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Risk sharing in partnership firm

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Querist : Anonymous

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Querist : Anonymous (Querist)
23 December 2014 Please suggest me on following point
1.Can only one partner (out of two ) in the partnership firm bear all the risk in a licence based business i,e Trading in Explosives ?

2.Can only one partner out of two possess all the operating rights and powers i.e Like bank transactions etc.
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23 December 2014 Regarding your first question, you would need to an LLP to do that. In a partnership registered under the Partnership Act, 1932, such a provision does not hold true.

Regarding the second question, operating rights and/or powers can be restricted via clauses in the partnership deed. You should approach a professional to draft a deed that legally and enforcibly includes all such clauses that you need.
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