Accepting deposits from public by person other then company
This query is : Resolved
Kunal Darwani
(Querist)
02 October 2017
Hi Can Individual or LLP accept deposits from public like NBFC or banks ?If no, please Share reference for this, I am not able to find anything concrete on this matter. Many thanks !
Amol S Joglekar
(Expert)
02 October 2017
Individual can accept deposits/ take loan from public.
LLP can do so if the LLP agreement empowers it so to do.
(I think your confusion may be due to whether or not an individual or LLP can do banking business?...the answer is NO. So to say acceptance of deposits in order to lend it prospective customers is NOT permitted)
LLP can do so if the LLP agreement empowers it so to do.
(I think your confusion may be due to whether or not an individual or LLP can do banking business?...the answer is NO. So to say acceptance of deposits in order to lend it prospective customers is NOT permitted)
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