Partnership act
Querist :
Anonymous
(Querist) 26 January 2012
This query is : Resolved
We are based at Gujarat and want to have partnership registration between two persons out of which one will be funding and another will be working partner.
1st one will be bearing losses but if business goes in profit, both will have share in profit. 2nd partner will not have any share in case of laws. However, he will get fixed remuneration as well.
What is the legal process of Registration of partnership ? To which Govt. authority we need to inform ? which forms to be filled ?
Business will be mainly of Trading Engineering items and Consultancy in that field.
Pls advise.
Sailesh Kumar Shah
(Expert) 26 January 2012
We are based at Gujarat and want to have partnership registration between two persons out of which one will be funding and another will be working partner
Answer: Yes, it could be.
1st one will be bearing losses but if business goes in profit, both will have share in profit. 2nd partner will not have any share in case of laws. However, he will get fixed remuneration as well.
Answer: same as above.
What is the legal process of Registration of partnership ? To which Govt. authority we need to inform ? which forms to be filled ?
Answer: Registration of Partnership firm is required under law. However, it would be better to register. Register firm with registrar of firm.
V R SHROFF
(Expert) 26 January 2012
Local adv will draft, get executed, and Register ur Partnership Firm .
Need to Execute on proper Stamps Paper, and Register it. Though Registration is not compulsory, & even Oral Partnership is also valid, you cannot file suit.
So advised get it Register.
Querist :
Anonymous
(Querist) 26 January 2012
Thanks for clarification.
But as per below link :
http://www.mca.gov.in/Ministry/actsbills/pdf/Partnership_Act_1932.pdf
In section 13 of above link it is mentioned that "Subject to contract between the partners- a partner is not entitled to receive remuneration for taking part in the conduct of the business".
Does that mean that to get a remuneration as a partner, there should be specific contract ?
Raj Kumar Makkad
(Expert) 26 January 2012
Such partner can be given remuneration by making a contract with him to that effect because he devotes his time, energy and expertise for the conduct of business beneficial for both.
ajay sethi
(Expert) 26 January 2012
get partnership deed drafted by local lawyer in gujrat get it registered with registrar of firms
Devajyoti Barman
(Expert) 26 January 2012
there are certain issues which local can advocates help only..
Pradeep Rohra
(Expert) 30 January 2012
First of all draft a Partnership Deed stating all Terms & Conditions of Parnership with the help of Advocate on Stamp Paper & Notarise it . If you want to registered it then apply for Registartion at the Registrar office with the help of Advocate.If you want further assistance then contact me on Mobile No.9824253770.
