Can a Company be a partner in a partnership firm (not LLP)
This query is : Resolved
Rupesh Gujarathi
(Querist)
05 October 2010
In this context, I want to know that since the liability of every partner in a partnership firm is unlimited, then how can a limited company be a partner in a partnership firm which is not an LLP.
Also, I understand that there is a DCA circular in this regard Circular No. 1-81 (20-1-81-CL-V). But this circular is not touching this unlimited liability aspect of Partnership law.
Also, I understand that there is a DCA circular in this regard Circular No. 1-81 (20-1-81-CL-V). But this circular is not touching this unlimited liability aspect of Partnership law.
Rashaad Hussain
(Expert)
06 October 2010
Yes it can.
But not viceversa.
But not viceversa.
Rupesh Gujarathi
(Querist)
06 October 2010
Your answer is not clear. Did you mean to say that a company can be a partner in a partnership firm which is not an LLP?
What is mean by Vice versa? Do you mean that a partnership firm cannot hold shares in company?
Please reply.
What is mean by Vice versa? Do you mean that a partnership firm cannot hold shares in company?
Please reply.
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