Deepak and Gaurav joined the prestigious law university in Ahmedabad in the year 2010. During the course of study, they became good friends and they both realized that their common interest lies in the field of corporate law. After completion of their degree, they decided to start a firm of their own, namely 'Corpo Law Firm' wherein both of them will be co-owners dividing the profit and loss. After successfully running the firm for a year, they realized that there are certain rights which are denied to their firm as it is not registered. Explain the consequences of non-registration of their firm.