Opening bank account

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Mukundha Prasad.G (Querist)

03 April 2013 How to open a bank account in the name of cricket team. The team members contribute funds for conducting matches and fee for representing tournaments. Can a Partnership deed be entered between members for opening a bank account. Request experts to Suggest best option available in the above said situation.

Thanks in advance

suneel

suneel (Expert)

03 April 2013 If team members contribute fund for team to conduct match and other expenses. Then try to float a society rather than partnership firm.

If the main agenda is only for sharing of expenses than profit try in the form of Partnership firm.
Partnership firm works for profits.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)

20 May 2013 The expert is right and you should form a society which is for no profit and generally clubs are formed as a society. On formation the bank will open the account on submission of certificate and MA of the society.

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