Partnership
This query is : Resolved
CA Pankaj Bansal
(Querist)
29 October 2010
Situation:
'A' is having sole prop. concern with the name of "A & associates".
'A' floats a partnership with 'B' under the name of "B & associates".
Queries:
1. Can 'A' do so i.e. can he become partner in a P.Ship firm alongwith running his own sole prop. business.
2. If yes, can both the entities be treated as 'separate entities' in the eyes of law.
'A' is having sole prop. concern with the name of "A & associates".
'A' floats a partnership with 'B' under the name of "B & associates".
Queries:
1. Can 'A' do so i.e. can he become partner in a P.Ship firm alongwith running his own sole prop. business.
2. If yes, can both the entities be treated as 'separate entities' in the eyes of law.
30 October 2010
Certainly yes. first one is assessed in his individual hands and the second one is assessed in the hands of the firm.
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