We want to incorporate a pvt company with 2 individuals and a partnership firm (i.e., total 3). My queries are: 1. Can a firm be subscribers to memorandum.? 2. If a firm can't be a subscriber, can a power of attorney of firm can act as a subscriber to memorandum.? Our intention is firm has to be in connection with membership.
Rule 16(2)(g) of company incorporation rule is as below: "if the body corporate is a limited liability partnership or partnership firm, certified true copy of the resolution agreed to by all the partners specifying inter alia the authorization to subscribe to the memorandum of association of the proposed company and to make investment in the proposed company, the number of shares proposed to be subscribed in the body corporate, and the name of the partner authorized to subscribe to the Memorandum."
Which can be interpreted as firm can also be a subscriber to memorandum.
Now what i thought to do is I will start a company and firm, in firm i will take one of my neighbour as partner. 1. Pass a resolution to hold shares on behalf of firm on name of neighbour 2. invest in the shares of the company on neighbour name 3. I will ensure that neighbour will get least PSR in the firm.
Then obviously the shares belongs to firm. Please correct if there any wrong
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