Partnership firms - loan
This query is : Resolved
16 October 2019
Sir,
Clarification and advice is required :
1. to take loan from partners or from banks for the partnership firm for the working of the firm? partners have already contributed capital.
thanks
CA Renuka K
Clarification and advice is required :
1. to take loan from partners or from banks for the partnership firm for the working of the firm? partners have already contributed capital.
thanks
CA Renuka K
16 October 2019
There is no restriction on taking loan from partners by a firm but should be through bank channel.
16 October 2019
thanks CA Dileep Surya Kumar
what I am try to say is which one is beneficial . partners loan or firm's loan.
I think the interest on partners loan is restricted to 12% but if the loan taken from a bank in the name of the Firm, the total interest can be claimed as expenses. please suggest
what I am try to say is which one is beneficial . partners loan or firm's loan.
I think the interest on partners loan is restricted to 12% but if the loan taken from a bank in the name of the Firm, the total interest can be claimed as expenses. please suggest
18 October 2019
It depends not only the interest expenses that firm can claim , need for loan, is it temporary for short period or long period, whether operations are organised etc.
If operations are organised and looking for long term better go for bank loan.
If operations are organised and looking for long term better go for bank loan.
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