Opening capital
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
15 April 2012
sir, how much cash can brought as a capital in partnership firm. at the time of starting .
15 April 2012
There is no restriction on introduction of Capital in a Partnership firm in Cash...But it is important to note that the source of the cash being introduced as capital must be justified else A.O. in course of assessment may treat it as an unexplained cash credit and shall tax the same.
15 April 2012
agree with expert.
15 April 2012
Hi
Partnership may be formed with any two persons who are capable of entering into an agreement. A partnership cannot be created with minor, as he is capable of entering into a contract, though of course he would be admitted to the benefits of the partnership. The partnership act does not prescribe any maximum number of partners.
There is no minimum requirement of capital. The partner brings their own capital required for the business. In a trading firm a partner has implied authority to borrow money for the purpose of the business on the credit of the firm.
Regards
Partnership may be formed with any two persons who are capable of entering into an agreement. A partnership cannot be created with minor, as he is capable of entering into a contract, though of course he would be admitted to the benefits of the partnership. The partnership act does not prescribe any maximum number of partners.
There is no minimum requirement of capital. The partner brings their own capital required for the business. In a trading firm a partner has implied authority to borrow money for the purpose of the business on the credit of the firm.
Regards
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- RCM INVOICING FROM NOV-2024
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
- CASE INTIMATION OF LIABILITY UNDER SECTION 73(5)(Rule 142(1A)
Trending Online Classes
CAclubindia
