LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

I will Win One Day (Proprietor)     26 August 2010

Partnership Firm

Dear Sir,

 

I am sorry for distributing you. Please help me in the following case. It is about a partnership firm. I have renamed the partnership firm for stake of brevity.

 

PARTICULARS

Partnership Firm X

Partnership Firm Y

Date of Formation

Sept-2009

July 2010

Partners (Nos)

3- Same Partners

3-Same Partners

Registered Firm (With Registrar of Firms in Bangalore)

Yes, Separate Registration Number

Yes:- Separate Registration number

PAN Card

Yes

No

Service Tax Regn

Yes

No

Nature of Business

Same

Same

Remarks

N\A

Partnership Deed of Y states that Y is just an unit of X

 

According to me partnership firm Y is separate legal entity. Thus Partnership firm needs to comply income tax act Professional tax act and etc.

        However the client is of the opinion that partnership firm is same as X and is only a branch. Thus no legal requirements are required for partnership firm Y. The client states that partnership firm X is only a shell company.

 

Please let me know whether my opinion is correct or the opinion of client is correct.

 

Thanks & Regards,



Learning

 0 Replies


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register