Partnership

This query is : Resolved

Share Report Follow Query Ask a Query

mmjadhav

mmjadhav (Querist)
Follow

09 March 2015 Whether a partnership firm be a partner in another partnership firm.

Gaurav Vora

Gaurav Vora (Expert)
Follow

09 March 2015 Yes, any person including a partnership firm can be a partner in another partnership firm.

mmjadhav

mmjadhav (Querist)
Follow

09 March 2015 But definition of person does not include Partnership Firm.

Gaurav Vora

Gaurav Vora (Expert)
Follow

09 March 2015 As per the Income Tax Act, the definition of Person includes
Individual
HUF
Firm
Company
AOP
BOI
Any other statutory body etc.

mmjadhav

mmjadhav (Querist)
Follow

09 March 2015 Partnership is not separate legal entity; in such a case how it enter into a contract. If a partner of a firm enters into partnership on behalf of the firm,please explain the legal status of firm.
Also provide me draft of such partnership deed.

Gaurav Vora

Gaurav Vora (Expert)
Follow

09 March 2015 Partnership Firm is a Separate Legal Entity. It can sue or be sued. It can also enter in to contracts through it's partners.

The partnership deed would be the same as a normal partnership deed, should contain the details of the other partnership firm.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
Follow

09 March 2015 https://www.caclubindia.com/experts/partnership-518300.asp#.VP2sbvyUe3s

https://www.caclubindia.com/experts/-partnership-firm-i-448180.asp#.VP2sHPyUe3s

A Partnership Firm ca not become partner in another partnership firm. Please refer replies given at above links.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now