Can HUF be partner
This query is : Resolved
16 December 2024
Hello,
One question that can HUF be partner in partnership firm? If yes, then can the karta of that HUF can provide the contractor service to that partnership firm in which HUF is partner?
Please guide 🙏
One question that can HUF be partner in partnership firm? If yes, then can the karta of that HUF can provide the contractor service to that partnership firm in which HUF is partner?
Please guide 🙏
16 December 2024
The Supreme Court in the case of Rashik Lal & Co. v. CIT has explicitly stated that a HUF, directly or indirectly, cannot become a partner of a firm because the firm is an association of individuals. Even if a person nominated by the HUF joins a partnership, the partnership is considered to be between that nominated individual and the other partners, not the HUF itself.
The Ministry of Corporate Affairs has issued clarifications stating that while a HUF cannot be a partner or designated partner in an LLP, its Karta or any member can be a partner in their individual capacity.
The Ministry of Corporate Affairs has issued clarifications stating that while a HUF cannot be a partner or designated partner in an LLP, its Karta or any member can be a partner in their individual capacity.
16 December 2024
Thank You for the reply 😊
16 December 2024
You are welcome.
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