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Unsecrued loan

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2013 Dear Sir,
There is two brothers are partner in a firm. Now one partner want to retire from the firm and wish not to withdraw his capital portion from the firm.
In such condition whether the firm can give him interest considering his capitat as unsecured loan from the date of his retirement.

Please clarify.
It's urgent.
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CA Mohit Bansal

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CA Mohit Bansal (Expert)
18 September 2013 Yes. Dues of outgoing partners can be shown as unsecured loan.
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Querist : Anonymous

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Querist : Anonymous (Querist)
18 September 2013 For this what are the paper formalties are to do and whether the firm can give interest @12%.
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