In a partnership firm, where all the four partners retire and two new partners are admitted, does the partnership firm gets dissloved and it gets just reconstituted?
Eg: XYZ & Associates is a partnership firm which had A, B, C & D as partners. w.e.f. 01/01/2014 all these partners retire and two new partners X & Y are admitted. The Firm name, business, all types of registrations shall remain intact. What changes is just the management of the firm. Does this constitute dissolution or reconstitution.
Replies awaited. If possible, kindly back your replies with applicable section nos or supportings.
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