Under the Banning of Unregulated Deposit Schemes Act, 2019, contributions towards capital by partners…
Under BUDS s.2(4)(e), amounts received by way of contributions towards capital by partners of a partnership firm or a limited liability partnership are excluded from…
Choose your answer
Under the Banning of Unregulated Deposit Schemes Act, 2019, contributions towards capital by partners of a partnership firm are:
Answer and explanation
Correct answer B
Under BUDS s.2(4)(e), amounts received by way of contributions towards capital by partners of a partnership firm or a limited liability partnership are excluded from deposit, since such capital is not received with a promise of repayment.