Patnership
This query is : Resolved
Subrahmanyam
(Querist)
15 October 2008
Hi,
Is possible for a person to be a partner in a partnership firm without actually taking part in Profit sharing ratio.
If no Deloitte has 8500 people as partner. How can as many people be partners.
Is possible for a person to be a partner in a partnership firm without actually taking part in Profit sharing ratio.
If no Deloitte has 8500 people as partner. How can as many people be partners.
CA Pawan Goswami
(Expert)
15 October 2008
There can be no partnership where there is no intention among the partners to carry on business and to share the profits thereof. - Chitra Cinema vs, CIT(1972)86 ITR 203(All).
Thus, as an essential element to constitute a partnership, there must be an agreement to share the profits of business.
Thus, as an essential element to constitute a partnership, there must be an agreement to share the profits of business.
15 October 2008
Agree with Mr.Pawan.
CA Bosu babu
(Expert)
22 October 2008
I TOO AGREE WITH MR.PAWAN
S.Srinivasaraghavan
(Expert)
30 October 2008
Yes that is the position of law.
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