Partnership act

prithwish sengupta (Querist) 24 August 2012 This query is : Resolved
1.can a registered partnership firm give loan to a partner's individual business?
2. is it required to be mentioned in the object clause of the registered partnership firm's object clause?
3. If it is not mentioned in the object clause, what is the legal implicationa and does it any how effects lender's rights aganist the regisytered firm?
Kindly suggest.
Thanking You.

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Adv.R.P.Chugh (Expert) 24 August 2012
1. Yes that is because a firm is an entity distinct from the individual.

2. No, if otherwise it has been authorised by all the partners.

Devajyoti Barman (Expert) 24 August 2012
1. Yes
2. No
3. Nothing if providing for loan is fir assistance of the partner only and not for doing business by way of providing loan to everyone who approaches it.

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