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Can a foreigner become partner in Indian partnerhp firm?
Yes, a foreigner can become a partner in an Indian partnership firm subject to certain conditions. The Foreign Exchange Management Act (FEMA) allows foreign nationals and entities to invest in Indian firms, including partnerships, under the automatic route or approval route as prescribed by the Reserve Bank of India. However, the partnership deed should be checked to ensure that there are no restrictions on the inclusion of foreign partners.
Can a public limited company become a partner in a partnership firm?
Yes, it can
Can nri become partner in a partnership firm?
Yes, subject to fulfiiiment of certain conditions
How many partners in partnership?
one would engage with another to become there partner, and that means ATLEAST TWO
What are the difference between partnership and a joint Hindu family business?
Partnership is the result of an agreement or act of parties. HUF is created by the operation of law.Each partner in a partnership firm is personally liable for the debts and liabilities of the firm to an unlimited extent. In an HUF, only the Karta or the manager is liable for the debts and liabilities of the firm.The death of a partner automatically dissolves a partnership whereas the death of a member does not affect an HUF.A minor cannot become a partner in a partnership firm whereas in the case of an HUF, a minor becomes entitled to an interest by virtue of his birth.
Can a pvt limited company be a partner in partnership firm?
Liability of a Pvt limited Company is limited - a mith. The fact is that liability of a share holder of a limited company is limited to the extent of value of the shares. In other words, the other assets of the shareholder can not attached for default of the company. So the liability of a limited company is limited to the assets of the company, not limited to the face value of the shares. On the other hand the partner of a partnership company has unlimited liability. i.e., the assets of the partner can be attached in case of default. Similarly, when a pvt limited company is a partner the liability of the company is unlimited and to the extent of assets of the company not to the assets of individual shareholders. So a limited company is a legal entity and can become a partner or proprietor of a firm.
What is a “Limited Liability Partnership” or “LLP”?
LLP or Limited Liability Partnership has become a popular form of organization among entrepreneurs in India. A Limited Liability Partnership gives the benefits of a Company & a Partnership Firm. An LLP in India is a Partnership Firm established by at least 2 Partners who enter into an LLP Agreement. However, the LLP Partner have limited liability and the LLP has perpetual succession just like a Company.
What is the difference between dissolution of partnership and dissolution of firm?
Dissolution of a Partnership firm* Dissolution of a partnership means:-The act of ending of the old Partnershipagreement and a reconstruction of the firm due to admission, retirement and death of a partner. It may or may not close the business.* Dissolution of a Partnership 'firm' means:-The firm close its business then the assets of the firm are sold and liabilities are paid off and remaining amount is distributed among the partners.*Cases of Dissolution of Partnership :-1. In case of change in profit-sharing ratio of the exiting partners.2. In case of admission of a new partner.3. In case of retirement of a partner.4. In case of expulsion of a partner.5. In case of death of a partner.6. In case of insolvency of a partner.7. In case of expiry of the period of partnership.*Cases of Dissolution of Partnership firm:-*Without the intervention of the court:1. When all partners agree to dissolve the firm.[sec.40]2. Compulsory Dissolution [sec.41]· When all or one partner of the firm becomes insolvent.· When business of the firm becomes unlawful.3. On the happening of any incidents:[sec.42]· Insolvency of a partner.· Fulfilment of the object for which the firm was formed.· Expiry of the period.4. When any partner giving notice to other partners can dissolve the firm.[sec.43 ]· By order of the court [sec.44]: cases in which the court may order the dissolution of the partnership firm.1. A partner has become of unsound mind.2. When a partner unable to perform his duties as a partner.3. When a partner is guilty of misconduct.4. When a partner wilfully, commits violation of law of partnership agreement.5. When a partner has transferred the whole of his interest in the firm to a third party.6. The firm cannot be carried on except at a loss.7. The dissolution is just and equitable due to some other reasons.*Difference between Dissolution of Partnership and Dissolution of firm:-s.no.Dissolution of partnershipDissolution of firmI.Change in the exiting agreement between the partners.Dissolution of partnership between all the partners of the firm.II.The firm continues its business.The firm dose not continue its business.III.Books of accounts may not be closed.Books of accounts have to be closed.IV.Dissolution of partnership dose not mean the dissolution of firm.Dissolution of firm means the dissolution of partnership also.V.It is voluntary nature.It is voluntary and compulsory nature.
Steps on becomming a resident in arizona?
how to become a arizona resident
Can I drive in California with an Indian license?
Yes, you can drive in California with an Indian license as long as it is valid and you are a tourist or a temporary visitor. However, if you become a California resident, you will need to obtain a California driver's license.
Your wife's mother died and she was a partner in a trust What happens to the partnership now Does your wife become a partner?
In principle, unless the wife was declared as a successor to her mother as partner in the trust, she would not automatically be the new partner. Successors and beneficiaries (inferior trusts) must be declared in the minutes or addenda contract's parts. A partnership is not a good way to go. However, when a partner dies, the other partner is now by him or herself. The best way is a pure trust wherein a board of managing directors exists elected by the board of trustees. When a managing director dies, nothing happens except condolences and his successor would take his or her position. grnthghs@yahoo.com can be of service at no cost.
How long does it take to become a resident of New York?
You must live in the state for one year to become resident.
