ICAI Announcement on Videos of Wrong Paper Evaluation

HUF cannot be a partner in firm 🔔

MCA Clarification : 📖


Ministry of Corporate Affairs, in response to clarification sought by ICAI, states that a Hindu Undivided Family (HUF) cannot become a partner in a partnership firm; MCA states that Karta or any other individual of the HUF can be a partner in his 'individual' capacity and not the HUF; Corporate Affairs Ministry relies on SC ruling in Rashiklal & Company vs CIT wherein it was observed that "HUF being a fluctuating body of individuals, cannot enter into partnership with other individuals partners"

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