Who are called as active partner and sleeping partner in a partnership?

In partnership businesses all the partners need not actively participate in the business activity of the firm. According to their involvement  in the business they are called active  partner/ managing  partner and sleeping partner/ dormant partner. Active Partner or managing partner: An active partner is the capital investor in the partnership who actively involves himself…

What are the conditions apply for loan against FCNR/NRE deposits?

Q: Is there any upper limit for loans against security of NRI’s term deposits like FCNR/NRE? Ans.: Except usual margin requirement, no upper ceiling is prescribed for loans to NRIs or third parties in India against security of FCNR/NRE deposits. However, the loan shall be for the purpose other than the investments specified in FEMA…

Aadhar mandatory for opening bank account,large transactions

The Union government has made Aadhaar number mandatory for opening the bank accounts, as well as conductiong financial transactions of Rs.50000.00 and above.The  existing customers of banks who have not linked Aadhar number issued by the Unique Identification Authority of India (UIDAI) to their bank is now required to link the same before December 31,…

What are the types of partners we notice in a partnership?

In partnership businesses we find different types partners viz.  nominal or ostensible partner, sub-partner, partner by estoppel or holding out, partners in profits only, minor as a partner, others. The different kinds of Partners that we may normally notice in Partnership Firms are as under. Nominal  Partner: When a well-known personality in the society who…

What is the difference between partnership at will and fixed term partnership?

The partnership firms can be commonly distinguished as a general partnership and limited liability partnership (LLP). The General Partnership can be further divided into three groups’ viz. partnership at will, particular partnership and fixed term partnership. The agreement for PARTNERSHIP AT WILL is formed for carrying on general business and it does not specify the…