deepthi (student) (25 Points)
10 February 2010can a partnership firm which consists of 3 partners constitute a different partnership in a different name in a different place but for the same business? if all the rules are followed will the new firm be a independant firm or considered as a sister concern?
Kiran Toshniwal
(Practicing Company Secretary)
(142 Points)
Replied 10 February 2010
It will be an independent firm and it is possible
sivadas chettoor
(CA)
(2644 Points)
Replied 14 February 2010
Yes , it is possible. But beware of the clubbing provisions under excise/vat laws etc.
siva208 @ yahoo.com
deepthi
(student)
(25 Points)
Replied 17 February 2010
wat are these provisions that are to be considered??
sivadas chettoor
(CA)
(2644 Points)
Replied 20 February 2010
For eg Under the Central excise act there is a small scale exemption upto 1.5 crores. Suppose you are a manufacturing concern and the total turnover exceeded Rs 1.5 cr though the turnover of each unit is below limit. Hence duty will be imposed on you clubbing the turnover of all the 3 units. OK?
siva208 @ yahoo.com
GST Live Certification Course (39th Batch) - April 2024 (Weekend Batch) (With Certificate)
"Live class on Python for Financial Analysis: Unlocking Efficiency in Accounting and Finance"
CAclubindia
