Indian Construction Company 21 November 2017
The WORK-NATURE clause of our partnership states -
"That the nature of the partnership shall be execution of civil contract work and engineering work, transportation works and all type of contract work AND other type of business/works which the partners shall mutually determine from time to time "
our question is that; if we want to start trade in other areas like "pharmacy" or "education" or any other areas,
DO WE NEED TO AMEND OUR PARTNERSHIP-FIRM and SPECIFICALLY ADD terms/clause like "pharmacy" "education" etc., IN THE DEED OR since our partnership firm clause states that we can do - "other type of business/works which the partners shall mutually determine from time to time" WE CAN SIMPLY REGISTER OUR FIRM w.r.t. THE APPROPRIATE HSN/SAC code under GST & start doing other business whenever we want to do so, without changing anything in our partnership deed ??
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Dhirajlal Rambhia (KVO Merau Kutchh) 22 November 2017
Well, legally it is valid, no need to change.
But practically, it is to be justified on each and every occasion with authentication of each partners.
Generally, business community prefer to constitute all together different firm for such sort of different business activities, as it eases the working complience.
Taxation aspect...... no change, unless any adjustments!!