Opening bank account

This query is : Resolved

Mukundha Prasad.G (Querist)
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03 April 2013 How to open a bank account in the name of cricket team. The team members contribute funds for conducting matches and fee for representing tournaments. Can a Partnership deed be entered between members for opening a bank account. Request experts to Suggest best option available in the above said situation.

Thanks in advance

suneel

suneel (Expert)
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03 April 2013 If team members contribute fund for team to conduct match and other expenses. Then try to float a society rather than partnership firm.

If the main agenda is only for sharing of expenses than profit try in the form of Partnership firm.
Partnership firm works for profits.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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20 May 2013 The expert is right and you should form a society which is for no profit and generally clubs are formed as a society. On formation the bank will open the account on submission of certificate and MA of the society.

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