Risk sharing in partnership firm

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 December 2014 Please suggest me on following point
1.Can only one partner (out of two ) in the partnership firm bear all the risk in a licence based business i,e Trading in Explosives ?

2.Can only one partner out of two possess all the operating rights and powers i.e Like bank transactions etc.

Guest

Guest (Expert)

23 December 2014 Regarding your first question, you would need to an LLP to do that. In a partnership registered under the Partnership Act, 1932, such a provision does not hold true.

Regarding the second question, operating rights and/or powers can be restricted via clauses in the partnership deed. You should approach a professional to draft a deed that legally and enforcibly includes all such clauses that you need.