02 October 2013
In case of partnership, can we mention in deed regarding share of profit : " upto X students 10%, upto y students 20%" like that? or it should be specific?
and
Can NRI or foreigner be partner in indian partnership firm?
Yes he can be a partner subject to the conditions mentioned in the RBI Circular 2/2009-10. The conditions are as follows:
i. Amount is invested by inward remittance or out of NRE / FCNR(B) / NRO account maintained with Authorised Dealers / Authorised banks.
ii. The firm or proprietary concern is not engaged in any agricultural / plantation or real estate business (i.e. dealing in land and immovable property with a view to earning profit or earning income there from) or print media sector.
iii. Amount invested shall not be eligible for repatriation outside India.
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