I have a query with respect to partnership formation and legal requirements
I want to open a partnership where I can Invest and also trade (f&o) in stock market
Contributions will be from me and my brother… We might show loans from Dad and Mom
Fund will be used to invest in share, mutual fund, purchase of gold.
We will pledge those to trade in derivatives
Issue / Query
- Can we open a partnership account for the above reason
Investment as our objective
Or can we use some other objective and also show investment objectives in it.
- Will NBFC registration will be required.
100% revenue and asset is a financial income and asset. (50:50 rule criteria is getting fulfilled).
I know only company registered under companies act can become a NBFC. But there in FAQ ( RBI SITE) there is a question that indicates on unincorporated (proprietorship/partnership). I was not able to understand that clearly.
- Use of profit
Against expenses relating to trading like software, rental,etc
Salary to working partner
Interest to parents for Contributions (ok in form of loan) from there end in our firm
We will not use anyone else fund except our own money.