Networth of partnership firm
This query is : Resolved
01 September 2012
Networth of a partnership firm (2partners -husband & wife) has to be calculated for eligibility purposes. The firm should have networth of 50 Lakhs. One of the partners has networth above 50 Lakhs in individual capacity. Can the partner's individual net worth be included in the firm's networth?
CA VISHNU GAVKARE
(Expert)
06 September 2012
No. Partnership is Seperate entity from an Individual. Further partners contribute to firm not firm to partner. Hence Partners share in Firms wealth can be included in his personal wealth but not vice versa
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