07 October 2008
Hi all, A 81 year old partnership firm has already 20 partners. Now a partner has 3 sons. 1)Can such partner form a firm among himself and his sons.Can such firm be a parnter in the 81 year old firm. 2)If one son is working in such firm on behalf of his father can such son be given partner salary on behalf of the father & sons firm. 3)If the 81 year old firm pays interest on capital to Father & sons firm.Is it necessary to deduct TDS on such interest. kindly help me regards sivadhansu advocate
11 October 2008
No,as far as i know firm cannot be partner in other firm as per Partnership Act only natural person or legal entity having separate legal existence is eligible to become partner
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