CA.Sampath Rao
(In Practice)
(78 Points)
Replied 21 June 2011
Example:
Mr.X, M/S X{HUF}, M/S:X AND CO
IF IN THE FIRM , HUF IS A PARTNER AND MR. X IS ACTING IN REPRESENTATIVE CAPACITY ON BEHALF OF HUF
AND IF MR.X IS PARTER DIRECTLY ON HIS OWN THEN HE IS SAID TO BE ACTING IN HIS INDIVIDUAL CAPACITY
suman
(Auditor )
(388 Points)
Replied 21 June 2011
Say you are partner in a firm . It will be treated as partner in individual capacity.
now if you are partner in any firm on behalf of Company ( say u are director or key employee) than your position will be tearmed as " Partner in representative capacity."
Karan Teli
(Life Is just an Illusion...!!)
(4573 Points)
Replied 21 June 2011
| Originally posted by : suman | ||
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Say you are partner in a firm . It will be treated as partner in individual capacity. now if you are partner in any firm on behalf of Company ( say u are director or key employee) than your position will be tearmed as " Partner in representative capacity." |
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Agreed with suman...
The only difference between this two is in representative partner`s capacity you are a representative of some one and the vice versa of the other...
Another ex. is many PSU`s have governments stake and the president of india is representative of the government who would delegate the powers to various ministries and at the end the presedent only has the power to sign....
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 21 June 2011
Thanks to everyone for giving their valuable replies to my query
CAclubindia
