SHARE OF BUSINESS VALUE AND GOOD WILL BE A RETIRING PARTNER
This query is : Resolved
09 August 2021
One of our client is a partner in a firm having turnover of more than 100 crores and is a debt free profitable firm.
It is a family form and other partners are insisting my client to resign and will be paid capital account standing to his credit.
in the partnership deed it is mentioned as the retiring partner is entitiled only to his share of capital only and is not entitiled to any good will.
My query is whether he can claim his share on the basis of valuation of the business and good will to be valued.
It is a family form and other partners are insisting my client to resign and will be paid capital account standing to his credit.
in the partnership deed it is mentioned as the retiring partner is entitiled only to his share of capital only and is not entitiled to any good will.
My query is whether he can claim his share on the basis of valuation of the business and good will to be valued.
09 August 2021
As per clause in partnership deed he is not eligible for any additional payment.
He can say that he can resign only if some higher amount is paid.
He can say that he can resign only if some higher amount is paid.
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