RAJ KUMAR (FINANCE MANAGER) (1393 Points)
06 March 2012HELLO FRIENDS, PLS. TELL ME MY CLIENT DOES THE PROPERTY DEALER BUSINESS AND EARNS ONLY COMMISSION INCOME AND NO SALES AND PURCHASES ARE DONE.
CAN THEY MAKE A PARTNERSHIP FIRM.
CAN PARTNERSHIP FIRM DO THE BUSINESS OF GENERAL COMMISSION AGENTS.
IS THERE IS ANY PROBLEM.
PLS. HELP ME.
THANKS.
Sivaguru SM
(Tax Consultant)
(235 Points)
Replied 06 March 2012
Yes, they can form Partnership Firm maintained under section 59 of the Indian Partnership Act 1932 by executing Partnership deed either registered or unregistered.
CA SACHIN VIJ
(Chartered Accountant)
(112 Points)
Replied 06 March 2012
Yes you can form partnership firm for general commission agent but service tax registration is necessary if total proceeds exceeds Rs. 10 Lac in current fin year / previous fin year.
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