Legal Question in Business Law in India
Dear Sir, I am a partner of one company now for 1 project we are getting tie up with a pvt ltd company in partnership will this partnership business could have any problems like the liability of this pvt ltd can be arises in our new partnership business we are just getting together with the pvt ltd co for only 1 project
1 Answer from Attorneys
Sir
A Private Limited Company and Partnership Entity both are distinct entity, and hence when both the parties enter into any kind of transaction with each other, then the independent statutory liability of one party does not get transferred upon the another. However, you are advised, to have a specific Joint venture Agreement in place, defining the scope of joint venture and limitation of liability.
You can contact me should you require any assistance in drafting the Agreement.
Regards
VIvek N Mapara
www.vnmlaws.com
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