Agreement for take over of partnership

This query is : Resolved

Kalyani (Querist)
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04 February 2009 Does the agreement for take over of partnership need to be signed by all the partners or the major shareholders signature is enough.
Like there are 5 partners
having profit sharing ratio in the manner
partner a and b have 30% each tht is 60%
and partner c has 20%, partner d and e have 10% each tht is 20%.
Do we need the signature of all the partner or A and B are enough.

It is an existing partnership firm and the firm has registerd itself as a private limited company. all the partners hav signed all the MOA and AOA and it is incorporated with the registrar of companies.
All the partners share remain same in private limited comany also...

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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04 February 2009 It should be signed by all the partners.
If you want any particular person can sign on behalf of the partnership then each partner has to give irrevocable power of attorney and you can insist that power of attorney holder can sign.

Compulsorily all the partners should sign. Beacause the total business is being sold.

Kalyani

Kalyani (Querist)
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04 February 2009 please clear me on the modified issue

thanks in advance

Kalyani

Kalyani (Querist)
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04 February 2009 .

CA. B.SRINIVASULU

CA. B.SRINIVASULU (Expert)
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04 February 2009 Even though a private limited company is formed it is a new venture. For the firm all the partners has to compulsorily sign.

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