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Abhinav   31 October 2013 at 10:31

Balance sheet of a partnership firm

Dear Experts,

A partnership firm is different from a limited company.I have very specific questions, please advise

- Who all has the right to ask for Balance Sheet copy?

- Our setup has 4 Working Partners and 2 Non Working Partners. Can a sleeping partner who has given power of attorney can get a copy of Balance Sheet ?

- How many previous years balance sheet can be shared? One of our partner has asked to give him Balance Sheet for last 30 years ?

Ritesh Rathod   31 October 2013 at 09:06

Name of partnership firm

Dear sir
is there any regularly restrictions for selection of name of partnership firm?

navin   30 October 2013 at 23:55

On demand & consideration receipt

sir i want to lend money to my friend for 1% intrest per month.for this he is providing an on demand & consideration receipt to me with a post dated cheque of 1 lac exactly after a year.my question is
1. hw many revenue stamps should i fix on on demand & consideration receipt?
2.should i take cheque for 1 lac or should i write the intrest for 1 year & take cheque for 1.12lacs?
3.hw many witness should i take?
4.how do i safe guard my payment?
5.dates of on demand & consideration receipt
should be same?

somesh   30 October 2013 at 17:27

Re : possession under sarfaesi

Dear Sir,

The bank has given me a notice u/s 13(2)which says i have to pay the dues within 60days (60 days will be finished in this week)and i managed to pay 20% of the whole due after receiving the notice and given a request letter to cooperate with me and help me to come out clearly from this situation. my plea has fallen to deaf ears.

Now my query is i have given my property (office and residence)as collateral
1) can a bank evict me out of my residence?

2) can a bank decide which property shall be evicted first or there is a hard & fast rule to evict office premises first?

3) i have debtors of around 30% of the whole amount in the market which might realise in 3 to 4 months, can i request them to take possession of my office (as debtors + office premises would suffice and settle the whole dues)and leave me out of this?

4) lastly some of my friends sympathized me saying that bank cannot evict me out of my residence as its only the place you reside in, they can only take symbolic possession (is it true)?

Thanks in advance

Mahavir   30 October 2013 at 16:48

Llp form -2 - is notary required on subscribers sheet

I am forming New LLP at Rajasthan.
There are 3 Partners all are Designated partners.

1 partner is from India & rest 2 are Indian Citizen Residing at USA - NRI.

So I want to know while filling Form-2, whether Subscribers sheet is required to be Notorised in Foreign Country or Notary & Attestation by Indian Consulate in USA both are required?

And also let want to know whether Agreement is Compulsorily required to be Attested by Indian Embassy in USA or only Notary in USA is valid?

Thank you in advance.

VIJAY ANAND   28 October 2013 at 17:07

Consignment lost booked in transport

Dear Sir,
We are one the private partnership firm in coimbatore. we have booked a consignment of two boxes in a reputed transport service. Out of two boxes, one box was delivered correctly and another one box found missing. We have not insured the consignment since we are not aware of transit insurance.We are daily follow up with the tarnsport for nearly 01 month but no use.
Kindly advice us.

neha   28 October 2013 at 11:47

Steps for takeover of a partnership firm

Dear Sir/Madam

Our company which was incorporated on 29th September 2012 and wants to take over a running partnership firm.
Kindly give me the details of procedural steps to be followed by our company?

Rohit Munjal   27 October 2013 at 13:21

Educational loan repayment

Sir,
I was seeking some guidance here. PNB has taken me to a Lok Adalat for defaulting on my loan. I have paid most of the dues but stopped paying when i was short of around 14-15k because their statement was not matching with mine. Instead of clarifying my doubts they kept sending me notices to pay and never used to answer my phone also. Sent them multiple reminders. The only mistake i did was that i didnt go to their office to get this settled thinking that if i havent done anything wrong here, why should i take the pain to go and clarify.
Now, they have sent me a notice through the Lok Adalat( probably my loan would have become an NPA). I wanted to know if
- is there any way i can settle this w/o going to the Lok Adalat? I just dont want any more hassles and want to close this out. So can this be done remotly.
- If i still wish to fight this because i know that i a right here, what is the way forward.
Any help from this forum will really be appreciated.

hrishikesh   26 October 2013 at 22:48

Company law-under sec 397/398

There are 5 directors in a private ltd company.all having equal share holding of

Jassi   23 October 2013 at 19:59

Conflict amongst directors in pvt ltd

In a private limited company with 3 directors, having equal shares in their name, please suggest on below:

1. If 2 directors wish that the company becomes inactive or goes in sleep mode, is their any such option?

2. The company is not any business currently, and largely there is conflict with the third director. So the 2 directors want to start a new company of their own till the time this conflict is resolved. In such case, would it amount to any conflict of interest or any other legal obligation for the 2 directors? Nothing has been mentioned in the AoA of the company about such situation.