Can a partnership firm take payments on savings account of its partners
1 year ago
4 persons have formed an unregistered partnership firm and got the PAN issued. But due to some unavoidable circumstances during covid, they could not open a current account for the first 9 months. During this time, all business transactions were done through the individual savings account of the partners.
Are these transactions legit business transactions for a partnership firm or is it mandatory to have a current account since inception for the firm?
A.Dear Sir,
No Rights are vested with unregistered partnership firm. The aggrieved party can't file any suit against such firm. The Partners inter-se also can't file suit against each other.
No Rights are vested with unregistered partnership firm. The aggrieved party can't file any suit against such firm. The Partners inter-se also can't file suit against each other.
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