status of property owned by partnership firm
Querist :
Anonymous
(Querist) 09 July 2015
This query is : Resolved
Sir in this case their were 4 partners of a partnership firm in which 2 partners retired from partnership firm in 1980 That firm is working till date & is not disolved ...in 1981 the retired partners sue the remaining partners for having share in the property of firm what will be the status of property of firm now.....sir the firm is working till date & have not be dissolve.... Please provide proper guidance in above said subject matter.
Yours sincerely: swamitr Vyas....
P. Venu
(Expert) 10 July 2015
How was the suit decreed?
Querist :
Anonymous
(Querist) 19 August 2015
@Sir P. Venu
retired partners sued remainig partners on ground of expulsion of partner.....aforesaid case is still in course which is false
Sir my question is at maximum what the retired partner coud get.... Will they get any share in firms property even though that firm is even working today.......
Sir thanks for showing interest in my case.
Waiting eagerly for ur reply....
Guest
(Expert) 19 August 2015
Anonymous Query
Guest
(Expert) 19 August 2015
No One Could Have Any Claims With An Anonymous
Anirudh
(Expert) 19 August 2015
One time you are telling that 2 partners retired.
At another time you are telling that they sued the remaining partners on the ground of 'expulsion'.
Please come clear - whether the partners retired or were expelled?
If it was retirement, then the accounts of the partnership firm on the day of retirement would be the basis. In such a case, whether the Firm is working thereafter and whether they earned any profit or not etc., is not the concern of the retired partners.
However, in the case of expulsion, everything would depend upon the decision of the court in regard to the legality or otherwise of the expulsion. If the expulsion is held to be valid, then as in the case of retirement, the accounts of the Firm on the date of expulsion would be relevant.
In case the expulsion is held to he invalid, then the partners would continue in the Firm and are entitled for the profits/loss of the firm, as though the partners were not expelled.
Guest
(Expert) 19 August 2015
Right Person For the Right Job To The Right Anonymous.
Querist :
Anonymous
(Querist) 19 August 2015
@sir anirudh thanks for ur advise...
Sir my question is that what will be the status of property owned by firm.... If expulsion is proved valid or invalid..
If proved valid than will expelled partner get share in firms property....
Thanks once again......
Guest
(Expert) 19 August 2015
Anonymous Query
Guest
(Expert) 19 August 2015
Exclusively Meant For Another Anonymous
Anirudh
(Expert) 19 August 2015
I have already given answer to your latest query in the last two paragraphs.
Guest
(Expert) 19 August 2015
Nothing to Add More.
Querist :
Anonymous
(Querist) 20 August 2015
Sir anirudh thanks for ur advise.
Sir my question is will expelled partner get share in the land on which firm was working & the same firm is working till date
&now expelled partner wants share in that land. Which was acquired in firms Name.
&if yes than at which years valuation.
I.e value on date of expulsion or todays value. Sir retired partners have file case on following grounds-
1.that they didnt retire by their own desire but were expelled. By remainig partners.
2.to dissolve the firm and get share in profit& land owned by firm which was primary place of business of firm.
*e But that same firm is working till date with 2 new partners
