Daily Archives: July 20, 2014

How to open bank account of a partnership firm?

A partnership is that two or more people jointly carry on a business and share its profit or loss. All the partners are jointly and severally liable for the debts of the business.  The partnership can be made by partnership deed. Registration of partnership deed is optional.  In case, partnership deed is not registered, the…

Account opening process in Banks for Clubs, Societies or Associations

While opening the Current Accounts for  Clubs, Societies Associations, etc. the customers need to submit ‘know your customer’ related official valid documents of the organisations and natural persons behind the operations of such entities. In addition to KYC-related documents, let us now examine, what are the other requirements for opening captioned accounts. Accounts of Clubs,…