patnership
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
18 November 2010
can a pvt ltd company enter in patnership if yes what are the guidelins for that?
19 November 2010
Hi
MEANING OF PARTNERSHIP
A Partnership is defined under section 4 of Indian Partnership Act, 1932, as “the relations between persons who have agreed to share profits of the business carried on by all are any of them acting for all”. This Definition gives three minimum requirements to constitute a Partnership, viz:
• There must be an agreement entered into orally or in writing by the persons who desire to form a Partnership,
• The object of the agreement must be to share the profits of business intended to be carried on by the Partnership, and
• The business must be carried on by all the partners or any of them acting for all of them.
• Persons who have entered into partnership with one another are called individually "partner" and collectively "a firm".
• The name under which their business is carried on is called the “firm-name”.
• When duration of partnership is not defined, the partnership is "partnership at will". When persons become partner for a particular venture or for a specified time, it is called a "particular partnership".
Partnership is an association of person carrying business and in law the firm name is compendious method of describing partners {Deoha F Guzdar, Bombay vs. CIT Air 1955 SC. 14}.
TYPES OF PARTNERSHIP
A Partnership can be formed between:
(i) one or more individuals or
(ii) between an individual and a person representing a H.U.F. or
(iii) between an individual and other partner representing his firm, or between Limited Company or a Corporation and an Individual or Partnership firm, or
(iv) between two Partnership firms, or
(v) between a Limited Company or a Corporation and an individual or Partnership firm, or
(vi) between a Partnership firm and H.U.F., or
(vii) between members of HUF in their individual and independent capacity, and
(viii) between a HUF and a member of that HUF independently.
MEANING OF PARTNERSHIP
A Partnership is defined under section 4 of Indian Partnership Act, 1932, as “the relations between persons who have agreed to share profits of the business carried on by all are any of them acting for all”. This Definition gives three minimum requirements to constitute a Partnership, viz:
• There must be an agreement entered into orally or in writing by the persons who desire to form a Partnership,
• The object of the agreement must be to share the profits of business intended to be carried on by the Partnership, and
• The business must be carried on by all the partners or any of them acting for all of them.
• Persons who have entered into partnership with one another are called individually "partner" and collectively "a firm".
• The name under which their business is carried on is called the “firm-name”.
• When duration of partnership is not defined, the partnership is "partnership at will". When persons become partner for a particular venture or for a specified time, it is called a "particular partnership".
Partnership is an association of person carrying business and in law the firm name is compendious method of describing partners {Deoha F Guzdar, Bombay vs. CIT Air 1955 SC. 14}.
TYPES OF PARTNERSHIP
A Partnership can be formed between:
(i) one or more individuals or
(ii) between an individual and a person representing a H.U.F. or
(iii) between an individual and other partner representing his firm, or between Limited Company or a Corporation and an Individual or Partnership firm, or
(iv) between two Partnership firms, or
(v) between a Limited Company or a Corporation and an individual or Partnership firm, or
(vi) between a Partnership firm and H.U.F., or
(vii) between members of HUF in their individual and independent capacity, and
(viii) between a HUF and a member of that HUF independently.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Short Term Capital gain on shares bought and sold after 2018 onwards
- ITR returnFY25-26
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Treatment of Pension ?annuity returns on PMVY
- ITR 2 Short Term gain & Long term gain
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
