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.
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