limit on the maximum number of persons that
can be admitted in this partnership. However, at least 2 persons are
required for forming limited liability partnerships.

- Tax Benefits
Limited liability partnership enjoys several tax benefits and is
exempted from various taxes like GST dividend distribution tax and
minimum alternative tax. There is no need to pay taxes on income
and share of partners in this partnership.