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Financial Markets and Services

Can registered sole proprietorship firm give loan to firm & take loan from firm

Question1. Can a registered sole proprietorship firm give loan to individual & firms and take loan from individual & firms ? Question2. And if sole proprietorshipfirm , firm A gave loan to firm B & took collateral property from firm B for a period of 2 years , then, if firm A needed more money within these 2 years, then, can firm A give that collateral property, which was received from firm B, to firm C as collateral & take loan from firm C for a time period of less than those 2 years which were provided to firm B, mean, before the completion of those 2 years. Is it possible ?

( Sonepat, Haryana )

5 years ago

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A.
It is not possible. Lodge complaint with concerned authorities and police
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A.
I have gone through your query in detail.
A-1. A sole proprietorship firm means a “firm” formed by a single individual and so you giving or taking of loans from an individual or to a individual is solely based on your own risk factors. You can make agreements for the same on an individual level, a legal advice from a lawyer making such loan Agreement is a must at each level of agreement is a must.
A-2.The firm A can give loan to firm B on the collateral property, but A cannot give the property / property Papers of B to the company C, but A always has the right to keep such collateral property papers in the bank with intimation to B and get more loan if required on lesser interest rate OR have a OD facility from the bank ONLY. It is a good concept as the requirements of A & B are also fulfilled.

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