Anirudh Varma (CA Inter) 16 December 2014
1. Can a partnership firm have more than 1 Managing Partner?
2 .Out of the total of 6 partners, can 3 of them be appointed as Managing Partners of the firm?
3.If yes, assuming there are 3 Managing Partners, can there be a clause in the deed that either of the Managing Partners can sign in the bank transactions/authorisations and other major contract approvals?
Will this be in violation of any laws prevailing in India?
T. Kalaiselvan, Advocate (Advocate) 24 December 2014
It all depends purely on the mutual arrangement and agreement among the partners, how and who will play what role in the firm profit sharing and other terms and conditions as have been incorporated in the partnership deed. So better draft a deed in accordance to the requirement of the firm with regard to the partnership and the role of partners.
Utsav Ghosh (Advocate) 24 December 2014
It depends of the Partnership Agreement entered into . If the partner indulges in any practice which cause hardship to the partnership firm then the partner will be responsible if he is acting in his individual capacity.
On the other hard partners act as agent to the partnership firm u/s 18 of the partnership act.
U/s 25 {Liability of the partners for the acts of the firm} - Every partner is liable jointly with all the other partners and also severally, for all the acts of the firm done while he is a partner.
u/s 26 { liability of the firm for the wrongful acts of the partner}- Where by wrongful act of omission of a partner acting in the ordinary course of the business of a firm, or with the authority of his partners, loss or injury is caused to any third party, or any penalty in incurred, the firm is liable therefore to the same extent as the partner.
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