Parnership

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CA MONIKA GOENKA

CA MONIKA GOENKA (Querist)
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27 May 2010 Can Mr. X (Individual)and Mr. X HUF can together form Partnership Firm?

Shyam Lal Naik

Shyam Lal Naik (Expert)
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27 May 2010 Yes.

The term "Person" is not defined in the partnership Act/Indian Contract Act.

As per the General Clauses Act, the term includes artificial persons as well.

Practically, I know of such Partnerships.

CMA.Palani Arumugam

CMA.Palani Arumugam (Expert)
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27 May 2010 Shyam ji,

But in this case, How the partnership deed will be signed. Will it be valid, if Mr.X sign for himself and also as karta for HUF.

taxindiaconnect

taxindiaconnect (Expert)
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27 May 2010 Yes it will be valid

Shyam Lal Naik

Shyam Lal Naik (Expert)
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27 May 2010 Dear Mr. Palani,

I did not went through the question carefully. Although one can sign in one's indivisual capacity and in the capacity of karta, I am not sure, whether it shall be a legally valid contract.

Fit query to be tested at lawyersclubindia as well.

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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27 May 2010 yes

Rahul Gupta

Rahul Gupta (Expert)
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28 May 2010 My view is that it will be valid, since the signing in made in different capacities, One as an individual and one as a Karta....

Really thinkable one...

CA MONIKA GOENKA

CA MONIKA GOENKA (Querist)
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06 June 2010 thanku sir to all for sending such comments to my querries

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