The partnership was formed with 2 partners when both partners were resident Indian citizens. The managing partner (and the one who brought in 90% of the capital) intends to go abroad possibly permanently, while the other partner will remain in India. Both partners will still remain Indian citizens.
14 January 2024
The partnership deed is crucial in determining the rights and obligations of partners. If the partnership deed allows for the continuation of the business in the event that one partner goes abroad permanently, the business can proceed accordingly. The deed may specify whether the absent partner retains an active role, the extent of decision-making powers, profit-sharing arrangements, etc.
CAclubindia
