URGENT QUERY(CONSORTIUM)
This query is : Resolved
22 December 2009
HI EVERYONE,
THERE ARE 2 PROPRIETORSHIP FIRMS. BOTH ENTER INTO AN AGREEMENT FOR A CONTRACT WORK. WHAT WILL THIS CONSTITUTION BE CALLED.
OPTION
JOINT VENTURE(IF FOR THIS PURPOSE)
CONSORTIUM
ASSOCIATION OF PERSONS
PARTNERSHIP(IF PERMANENT PARTNERSHIP)
WHAT IS THE BEST OPTIION OF ABOVE.
I HAVE NOT HEARD OF CONSORTIUM
THERE ARE 2 PROPRIETORSHIP FIRMS. BOTH ENTER INTO AN AGREEMENT FOR A CONTRACT WORK. WHAT WILL THIS CONSTITUTION BE CALLED.
OPTION
JOINT VENTURE(IF FOR THIS PURPOSE)
CONSORTIUM
ASSOCIATION OF PERSONS
PARTNERSHIP(IF PERMANENT PARTNERSHIP)
WHAT IS THE BEST OPTIION OF ABOVE.
I HAVE NOT HEARD OF CONSORTIUM
22 December 2009
As far as income tax is concerned it recognises two persons with respect to your query. Section 2(31) of Income Tax Act includes AOP & Partnership firm and consortium & joint venture is to be considered with in the ambit ot the said definition.
If the partnership is evidenced through a registered document i.e. partnership deed is regared as firm and if not then AOP.
It is better to join hands under partnership deed.
If the partnership is evidenced through a registered document i.e. partnership deed is regared as firm and if not then AOP.
It is better to join hands under partnership deed.
22 December 2009
agree
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