Contract by a Partner
This query is : Resolved
11 July 2009
In the partnership act is there any limitation to take a contract by a Partner from his Partnership Firm? If his share of profit allocate below 20% in the partnership, can he take the contract? If he do so what will be the consequence asper Partnership Act or Income tax act?
CA. B.SRINIVASULU
(Expert)
11 July 2009
Absoulutely a partner in his individual capacity can take contract from partnership firm where he is a partner. Only condition is the terms and conditions should be on par when you compare with outsiders dealing with the firm.
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