16 October 2009
There are 3 members in a partnership firm and the land where the business of the firm is carried out is owned by one member.The firm owes huge dues to a company from whom they have purchased and utilised electricity.Is it possible for the electricity company to recover the dues through legal means from the firm by attaching the land and the property owned by one of the partners ?
16 October 2009
Yes it is allowed as the liability of partners is joint and several and if the firms assets are not sufficient the dues can be recovered from the partners personal assets in their profit sharing ratio and the partners are liable for their share plus other parnter's share if they do not assets to meet the liability.
CAclubindia
