After commencement of various provisions of the Companies Act, 2013 and rules thereunder, various issues received from Industry Chambers and stakeholders were examined in consultation with stakeholders. In order to address the issues received, certai
We are planning to make a partnership firm with 20 partners, each will contribute Rs.50,000. Our firm will engage in trading business.
We have some questions: Can any partner(e.g. partner A) from our firm borrow money independently on behalf of firm? If yes, then lets assume that partner A runs away with that money(considering that he borrowed in cash), then is there any way to protect firm or other partners from that liability?