LIVE GST Certification Course by CA Arun Chhajer begins 27th April. Register Now!!

Validity of partnership

18 February 2018

Pls clarify this

Mr A & B are partners, Mr A retires on 1st of jan and Mr C joined on 2nd of Jan. Is that partnership alive and continue to carry business without disolving the old partnership.

Reply
Follow
Share

4 Replies

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 19 February 2018

The Partnership (2person) is cancel at the time of A retired in 1st Jan. So, No way for joining Partner C on 2nd Jan...

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 19 February 2018

But, In same day* (1st Jan) A will retire and C will be joining Same day / Before 1st Jan then Preparing new "Partnership Deed - Returning cum Additional"...
The Firm will be follow the way then it is live...

Law Aspire (CS) (755 Points)
Replied 19 February 2018

New Partnership deed is to be drafted and registered again?

RAJA P M ("Do the Right Thing...!!!") (127140 Points)
Replied 19 February 2018

Originally posted by : Law Aspire
	New Partnership deed is to be drafted and registered again?

Some situation may arise like:

The Place of business may change
The Partners may decide to change the name of the Firm
There may be admission of new partners in the Firm
The old partners may resign or leave from the Firm
There may be change in the name and permanent address of the partners
The minor Partner entered at time of constitution of firm may get the majority etc.

So, in all above such cases, the Partners are bound to inform the Registrar of Firms about such changes in the Partnership Firm. Consequent to which they are to draft a new Partnership Deed as per the changes and to file again the application along with required documents to the Registrar of Firms with the applicable fees.