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Partnership Firm Financial

CHANDRAMOHAN (Student CA Final ) (143 Points)

01 October 2024

In partnership ship firm, is there any provision for how many partners to sign balance sheet?

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (4150 Points)
Replied 01 October 2024

In a partnership firm, the signing of the balance sheet is governed by the Partnership Act, 1932, and the Companies Act, 2013 (in case of LLP). - As per Section 69 of the Partnership Act, 1932, the balance sheet should be signed by: - All the partners (in case of a small firm, i.e., less than 20 partners) - At least two partners (in case of a large firm, i.e., 20 or more partners) - In case of an LLP, as per Section 34 of the Limited Liability Partnership Act, 2008, the balance sheet should be signed by: - At least two designated partners (DPs) - All the DPs (if there are only two DPs) Please note that these requirements may vary depending on the specific circumstances and the partnership agreement.

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