partnership
akash
(Querist) 29 May 2011
This query is : Resolved
Respected Sir,
can one person (say Mr.x) at the very same time be an Active partner in more than one partnership firm ?
Can the Very Same Active Partner at the same time be shareholder and director of a Pvt. Ltd Company ?
Thanking you
Manish Singh
(Expert) 31 May 2011
If the said partnership is all full of lawyers,you are allowed to be involved actively in more than one partnerships as per your partnership deeds. But in other cases you can only be a sleeping partner.
Yes, the same active partner (the partnership being all partners being lawyers)can be director or shareholder of any company but can not be involved in executive tasks or can not manage affairs of a company.
Any advocate can become shareholder of any company and there is no restriction in this behalf of any kind.
