Partnership act
prabin
(Querist) 24 June 2016
This query is : Resolved
Sir,
One of my friend get a license fronm bharat petrolium for opening a pump, so he nned finance and the land on which petrol pump will start is in the name of my and friend, now if we make a partnership deed with equal share and run the pump is it valid under partnership act and indian contract act,
pls advice
Regards
TS Makkar
(Expert) 24 June 2016
Before partnership Act and Contract Act, refer to the License granted to you. Does it allow the Licensee to enter such arrangement or not?
If the License deed entered by your friend expressly forbids such partnership then it would not be valid.
Remember that the License has been granted to your friend and not to any partnership firm
TS Makkar
Advocate
+91-9811849194
Devajyoti Barman
(Expert) 25 June 2016
Yes, unless the license allows the licensee to run on partnership , you can not enter into the business on partnership.
So beofre making the partnership ask the BP officials on this.
