Property of the partnership firm
This query is : Resolved
11 October 2011
Sir/Madam i need to know:-
• Whether it is true that
“Property of the partnership firm cannot be deemed as property of the partners and that They are two separate things” ?
• Which section or case laws relate to it?
• Whether it is true that
“Property of the partnership firm cannot be deemed as property of the partners and that They are two separate things” ?
• Which section or case laws relate to it?
28 October 2011
See Sec 14, 15 of Partnership Act, which says property of firm is not property of individual partners and it should be used only for the purpose of Firm.
However partners are joint owners of the property.
However partners are joint owners of the property.
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