Partner Retirement and Compensation for Fixed Asset


Hi,

Need advice from a property/business lawyer on land matter.

When a partner retires from an active company, all assets are transferred to the remaining partner with due compensation provided to the retiring partner.

- However, what happens in case of an asset (e.g. land) that has not been liquidated at the time when one of the partners retire?

- Can the retired partner still conduct activites in order to facilitate the disposal of the remaining asset/s?

Need advice on this urgentrly...requesting advice from qualified personnel. My email is boombay_central at yahoo.com (boombay_central@yahoo.com)

Awaiting responses and/or mail...

Thank you!

B.C

 
Reply   
 

See with the retirement of one of the partners , the firm does not dissolve but the partner ceases to be its part.However u/s 32 the partner continues to be liable for his past acts unless public notice is given. In the present circumstances the retiring partner is not required to take part in matters with the immoveable property of the firm unless the firm is getting dissolved with his retirement.

 
Reply   
 


LEAVE A REPLY


    

Your are not logged in . Please login to post replies

Click here to Login / Register  



 

Search Forum:








×

  LAWyersclubindia Menu