Opening capital
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2012
sir, how much cash can brought as a capital in partnership firm. at the time of starting .
15 April 2012
There is no restriction on introduction of Capital in a Partnership firm in Cash...But it is important to note that the source of the cash being introduced as capital must be justified else A.O. in course of assessment may treat it as an unexplained cash credit and shall tax the same.
15 April 2012
agree with expert.
15 April 2012
Hi
Partnership may be formed with any two persons who are capable of entering into an agreement. A partnership cannot be created with minor, as he is capable of entering into a contract, though of course he would be admitted to the benefits of the partnership. The partnership act does not prescribe any maximum number of partners.
There is no minimum requirement of capital. The partner brings their own capital required for the business. In a trading firm a partner has implied authority to borrow money for the purpose of the business on the credit of the firm.
Regards
Partnership may be formed with any two persons who are capable of entering into an agreement. A partnership cannot be created with minor, as he is capable of entering into a contract, though of course he would be admitted to the benefits of the partnership. The partnership act does not prescribe any maximum number of partners.
There is no minimum requirement of capital. The partner brings their own capital required for the business. In a trading firm a partner has implied authority to borrow money for the purpose of the business on the credit of the firm.
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- FORM 26A APPLICABILITY
- SFT Cash Deposit in Current Account
- Value of property in capital gain
- Regarding TDS Applicability For Director Remuneration
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
