Convertion of partner's loan into capital
This query is : Resolved
15 June 2024
a partner has given loan to partnership firm, now can this loan be converted into his capital with mutual consent of all partners.
The deed of partnership has this clause:
partners, if so desire, may take furture investment in the firm in the form of loan or as capital.
The deed of partnership has this clause:
partners, if so desire, may take furture investment in the firm in the form of loan or as capital.
15 June 2024
Yes, this loan can be converted in to capital with mutual consent of all the partners.
15 June 2024
Yes the loan can be converted into capital since the PFAS deed already mentions the same.
15 June 2024
i have a follow up. Many provisions of partnership, like this one, requires consent of all partners. What is the proper way to document this consent?
1. Partnership resolution on letter head.
2. letters from partners.
etc.
1. Partnership resolution on letter head.
2. letters from partners.
etc.
15 June 2024
Partnership resolution on letter head will serve the purpose.
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