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Dissolution or retirement

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hozefa

Student

39 Points Posted on 13 August 2021

If there is partnership firm having two partners A & B but they want to give their business to their sons C & D and they create ONLY ONE reconstitution of firm deed where in two partners admitted i.e. C & D and two partners are retired i.e A & B. so it is legal or not. I want to know it is dissolution of firm or not?

Replies (2)

Quick Summary

This discussion explores whether admitting two sons (C & D) as partners and retiring the original two partners (A & B) through a single reconstitution deed constitutes a dissolution of the firm. The consensus is that this is a reconstitution, not a dissolution, as the firm continues to exist with new partners. The user is seeking legal references to support this understanding.