Can a partnership firm accept deposits from public? - Letsdiskuss
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Anonymous

Posted 08 Apr, 2021 |

Can a partnership firm accept deposits from public?

LegalWiz in

Online Legal Service Provider | Posted 14 Apr, 2021

No, a partnership firm cannot accept deposits from public. The deposits from public can be accepted by few entities/ institutions like some Public Limited Company (according to the provisions laid down under Companies Act 2013), banks, cooperative banks and some non-banking finance companies who have received the licence to accept deposits from Public to the permissible extent.

Therefore, a Partnership firm is not legally allowed to raise deposits from public