partnership

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dhawal shah (Querist)
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18 February 2009 can a partner bring a liability in a firm ...with assets.

for ex. a partner has taken loan to purchase a land for hotel in individual name .

for project finance can we take the loan as firms liability as assets taken by firm on which liability has taken.....

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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18 February 2009 Yes.
A partner can also bring a liability with assets.
If the liability is of the firm of repayment, then certainly it is to be shown as an liability.
But if the liability is of someone else and the security is of firm's assets then partnership deed must provide for such act.

V.K.SUBRAMANI

V.K.SUBRAMANI (Expert)
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18 February 2009 IT IS TRUE THAT A PARTNER CAN BRING AN ASSET ALONGWITH A LIABILITY FASTENED TO THAT ASSET.

THE ASSET,ATTACHED LIABILITY AND THE DIFFERENTIAL BEING CREDIT TO THAT PARTNER'S CAPITAL ACCOUNT WOULD BE REFLECTED IN THE BOOKS OF THE FIRM.

V.K.SUBRAMANI

V.K.SUBRAMANI (Expert)
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Saurabh Aggarwal

Saurabh Aggarwal (Expert)
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18 February 2009 Yes,

If the firm agrees with the incoming partner for the repayment of liability, then liability can be brought into business and necessary entry will be passed in the books of the firm.

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