partnership firm
raghavendra
(Querist) 21 December 2010
This query is : Resolved
sir,
i want to do one manufacturinf industry in patnership firm ,for that i will take loan ,
land is in my name ,where i am going to stat my bussiness , i want so this bussiness me and my mother name ,can it possible to do partnership firm , and can take loan on my mother name .
what are the documents i should require to prepare to partnership firm,
adv. rajeev ( rajoo )
(Expert) 21 December 2010
You can form partnership firm with your mother. You will have to take a loan on the firm name.
Partnership deed is essential.
Y V Vishweshwar Rao
(Expert) 21 December 2010
I agree with Mr Rajoo !
1- Partnership Deed with partners you & Your mother
2- Loan in the name of Partnership Firm represented by Two partners - you and your mother
3- Mortgage Security is - your property- in your name - one of the partner's Property to secure the Bank Loan !
4- for partnership Business Loan can not be taken in the name of individual person - one partner /Your mother
Kirti Kar Tripathi
(Expert) 21 December 2010
i agree with experts. partnership can be between you and your mother. the firm can go for loan.
sreenivasa Rao.P
(Expert) 22 December 2010
Yes you can start a partnership firm along with your mother.You are contributing your land towards the share of your capital and once you put your property in the common hooch pot the,property becomes firm property and you alone cannot have any rights over the same until and unless you have a separate agreement. However the banker will grant loan on the property after mortgaging the property.I wish all the best in your new venture.
malipeddi jaggarao
(Expert) 23 December 2010
Property need not be put in the common hooch pot. Property can be in your name. But you have offer this property to the Bank in your individual capacity as collateral security for the advances sanctioned in the name of the firm. You and your mother can be partners in the firm. Apart from the individual property that is given as mortgage to the Bank, all the partners are jointly and severally (inidividually) liable for the debt. All other points are covered lucidly by expert Mr.Visweswara Rao.
