PARTNERSHIP FIRMS
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 December 2009
CAN A CO OPERATIVE SOCIETY BECOME A PARTNER IN PARTNERSHIP FIRM
03 December 2009
Yes it can be a partner.
A Partnership is defined as under the partnership act as a relation between persons who have agreed to share the profits of a business carried on by all of them or any of them. The Act does not provide for the definition of the term "person", so here we have to interpret the term in terms of the General Clauses Act which defines the term as any company, association, body of individuals whether incorporated or not. A co-operative society being a legal entity can become a partner of a partnership firm.
Hope the above clarifies.
Regards
A Partnership is defined as under the partnership act as a relation between persons who have agreed to share the profits of a business carried on by all of them or any of them. The Act does not provide for the definition of the term "person", so here we have to interpret the term in terms of the General Clauses Act which defines the term as any company, association, body of individuals whether incorporated or not. A co-operative society being a legal entity can become a partner of a partnership firm.
Hope the above clarifies.
Regards
09 August 2023
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