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Saptarshi Paul (Advocate)     10 June 2010

family business partition

My friend and his elder brother is running one Photo studio which was established by there father who was expired. Now my friends elder brother is not properly giving appropriate (Equal) share of profit from business to my friend and my friend also willing to make partnership agreement with his elder brother but his elder brother is also not agree with that.

Now kindly suggest me what way I can guide my friend and what are the provision of law in this regard.

 



Learning

 1 Replies

DEFENSE ADVOCATE.-firmaction@g (POWER OF DEFENSE IS IMMENSE )     10 June 2010

It will be HUF property and it can be partitioned. If willing should run as HUF buisness since in partnership buisness taxes and legal expanses will be more. Firm and each partner has to take PANCARD AND there will be no basic exemption to partnership firm under income tax while HUF is treated similar to individual and you will get basic incometax exemption. So solve the matter amicably among themselves.


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