partnership
Atul
(Querist) 15 July 2009
This query is : Resolved
can a company become partner in a firm?
what are the pros & cons of this?
A V Vishal
(Expert) 15 July 2009
A firm cannot become partner of another firm but a company can become partner of a firm.
The management in such a case is very difficult and it has got its own drawbacks, which cannot be didcussed at lenght since most of the drawbacks surface only when problems arise in administration and decision makings.
M. PIRAVI PERUMAL
(Expert) 16 July 2009
A firm cannot become partner of another firm but a company can become partner of a firm.
M. PIRAVI PERUMAL
(Expert) 16 July 2009
A partnership agreement can be entered into between persons who are competent to contract. Every person who is of the age of majority according to the law to which he is subject and who is of sound mind and is not disqualified from contracting by any law to which he is subject can enter into a partnership.
The following can enter into a partnership
1. INDIVIDUAL
2. FIRM
3. HINDU UNDIVIDED FAMILY
4. COMPANY
5. TRUSTEES
1.
INDIVIDUAL: An individual, who is competent to contract, can become a partner in the partnership firm. If there are more than two partners in a firm, an individual can be a partner in his individual capacity as well as in a representative capacity as Karta of the Hindu undivided family.
2.
FIRM: A partnership firm is not a person and therefore a firm can not enter into partnership with any firm or individual. But a partner of the partnership firm can enter into partnership with other persons and he can share the profits of the said firm with his other co-partners of the parent firm.
3.
HINDU UNDIVIDED FAMILY: A Karta of the Hindu undivided family can become a partner in a partnership in his individual capacity, provided the member has contributed his self acquired or personal skill and labour.
4.
COMPANY: A company is a juristic person and therefore can become a partner in a partnership firm, if it is authorised to do so by its objects.
5.
TRUSTEES: Trustees of private religious trust, family trust and trustees of Hindu mutts or other religious endowments are juristic persons and can therefore enter into partnership, unless their constitution or objects forbid.
Sarvesh Kumar Sharma Advocate
(Expert) 16 July 2009
yes,
a company can be a partner of a firm.
for the proses the company and firm will make deed before the ragistrar office .
and diclair their norms,pay the stamp duty.
ritu bhadana
(Expert) 19 July 2009
mr. Perumal has given accurate answer
