Hi !
Expert !
I Have Owned My Partnership Ferm with My Wife ! I have complete All Process and Also Get PAN and Also Business Account ! Now My Question Is If We Need Open Salary Account From It , It Is Possible ? and If Yes Than How Can We Get It ? Which Document Need For It ?
Thanks
Rajubhai
In case of partnership firm there is no need of opening a seperate salary account. the partners can withdraw the money for personal use of theirs from the bank account of the partnerhip firm, this will be deducted from the capital accounts of the parners in the firms books as drawings.
Of course the partners can have their individual savings bank account as an additional account. but thiw has nothing to do with the partnership firm.
CAclubindia
