06 September 2023
Whenever a parter withdraws amount from firm or is providing loan to firm. How this transactions are approved, what is the procedure followed by partners? Can the partner simple withdraw the cash without notifying or approval from other partners?
If any partner adds a loan to a firm? Who and how it is approved? How it is documented? How much interest to be provided? What is the time frame of paying the loan back?
There is nothing mentioned in the partnership deed regarding this two aspects.
Help me understand the procedure of approving and documenting. Since as of now there is no proper records maintained
CAclubindia
