Loan from a partner
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 October 2012
Can a partner of the firm lend money to the firm in which he is a partner and charge interest?
CA SHRINIVAS
(Expert)
14 October 2012
Yes it can do so. however partnership deed needs to checked for restrictions if any in this regard.
CA Mihir Darji
(Expert)
14 October 2012
also interest must not be exceed 12% p.a.
CA SHRINIVAS
(Expert)
14 October 2012
No, if its a capital then interest must not exceed 12%, in case its a Loan and partner is able to justfy the same on account of market rate and other consideration then he can also charge higher interest. Subject to terms of Partnership deed
CA Mihir Darji
(Expert)
14 October 2012
Thats true CA Shrinivas...
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