Festive Savings Are Here. Get 10% OFF on All CCI Pro Plans. Subscribe Now!

related to Partnership Firm

1171 views

Save Share

Join Us Follow Us Add as Source

Yogesh Shah

Managing Corporate Finance

809 Points Posted on 30 September 2010

Hi to all,

I know one employee who is working in partnership firm. That firm is now going to be dissolved. He asked me whether he is entitled for any compensation? He is the single employee in that firm.

I guess, he will not be entitled for any compensation unless partners on their own discretion offer something to him. Since, he is not covered under any employees related Acts / Statutes, he will not get anything.

Am I correct or there is any scope for that poor fellow?

Replies (1)

k n v v s k sri kanth

240 Points Posted on 30 September 2010

I hope unless he can impress his bosses no other way to benefit that employee...Hope he requests them or atleast try to convince them that his services made them satisfactory and he can be paid up for some compensation on the basis of his merit of services. So in this case no other chance unless partners have some mercy for this employee ( i mean to say unofficially they can compensate him) and not officially and he cannot proceed against them (partners) of not being compensating him at the time of dissolving of firm.

Regards