Partnership

Querist : Anonymous (Querist) 22 July 2010 This query is : Resolved
Can an Indian Company and its Foreign Subsidiary based at Singapore both be partners in another Partnership Firm ? If so,what are the legal implications?

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Raj Kumar Makkad (Expert) 22 July 2010
Yes. Both can become partners and legally there is no change in their status. Both companies can do their business individually as well as partners at the same time. Partnership Act recognises such partnerships in India.

Querist : Anonymous (Querist) 22 July 2010
That means both can invest in the Capital of the Partnership Firm and can get interest thereon as prescribed in the partnership deed?

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