Parnership
This query is : Resolved
CA MONIKA GOENKA
(Querist)
27 May 2010
Can Mr. X (Individual)and Mr. X HUF can together form Partnership Firm?
Shyam Lal Naik
(Expert)
27 May 2010
Yes.
The term "Person" is not defined in the partnership Act/Indian Contract Act.
As per the General Clauses Act, the term includes artificial persons as well.
Practically, I know of such Partnerships.
The term "Person" is not defined in the partnership Act/Indian Contract Act.
As per the General Clauses Act, the term includes artificial persons as well.
Practically, I know of such Partnerships.
CMA.Palani Arumugam
(Expert)
27 May 2010
Shyam ji,
But in this case, How the partnership deed will be signed. Will it be valid, if Mr.X sign for himself and also as karta for HUF.
But in this case, How the partnership deed will be signed. Will it be valid, if Mr.X sign for himself and also as karta for HUF.
taxindiaconnect
(Expert)
27 May 2010
Yes it will be valid
Shyam Lal Naik
(Expert)
27 May 2010
Dear Mr. Palani,
I did not went through the question carefully. Although one can sign in one's indivisual capacity and in the capacity of karta, I am not sure, whether it shall be a legally valid contract.
Fit query to be tested at lawyersclubindia as well.
I did not went through the question carefully. Although one can sign in one's indivisual capacity and in the capacity of karta, I am not sure, whether it shall be a legally valid contract.
Fit query to be tested at lawyersclubindia as well.
CA Ravi Sisodia
(Expert)
27 May 2010
yes
Rahul Gupta
(Expert)
28 May 2010
My view is that it will be valid, since the signing in made in different capacities, One as an individual and one as a Karta....
Really thinkable one...
Really thinkable one...
CA MONIKA GOENKA
(Querist)
06 June 2010
thanku sir to all for sending such comments to my querries
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