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Dissolution of Partnership Firm
A partnership firm is to be dissolved and all the assets and liabilities are to be segregated among partners, but there is one loan from Bank in the name of firm for which ecs is with firm bank account, can we put in clause saying that bank account will be maintained for the purpose of loan and partners will contribute equally to meet the loan in dissolution deed?
Replies (2)
No; the loan/liability is to be cleared first; unless bank gives written permission for transfer of liability over any partner..
Thank you.....
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