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.

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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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