Audit of a partnership firm
Nikita Kulkarni (STUDENT) (262 Points)
02 April 2018
Can there be a partnership firm without partnership agreement?
8 Replies
Ajit Hegde
(CA - Final)
(1367 Points)
Replied 02 April 2018
No. In that case there is no proof of constitution of business.
RAHIL
(ACCOUNTANCY)
(247 Points)
Replied 02 April 2018
No, There must be an agreement and after that firm must be registered with registrar of firm.
RAJA P M
("Do the Right Thing...!!!")
(128096 Points)
Replied 02 April 2018
No...
Without deed can't declare as Partnership Firm...
If Partnership then "Partnership Deed" is must. No more restriction for registration in registrar of Firm...
Without deed can't declare as Partnership Firm...
If Partnership then "Partnership Deed" is must. No more restriction for registration in registrar of Firm...
Nikita Kulkarni
(STUDENT)
(262 Points)
Replied 02 April 2018
study material of audit IPCC group 2 in special audits chapter mentioned that there are partnerships without deed because as per indian contract act there is no compulsion that an agreement must be in writing.
Rahul Prajapati
(Student)
(2282 Points)
Replied 02 April 2018
Partnership is constituted by an agreement between the partners.
The agreement may be in writing or oral.
But from the practical point of view and particularly in view of the provisions of other Acts such as the Income Tax Act as well as Partnership Act an oral partnership is not practicable, and therefore, a partnership agreement is necessarily required to be in writing.
PRABIR PAUL
(*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.)
(1448 Points)
Replied 02 April 2018
If there is no agreement between two partners then it will be treated as Body Of Individual.......
RAMAKRISHNAN R
(INCOME TAX OFFICER)
(1736 Points)
Replied 02 April 2018
without partnership deed, the firm will be assessed as AOP and no deductions such as remuneration interest to partners will be allowed as deduction
vinod
(student)
(21 Points)
Replied 02 April 2018
partnership firm can be formed by oral aggrement as per The Indian Partnership Act,1932.
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