opening of account in the name of a Joint Venture

sardul singh (Querist) 15 June 2009 This query is : Resolved
What are the requirements for opening of a Bank account in the name of a Joint Venture which is entered into by two partnership firms.

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adv. rajeev ( rajoo ) (Expert) 15 June 2009
U have to produce the partnership deed before the bank authroties if there is partnership deed. If it is company then memorandum of association.

Uma parameswaran (Expert) 16 June 2009
The requirments and formalities may differ from bank to bank. So If you enquire in the paricular bank that you decide to open an account ,you will get correct details.

Manish Singh (Expert) 17 June 2009
if its a jv by partnership firms, then the jv may be another partnership but not a company.
in that case the partnership may be for a limited purpose for fulfillment of the objects under the jv.
so produce the partnership deed since the jv herein must need signatures of all the aprtners of both the firms. (here the managing partners signs will not serve the purpose).
fulfil other requirements as asked by the bank.
no need for an escrow account.

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