Partnership

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mmjadhav

mmjadhav (Querist)
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09 March 2015 Whether a partnership firm be a partner in another partnership firm.

Gaurav Vora

Gaurav Vora (Expert)
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09 March 2015 Yes, any person including a partnership firm can be a partner in another partnership firm.

mmjadhav

mmjadhav (Querist)
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09 March 2015 But definition of person does not include Partnership Firm.

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Gaurav Vora

Gaurav Vora (Expert)
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09 March 2015 As per the Income Tax Act, the definition of Person includes
Individual
HUF
Firm
Company
AOP
BOI
Any other statutory body etc.

mmjadhav

mmjadhav (Querist)
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09 March 2015 Partnership is not separate legal entity; in such a case how it enter into a contract. If a partner of a firm enters into partnership on behalf of the firm,please explain the legal status of firm.
Also provide me draft of such partnership deed.

Gaurav Vora

Gaurav Vora (Expert)
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09 March 2015 Partnership Firm is a Separate Legal Entity. It can sue or be sued. It can also enter in to contracts through it's partners.

The partnership deed would be the same as a normal partnership deed, should contain the details of the other partnership firm.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)
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09 March 2015 https://www.caclubindia.com/experts/partnership-518300.asp#.VP2sbvyUe3s

https://www.caclubindia.com/experts/-partnership-firm-i-448180.asp#.VP2sHPyUe3s

A Partnership Firm ca not become partner in another partnership firm. Please refer replies given at above links.