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Partner in Firm

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(Querist)
17 October 2008 Can a partnership firm be a partner in another partnership firm.
say A&B Firm has 2 patners - A & B. Now can this A&B firm hold substantial interest (say 90% etc)in another firm like C&D Firm?
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
17 October 2008 No. This is because, a firm does not have a separate existence away from its partners. The firm is not a legal person.
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CA Bosu babu

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CA Bosu babu (Expert)
22 October 2008 no it cant since it is not a seperate legal entity. that is members and firm is one and the same. and liability of the firm extend to personel assets of the partners
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
23 October 2008 Yes.
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Ravikumar.G

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Ravikumar.G (Expert)
20 November 2008 it cant
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