13 June 2011
A company whether public or private is a legal person capable of entering into valid contracts including partnership agreements. Thus there is no legal bar. The company can authorize a person to attend the meetings of the partners and to generally represent the company in other matters relating to the management and administration of the firm.
Please note that the MOA of the company must authorise the entering into partnership otherwise it becomes ultra vires and void.
13 June 2011
Thank you sir for your valuable advice. I have one more query. Is the profit withdrwan by the private limited company is again taxable as an income for the private limited company.
CAclubindia
