Moni and Tony were partners in the firm M/s MOTO & Company. They admitted Sony as partner in the firm and he is actively engaged in day -to-day…
CA Foundation · Business Laws · RTP · June 2024
Moni and Tony were partners in the firm M/s MOTO & Company. They admitted Sony as partner in the firm and he is actively engaged in day -to-day activities of the firm. There is a tradition in the firm that all active partners will get a monthly remuneration of 20,000 but no express agreement was there. After admission of Sony in the firm, Moni and Tony continued getting salary from the firm but no salary was given to Sony from the firm. Sony claimed his remuneration but denied by existing partners by saying that there was no express agreement for that. Whether under the Indian Partnership Act, 1932, Sony can claim remuneration from the firm?
Suggested Answer and Working Notes:
Annual filing of documents LLP is required to file: (i) Annual statement of accounts (ii) Statement of solvency (iii) Annual return with the registration of LLP every year. Partnership firm is not required to file any annual document with the registrar of firms.
Topics: The Indian Partnership Act, 1932
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