Partnership firm
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 August 2012
Dear expert,
There is a partnership firm engaged in civil construction, containing two working partners. Both partners also have their own proprietorship concern which is also engaged in civil construction.
I want to know that, whether the said partners can take salary from the partnership firm or they would be allowed only for interest on their capital and their profit share.
Please advise me.
There is a partnership firm engaged in civil construction, containing two working partners. Both partners also have their own proprietorship concern which is also engaged in civil construction.
I want to know that, whether the said partners can take salary from the partnership firm or they would be allowed only for interest on their capital and their profit share.
Please advise me.
07 August 2012
The can take salary from the partnership firm, subject to the provisions of Section 40(b).
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