Have 2 queries
1) Is Working partner defined anywhere in the Act ???
2) Can a person be considered as working partner if he is taking salary from company as director and also from partnership firm ( deed specifies him to be working partner) ,
Thanks
Have 2 queries
1) Is Working partner defined anywhere in the Act ???
2) Can a person be considered as working partner if he is taking salary from company as director and also from partnership firm ( deed specifies him to be working partner) ,
Thanks
Working partner is an individual who is actively engaged in conducting the affairs of the business/profession of the firm of which he is a partner. refer explanation 4 to section 40(b). So I presume if such person is actively engaged in conducting affairs (as above) then he shall be a working partner.
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