can a partnership firm accept loans from the individuals, do the deposit rules as applicable to companies also applicable to firms. thnks
akash kapoor (*************) 07 November 2011
NO A TRADING FIRM HAS AN IMPLIED RIGHT TO BORROW MONEY.............................
kelly (self employed) 07 November 2011
you said no means rules not applicable or can not take deposits.
in fact our firm interested to expand into solar systems trading cum manufactuirng however looking funds on loan form indiviuals who are ready to give unsecured due to our goodwill. please advise thnks for ur contribution.
sridhar pasumarthy (ADVOCATE) 07 November 2011
A partnership firm can borrow money from individuals unless there is a restriction clause in the partnership deed.
kumar t v s (advocate) 07 November 2011
A firm can borrow money from individuals for meeting its financial requirements, BUT it cannot borrow to LEND money like an NBFC or accept deposits for CHIT FUND or other finance related activities.
Nadeem Qureshi (Advocate/ email@example.com) 08 November 2011
Mr. Sridhar is right
kelly (self employed) 08 November 2011
Thank u dears
i need funds to go for new project and i have a base of customers ( many hundreds ) who r ready to extend me loan up to 5 to 10 years for interest, unsecured (out of my goodwill. i was just concernd as recently in news where some companies were restricted to procure funds from the market vide the companies act deposit rule of private or public placement etc.
all ur feedback has helped me build confidence and any other guidance / comments are still welcome .