Interest on taken from partners
This query is : Resolved
02 September 2016
Sir
Pls advice me, if the firm takes loan from partners then its mandatory to pay interest on loan to partners.
if firm do not pay any interest on loan taken from partners then there is any issues in any law.
Thank u very muh in advance
Pls advice me, if the firm takes loan from partners then its mandatory to pay interest on loan to partners.
if firm do not pay any interest on loan taken from partners then there is any issues in any law.
Thank u very muh in advance
02 September 2016
No... it is as per the mutual decision of the partners whether to pay interest or not.
If , however, interest is paid, it should be empowered in the DEED of partnership
If , however, interest is paid, it should be empowered in the DEED of partnership
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