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There is a joint family partnership firm. It ge...

There is a joint family partnership firm. It generally has significant cash surplus in its curren...

There is a joint family partnership firm. It generally has significant cash surplus in its current accounts. Can the partners start a private limited company and invest these surplus funds in it? Can this new private limited company invest these funds in FDs? Can the company forward interest free loans to the joint family partnership firm? Can the directors withdraw these funds from the company? Can they transfer these funds to their savings bank account without paying any taxes without going through the dividend or remuneration route?

There is a joint family partnership firm. It generally has significant cash surplus in its current accounts. Can the partners start a private limited company and invest these surplus funds in it? Can this new private limited company invest these funds in FDs? Can the company forward interest free loans to the joint family partnership firm? Can the directors withdraw these funds from the company? Can they transfer these funds to their savings bank account without paying any taxes without going through the dividend or remuneration route?

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