Lakshmi Muralidharan (Student) (119 Points)
16 December 20141.Can a partnership firm have more than 1 managing partner?
2.Out of 6 partners can 3 of them be appointed as managing partners?
3.If yes, assuming there are 3 managing partners, can there be a clause in the deed that either of the managing partner can sign in the bank transactions/authorisations and other major contract approvals ??
4.Will this be in violation to any of the laws prevailing in India??
Swati Sethi
(Paralegal)
(305 Points)
Replied 17 December 2014
yes, a partnership firm may be having more than one managing partner.
yes, 3 out of 6 can be managing partners.
there is no prohibition in any law.
In Companies Act, there is aprovision of 2 MDs, so simultaneously as per my understanding partnership firm can also have more then 1 MP.
Regards
Swati Sethi
swati.sethi05 @ gmail.com
Roshan Thomas
(C.E.O )
(356 Points)
Replied 24 December 2014
The answer to all your question is "YES". There is no problem or legal restriction in any situtation asked
CAclubindia
