How much capital to show in partnership deed ?
This query is : Resolved
CA Abhishek Singh
(Querist)
13 July 2013
Hello everyone,
one of my client started a restaurant on 01/7/2013 in partnership. A brought Rs.10 lacs and Mr. B brought in Rs.10 lacs. Both will share profits equally.
Now i have to draft their partnership deed.
My question :
should i show their capital as 20 lacs total or show less capital because stamp duty will be more if i show more capital ?
waiting for the views of the experts.
one of my client started a restaurant on 01/7/2013 in partnership. A brought Rs.10 lacs and Mr. B brought in Rs.10 lacs. Both will share profits equally.
Now i have to draft their partnership deed.
My question :
should i show their capital as 20 lacs total or show less capital because stamp duty will be more if i show more capital ?
waiting for the views of the experts.
14 July 2013
Draft as below :
.
The both the parties to the agreement will bring capital as and when required as mutually agreed between them.
.
Pay the highest stamp duty prevalent in your state to cover the defaulters in future.
.
The both the parties to the agreement will bring capital as and when required as mutually agreed between them.
.
Pay the highest stamp duty prevalent in your state to cover the defaulters in future.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
