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Yes. A practicing lawyer can be a sleeping partner in a partnership firm. However, there is no limit on the investment he can make in the firm.
Also, in case of a Private limited company he can be a shareholder and non-executive Director. He cannot hold positions like Managing Director or a CEO. Howe...
Wazzeer Professional Network
ProfessionalCan an advocate in India be a sleeping partner in a partnership firm engaged in trading or production activities?
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Wazzeer Professional Network
ProfessionalYes. A practicing lawyer can be a sleeping partner in a partnership firm. However, there is no limit on the investment he can make in the firm.
Also, in case of a Private limited company he can be a shareholder and non-executive Director. He cannot hold positions like Managing Director or a CEO. However, the lawyer can give up practice and then start holding these kinds of roles. In such a scenario he can be an active partner also in a partnership firm
over 4 years ago
View answer
Can an advocate in India be a sleeping partner in a partnership firm engaged in trading or production activities?
-
Wazzeer Professional Network
ProfessionalYes. A practicing lawyer can be a sleeping partner in a partnership firm. However, there is no limit on the investment he can make in the firm.
Also, in case of a Private limited company he can be a shareholder and non-executive Director. He cannot hold positions like Managing Director or a CEO. However, the lawyer can give up practice and then start holding these kinds of roles. In such a scenario he can be an active partner also in a partnership firm
over 4 years ago
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