Appointment of new partner in the firm

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This query is : Resolved

DIVYESH JAIN (Querist)

04 May 2019 Dear Sir,

My query is little technical to answer.

My father expired few days back who was a practicing Chartered Accountant. I was working with him and was handling all the accounts and other activities in the firm. I am not a Chartered Accountant.

The partnership firm comprised of 2 persons so it has become necessary for me to appoint a new partner in the firm.

I have got a CA who is ready to join the firm. My query is, what kind of agreement shall I make with the new partner so that my source of income remains safe and he cannot take my existing clients to his own firm, incase he desires to do so.

I am facing a lot of difficulty at the moment in deciding to admit the new partner and want to do the paper work correctly so that no one can take away my existing clients as my dad took many years to build them.

Please help.

Regards,
Divyesh Jain

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

05 May 2019 Paper work can't bind anybody. It's only mutual understanding will fulfill your requirements. You can continue with the existing partner as prop firm if he is a reliable and loyal person.

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