Loss sharing in a Partnership firm
This query is : Resolved
05 June 2023
Dear Sir,
If a partnership firm has incurred losses can the loss burden has to be borne by the partner even by selling his personal assets like his property incase he is not in a position to bear the losses.
Please help me regarding this matter.
Regards,
Divyesh Jain
If a partnership firm has incurred losses can the loss burden has to be borne by the partner even by selling his personal assets like his property incase he is not in a position to bear the losses.
Please help me regarding this matter.
Regards,
Divyesh Jain
05 June 2023
Liability of any payments to creditors or lenders lie on all the partners as per shares in partnership (other than LLP), but loss is shared or adjusted against any future income.
05 June 2023
Do the losses has to be borne by the partner even by selling his share in his personal asset like property.
05 June 2023
Payment liability lies over partner/s, how it is paid depends upon the defaulters.
Courts in such cases, have ordered to acquire the property/ies of defaulters to repay the appellants.
Courts in such cases, have ordered to acquire the property/ies of defaulters to repay the appellants.
05 June 2023
Ok Sir, Thanks for your valuable response.
05 June 2023
Most welcome.
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